Santa Clara County Inventory Is Up 21%. So Why Are Homes Still Selling Over Asking?

More homes are sitting on the market in Santa Clara County than a year ago, and buyers finally have more to choose from. But don't mistake that for a buyer's market just yet. According to MLSListings' September 2026 County Summary Report, county homes sold at 103% of list price with a median of just 12 days on market. That's still very much seller territory.

Is Santa Clara County inventory finally loosening up?

The short answer is yes, a little. MLSListings' September 2026 County Summary Report counted 1,224 active single family home listings in Santa Clara County, up 21% from September 2025. That's a real shift. A year ago, buyers were competing for a much thinner pool of homes, and now there are at least more options to tour.

But here's the catch. According to rereport.com's September 2026 data, there were 993 active single family homes on October 5, 2026. The long run average going back to January 2000 is 2,703 active listings. So even with the bump, we're sitting at less than half the historical norm. More inventory than last fall, yes. A balanced market? Not even close.

If you want to keep tabs on what's available right now, the Santa Clara County market page is updated regularly.

Why are homes still selling over asking in San Jose?

Supply is up, but demand hasn't gone anywhere. MLSListings' September 2026 County Summary Report showed 726 sales across the county with homes closing at 103% of list price and a 12 day median time on market. When well priced homes are selling above asking in under two weeks, that tells you buyers are still out there and ready to move.

Part of what keeps demand sticky is the simple math of the area. This is still one of the strongest job markets in the country, and people relocating for work or tech roles don't have the luxury of waiting around. They need a home, and they're willing to compete.

Rates aren't helping buyers either. According to Freddie Mac's Primary Mortgage Market Survey from October 8, 2026, the 30 year fixed rate was sitting at 7.40%, up from 6.30% a year earlier. Higher rates slow things down in most markets. In Santa Clara County, they mostly just make it harder, not impossible, for buyers to win.

How does San Jose compare with the county overall?

San Jose is a big, varied city, and the numbers reflect that. According to SCCAOR's Q3 2026 quarterly report, San Jose single family homes had a median sale price of $1,604,000, averaged 27 days on market, and sold at 102% of list price. That's a bit softer than the broader county median of $1,880,000 from MLSListings' September 2026 report, which tells you the pricier submarkets like Saratoga ($4,300,000 median) and Los Gatos ($2,875,000 median) are pulling the county figure up.

Still, 102% of list in San Jose is nothing to shrug at. Sellers in well located neighborhoods are holding strong. Buyers in San Jose are competing, just maybe not quite as intensely as in some of the surrounding hill towns.

You can dig into the specifics on the San Jose market page or check out Los Gatos market data if you're looking at the surrounding areas.

Is inventory actually high by historical standards?

Not at all. This is the part that trips people up. Yes, inventory is higher than it was a year ago. But according to rereport.com's September 2026 data, 993 active single family homes on October 5, 2026 is still dramatically below the long run county average of 2,703 going back to January 2000. We'd need to roughly triple current supply just to get back to what used to feel normal.

When you hear someone say "inventory is up," that's true in a year over year sense. But we're measuring against one of the tightest markets in recent memory. A 21% increase off a very low floor is still a very low floor.

This context matters a lot if you're a buyer thinking you now have leverage. In some price ranges and some neighborhoods you might, especially if a home has been sitting for 30 or 40 days. But for anything priced correctly in a desirable area, you're probably still up against real competition.

What should buyers do right now?

Get honest with yourself about what you can afford at 7.40% (Freddie Mac PMMS, October 8, 2026) and get pre-approved before you start seriously shopping. In this market, showing up without a letter is showing up unprepared.

When you find a home you want, move quickly. Twelve days is the county median, which means half of homes are gone even faster than that. Waiting a few days to "think about it" can cost you the house.

Clean terms matter too. Fewer contingencies and flexible close dates can make a meaningful difference when a seller is weighing two similar offers. That doesn't mean you have to waive everything, but it does mean working with someone who knows how to structure an offer that wins without leaving you exposed.

If you're thinking about selling, this is a good time to understand what your home is actually worth before listing. A free home valuation is a good starting point, and you can also browse the selling resources page to see what the process looks like.

Frequently Asked Questions

Are San Jose homes still getting multiple offers?

On well priced homes, yes. According to MLSListings' September 2026 County Summary Report, Santa Clara County homes sold at 103% of list price overall, which is a strong sign that competitive offers are still happening regularly.

Is Santa Clara County inventory improving for buyers?

It's moving in the right direction. MLSListings' September 2026 County Summary Report showed 1,224 active listings, up 21% from September 2025. That said, rereport.com's September 2026 data puts the long run average at 2,703 active single family homes, so we still have a long way to go before supply feels truly balanced.

Should sellers wait for spring to list?

Not necessarily. Good homes are still moving fast and selling above list price even now. If your home is priced correctly and shows well, there's real buyer demand in the market today. Spring brings more competition from other sellers too, which can cut both ways.

Can buyers negotiate more in this market?

Sometimes, especially on homes that have been sitting longer or are priced above what the local comps support. But the strongest, best priced homes are still not behaving like bargain inventory. Know the specific home and neighborhood before assuming you have leverage.

How does the current rate environment affect buying in Santa Clara County?

It makes monthly payments significantly higher than a year ago. According to Freddie Mac's Primary Mortgage Market Survey from October 8, 2026, the 30 year fixed rate is 7.40%, compared to 6.30% a year earlier. That difference adds hundreds of dollars per month on a typical county purchase, which is why getting pre-approved and knowing your real budget matters more than ever.

Keep reading

• Why Some Homes Sell in a Weekend While Others Sit for Months
• Yesterday's Pricing Strategy Doesn't Work Today

What's your home worth today?

Online numbers are a starting point. If you want the real answer for your home and your street, I'll put together a free, personalized home valuation for you, no pressure and no obligation. Get your free home valuation here, or call or text me at (650) 695-1919.

Sirrom Alizem
REALTOR® | eXp Realty Nor Cal Inc | DRE #02137532
(650) 695-1919 | sirrom@realtywithsirrom.com | www.realtywithsirrom.com