November '25 Market Update

Quick Look at the National & Local Trends

The market is finally giving buyers a bit of breathing room. With mortgage rates drifting down toward the low 6s and another potential rate cut on the horizon, affordability is slowly improving. Inventory is holding steady nationwide, and we’re starting to see the first hints of balance return after a high-pressure year. But as always, Silicon Valley has its own rhythm — and here’s what the local data is telling us.

National Snapshot

• Affordability improving as mortgage rates dip to an average of 6.22%.

• Fed cut rates again in October, bringing the target to 3.75%–4.00%, and mortgage rates followed.

• Inventory grew nearly 14% nationwide, even with more transactions happening.

• Another rate cut is possible in December, with current odds around 65%.

Silicon Valley Lowdown

Prices

• Single-family homes: holding fairly steady across the region.

• Condos: notable year-over-year declines —

  • San Mateo: –4.73%

  • Santa Clara: –8.97%

  • Santa Cruz: –18.77%

Inventory

• Single-family supply tightened, down 8.72% from last year and 15.22% from last month.

• Condos: a mild increase in supply (+2.77% YoY).

Days on Market

• Single-family homes: still moving quickly (12–32 days depending on county).

• Condos: slowing dramatically, taking 32–69 days to sell — in some areas, more than double last year.

Market Balance

• Single-family: still very competitive with 1.3–1.5 months of supply.

• Condos: leaning toward buyer-friendly in Santa Clara and Santa Cruz.

Bottom Line

We’re in a transition phase — gently easing rates, reshaping inventory, and shifting buyer behavior. Single-family homes in Silicon Valley remain hot, while condos are cooling and offering more room for negotiation.

If you want a clear read on your neighborhood or you’re weighing your options for 2026, our team is here to help you make the next move confidently and strategically.

Let’s take a look at what these shifts mean for your specific neighborhood. Every home — and every move — is unique. Reach out anytime and we’ll walk through your options together.