Published October 19, 2026 in Market Update

Santa Clara County homes are still selling above asking, even with higher rates

By Michael Tessaro

Real estate, Santa Clara County

The common story is that high mortgage rates have pushed buyers to the sidelines, so the ones who show up can name their terms. I pulled every listing in Santa Clara County through October 13, 2026, and the numbers say something different.

Rates have gone up. The 30-year fixed averaged 7.40% as of October 15, 2026, compared with 6.27% a year ago, according to Freddie Mac's weekly survey. That's a real jump, but in this county it hasn't given buyers the leverage they expected.

What the numbers show

Across 898 recent sales, the typical home closed at 102.6% of its first asking price. Most homes sold at or above asking, though not all of them did. Roughly seven to eight in ten met or beat the seller's number, depending on price range.

No price range finished below asking. Homes under $1 million landed right at 100%, and the premium grew as prices went up. Homes at $2.75 million and up sold at 106.6% of first asking. By city, Los Altos led at 108.1% and Mountain View was close behind at 107.6%.

Here's how each price range compared with its first asking price.

If you're selling

Price with confidence, and don't pad your number. Buyers here aren't negotiating down. They're bidding up. Pricing high to leave "room" can scare off the buyers who would have pushed hardest.

Don't wait for spring, either. September sales came in at 103.1% of first asking, so the market didn't cool going into fall.

Do keep an eye on competition. There are 1,449 homes for sale right now, which gives buyers more to compare yours against. Sellers are holding firm, though: only 19 of those homes, or 1.3%, have cut their price. With more choice on the market, presentation and pricing precision matter more.

If you're buying

The leverage you may have heard about isn't showing up in closed sales. Higher rates haven't cooled the bidding, and very few sellers are cutting their prices.

Demand is also backed by a growing local economy. The California Employment Development Department reports the San Jose metro added 4,400 jobs between July and August 2026, bringing total payroll jobs to 1,188,200. The buyers who win here come in prepared, with financing ready and a strong first offer, instead of waiting for a discount that rarely comes.