Updated: Jan 21
In December 2022, Santa Clara County, home to some of the world's most renowned tech companies, saw a significant decrease in home prices. According to data from the local real estate market, home prices were down 7.6% compared to the previous year, with the median price for a home in Santa Clara County being $1.3 million. This decline in home prices has been attributed to a variety of factors, including high interest rates and an overall slowdown in the economy.
One of the most notable changes in the Santa Clara County real estate market is the average time it takes for homes to sell. In December 2022, homes in the county sold after an average of 29 days on the market, compared to just 11 days last year. This indicates that the market is currently facing a slowdown, and that many buyers are choosing to take their time when making a purchase.
Another indication of the market slowdown is the number of homes sold in December 2022. According to data, there were 686 homes sold in the county this year, down from 1,248 last year. This represents a significant decline in the number of homes sold, and is a clear indication that the Santa Clara County real estate market is currently facing challenges.
Despite the challenges facing the Santa Clara County real estate market, there is still an opportunity for buyers who purchased a home in the past 12 months to save on their property taxes by a Santa Clara property tax appeal. With the help of AOPTA The Property Tax Experts, buyers in the county can take advantage of the falling home prices to reduce their property taxes for the 2023-2024 tax year.
In conclusion, the Santa Clara County real estate market is currently facing some challenges, with home prices down 7.6% compared to last year, homes selling after 29 days on the market compared to 11 days last year, and a decline in the number of homes sold in December 2022. However, this trend of falling prices will help homeowners save on property taxes for 2023-2024 with the help of AOPTA The Property Tax Experts. As interest rates stay high, it is likely that we will continue to see pressure on sellers to reduce list prices in order to close deals, values will drop yet more home owners will save on property taxes.
Curious about your home's value and assessment and potential for a reduction on property taxes? Click the link below.