Mountain View Real Estate Market Prices, Trends and Forecast 2024

Current real estate trends and luxury home prices for the city of Mountain View in Silicon Valley.

Tucked amid a picturesque setting in the heart of Silicon Valley, Mountain View is one of the region's most sought-after cities to own a home. Situated just north of Los Altos, with Sunnyvale to the east, Palo Alto to the west and waters of San Francisco Bay serving as its northern border,  Mountain View is most notable as the home of Alphabet, Google's parent company. The city is also the headquarters for Intuit, the software firm behind Quicken, QuickBooks and TurboTax, and hosts Microsoft's 32-acre sustainable Silicon Valley Campus of the Future.

However, Mountain View is a serene, neighborhood-oriented place to call home. It is the perfect blend of tranquility and urban convenience, with a walkable downtown, tree-lined streets, and an easygoing vibe. The area includes dedicated bike paths, 1,000 acres of city-managed park space, the 750-acre Shoreline at Mountain View Wildlife Refuge and recreation area, and over 10 miles of paved trails.

Mountain View Real Estate Market

Homes in Mountain View strike a balance between architectural elegance and modern functionality. They predominantly feature Craftsman, Ranch, and Spanish styles, with the notable exception of the Monta Loma neighborhood and its collection of 1950s-era Mid-Century "California Modern" homes designed by Joseph Eichler, John Mackay, and the Mardell Building Company.

Custom builds are less prevalent here than in other areas of Silicon Valley, which helps preserve Mountain View's unmistakable charm. There are plenty to be found, with the city's highest concentration of custom residences in the Cuesta Park and Martens-Carmelita neighborhoods. Older homes are exceedingly well-maintained, with a majority seeing bespoke, ultra-luxe updates—all of which cater to the city's high standard of living. Popular neighborhoods include Blossom Valley, Old Mountain View (which features the popular downtown Castro Street) and Shoreline West.

Current Market Prices and Trends

The local real estate market in Mountain View thrives as a seller's market, characterized by quick sales and homes fetching more than their asking prices—a trend that reflects the city's ongoing appeal to affluent buyers.

Despite a slight dip in median sales prices from $2.7 million in March 2023 to $2.5 million this past March, the market's vitality is underscored by strong demand—14 homes were sold in March 2024, an increase of 75% year over year.

The pace at which homes are selling has also intensified—from an average of 20 days on the market last March to a breezy average of 12 days in March 2024. The rapid turnover is reinforced even further, with homes selling above the listed price—a sale-to-list ratio of 108.3% in March 2024 versus 103.7% in March 2023. The competitive bidding, spirited buying activity, and strong consumer confidence in the Mountain View and broader Silicon Valley markets have continued despite the recent increase in mortgage rates above 7%.

Mountain View Forecast for 2024

As with all Silicon Valley communities, the Mountain View economy and housing market benefit immensely from the presence of major tech companies, which drive property values and market dynamics. Looking ahead, there's little doubt that Mountain View will remain a hot market in Santa Clara County, with properties likely to continue selling above their listed prices.

The ongoing influx of tech industry wealth and the strategic location of the city ensure that demand for luxury homes will persist, making it an opportune time for sellers to engage with the market.

Expect home sales to also continue to outstrip supply, with no immediate end in sight. Entering the third week of April 2024, the marketplace continues its upward swing with 22 sales, the most since August 2023. Should mortgage rates eventually drop just below the 6.5% threshold, as they are predicted to do so later in the year, and with supply unable to keep pace and it could add even more pressure to the market. Buyers should be prepared for home prices to increase further and ready themselves for a far more competitive market than we see today.

Ready to Learn More about the Mountain View Real Estate Market?

Mountain View offers an idyllic setting for those seeking an affluent, high-quality life in the heart of Silicon Valley. With its blend of peaceful residential areas, access to a cosmopolitan lifestyle, proximity to many of the world's most notable tech companies, and a strong, resilient real estate market, Mountain View is a premier location for those looking to buy or sell luxury residences.

Whether you are seeking additional insight into the Mountain View homes for sale or you're ready to list a luxury property, contact The Palermo Properties Team today and allow our team's experience and expertise to help you navigate the Mountain View luxury real estate market.

*Header image courtesy of The Palermo Properties Team

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