The median sales price of Mountain View’s single family homes is now over $1,302,000 according to Zillow’s Home Value Index. That is a 17.0% increase over October 2012. What is driving the rapid increase in home values? A combination of factors. One major factor that has come into play is the scarcity of single family homes on the market. There are currently only 7 single family active home listings in Mountain View. Typically at this time of year there are between 15-20 single family homes on the market.
Since Feb 2012 we have seen an increase in home buyers actively bidding on homes in Silicon Valley. This scarcity combined with multiple buyers bidding on homes has resulted in offers often $50,000-200,000 over the homes asking price. As this proliferated through the market it drove home values up quickly. This chart available through Zilliow Home Value Index shows how home values have increased rapidly since 2012.