Is Morgan Hill, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Morgan Hill has remained a Seller's Market.
Housing Prices in Morgan Hill, CA
How much do homes in Morgan Hill, CA cost?
Median Sold Price
$1,302,000
$614/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Morgan Hill was $1,302,000 in April 2024, up 4.8% from last year, and the median price per square foot was $614.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $510K | $485K | -4.9% |
2 Bedrooms | $749.8K | $794.9K | +6.0% |
3 Bedrooms | $1.0M | $1.0M | +3.1% |
4 Bedrooms | $1.4M | $1.4M | +2.4% |
5+ Bedrooms | $1.7M | $1.8M | +5.3% |
Summary: Morgan Hill housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.9%, 2 bedroom homes increased by 6%, 3 bedroom homes increased by 3.1%, 4 bedroom homes increased by 2.4%, and 5+ bedroom homes increased by 5.3%.
Median Sold Price Compared To Nearby Cities
San Jose | $1.2M | $1.3M | +7.5% |
Morgan Hill | $1.2M | $1.3M | +4.8% |
South Santa Clara Valley | $1.1M | $1.1M | +1.1% |
San Martin | $1.5M | $1.5M | +0.8% |
Housing Supply in Morgan Hill, CA
How many homes are available in Morgan Hill, CA?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
84 | 115 | +36.9% |
Summary: The Morgan Hill real estate market had 115 homes for sale in April 2024, a 36.9% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 1 | +100.0% |
2 Bedrooms | 9 | 13 | +44.4% |
3 Bedrooms | 22 | 31 | +40.9% |
4 Bedrooms | 38 | 48 | +26.3% |
5+ Bedrooms | 15 | 22 | +46.7% |
Summary: The Morgan Hill housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 44.4%, 3 bedroom homes increased by 40.9%, 4 bedroom homes increased by 26.3%, and 5+ bedroom homes increased by 46.7%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
30 | 40 | +33.3% |
Asking Price vs. Sold Price
10 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
24 Homes Were Sold
Over Asking
Summary: A total of 40 homes were sold or pending in Morgan Hill in April 2024, up by 33.3% month-over-month. Of the 38 sold homes, 26% were sold under asking, 11% were sold at asking, and 63% were sold over asking.
Days on Market for Morgan Hill, CA
How long does it take to sell a home in Morgan Hill, CA?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
31 Days | 9 Days | -69.5% |
Summary: Homes in Morgan Hill had an average of 9 days on market in Apr 2024, down by 69.5% compared to last year.
Breakdown of Home Sale Times
39 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During April 2024, 40 homes were sold in Morgan Hill; 98% of homes were sold within 30 days, 3% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.