Is Morgan Hill, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Morgan Hill has remained a Seller's Market.
Key Takeaway
Morgan Hill is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Morgan Hill, CA
How much do homes in Morgan Hill, CA cost?
Median Sold Price
$1,324,750
$619/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Morgan Hill have sold for 8.2% more than they did a year ago.
Summary: The median home sold price in Morgan Hill was $1,324,750 in May 2024, up 8.2% from last year, and the median price per square foot was $619.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $510K | $487.5K | -4.4% |
| 2 Bedrooms | $760K | $799K | +5.1% |
| 3 Bedrooms | $1.0M | $1.0M | +8.0% |
| 4 Bedrooms | $1.4M | $1.4M | +3.0% |
| 5+ Bedrooms | $1.6M | $1.8M | +14.1% |
Summary: Morgan Hill housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 4.4%, 2 bedroom homes increased by 5.1%, 3 bedroom homes increased by 8%, 4 bedroom homes increased by 3%, and 5+ bedroom homes increased by 14.1%.
Median Sold Price Compared To Nearby Cities
| San Jose | $1.2M | $1.3M | +10.2% |
| San Martin | $1.4M | $1.6M | +9.3% |
| Morgan Hill | $1.2M | $1.3M | +8.2% |
| South Santa Clara Valley | $1.1M | $1.2M | +4.3% |
Housing Supply in Morgan Hill, CA
How many homes are available in Morgan Hill, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 117 | 144 | +23.1% |
Summary: The Morgan Hill real estate market had 144 homes for sale in May 2024, a 23.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 11 | 14 | +27.3% |
| 3 Bedrooms | 33 | 40 | +21.2% |
| 4 Bedrooms | 48 | 53 | +10.4% |
| 5+ Bedrooms | 24 | 36 | +50.0% |
Summary: The Morgan Hill housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 27.3%, 3 bedroom homes increased by 21.2%, 4 bedroom homes increased by 10.4%, and 5+ bedroom homes increased by 50%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 39 | 42 | +7.7% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Morgan Hill, you could pay more than the asking price. 69.2% of homes here sold above asking price last month.
Summary: A total of 42 homes were sold or pending in Morgan Hill in May 2024, up by 7.7% month-over-month. Of the 39 sold homes, 23% were sold under asking, 8% were sold at asking, and 69% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 26 Days | 23 Days | -11.8% |
Summary: Homes in Morgan Hill had an average of 23 days on market in May 2024, down by 11.8% compared to last year.
Breakdown of Home Sale Times
34 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Morgan Hill are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 42 homes were sold in Morgan Hill; 81% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.