The median home price in Santa Clara County has reached $2 million, attributed to a variety of factors.

The county is a technology hub, hosting companies like Apple, Nvidia, AMD, Google, Supermicro, and Intuit. This concentration of tech companies contributes to the high home prices.

Additionally, there is intense competition among home buyers due to the limited number of available homes, further driving up prices.

Holly Barr of Compass Real Estate described the situation as both a milestone and inevitable, noting that people have been waiting to buy homes, and stock market gains have provided them with more purchasing power. She has observed down payments of up to 50% and even full cash payments for homes.

Michelle Perry, president of the Santa Clara County Association of Realtors, emphasized that the high prices are not just a milestone but rather a reflection of the current market dynamics, particularly the low inventory. She mentioned that low inventory continues to lead to multiple offers and higher prices for most sales.

Despite the high prices, home prices in Santa Clara County have also shown volatility, making it risky to try to time the market. Perry predicted that the $2 million median price could change within the next 30 days.

Many potential home buyers have opted to rent in recent months, citing the need for more inventory to bring prices down before they consider purchasing.