Blog > South Bay Home Appreciation by City: What the Same Houses Resold For (2026)
South Bay Home Appreciation by City: What the Same Houses Resold For (2026)
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How much have South Bay homes really appreciated? We matched 2,969 houses that sold in the last 24 months in six Santa Clara County cities, San Jose, Mountain View, Campbell, Milpitas, Morgan Hill and Gilroy, to their previous sale since 2012. 2,619 were about the same size both times. The typical one gained from 4.6% a year in Gilroy to 6.7% a year in Campbell, and 120 of the 2,619 sold for less than their owners paid.
The short answer
- Campbell: 6.7% a year, +58% over a median 7.5 years (72 houses).
- Milpitas: 6.4% a year, +57% over a median 7.7 years (79 houses).
- San Jose: 5.9% a year, +45% over a median 7.0 years (1,913 houses).
- Morgan Hill: 5.3% a year, +46% over a median 7.2 years (235 houses).
- Mountain View: 4.9% a year, +38% over a median 7.1 years (97 houses).
- Gilroy: 4.6% a year, +34% over a median 6.4 years (223 houses).
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Six cities compared
| City | Same-size resales | Median gain | Per year | Years held | Sold for less | Expanded houses’ gain |
|---|---|---|---|---|---|---|
| Campbell | 72 | +58% | 6.7% | 7.5 | 2 | +136% |
| Milpitas | 79 | +57% | 6.4% | 7.7 | 1 | — |
| San Jose | 1,913 | +45% | 5.9% | 7.0 | 78 | +108% |
| Morgan Hill | 235 | +46% | 5.3% | 7.2 | 16 | — |
| Mountain View | 97 | +38% | 4.9% | 7.1 | 6 | +118% |
| Gilroy | 223 | +34% | 4.6% | 6.4 | 17 | — |
A dash means fewer than 8 expanded houses.
By the year the seller bought
Median gain on same-size resales; a dash means fewer than 8 houses.
| City | 2012–2013 | 2014–2016 | 2017–2019 | 2020–2022 | 2023–2024 |
|---|---|---|---|---|---|
| San Jose | +147% | +88% | +46% | +22% | +9% |
| Mountain View | +133% | +66% | +35% | +23% | +5% |
| Campbell | +185% | +100% | +49% | +28% | +13% |
| Milpitas | +208% | +105% | +50% | +15% | +8% |
| Morgan Hill | +126% | +84% | +46% | +17% | +4% |
| Gilroy | +118% | +66% | +41% | +11% | +5% |
Reading it right
- These are prices, not profits: selling costs, remodels and carrying costs come out.
- Not adjusted for inflation.
- Same size isn’t same condition; many owners remodel inside the footprint.
- Owners who would sell at a loss often wait, so resales lean toward gains.
Each city in detail
- San Jose home appreciation: what the same houses resold for
- Mountain View home appreciation: what the same houses resold for
- Campbell home appreciation: what the same houses resold for
- Milpitas home appreciation: what the same houses resold for
- Morgan Hill home appreciation: what the same houses resold for
- Gilroy home appreciation: what the same houses resold for
Houses that came back bigger
Resales with at least 25% more living area than at the earlier sale: additions, second stories and rebuilds. The gain includes the cost of the work, which these sales don’t show. Cities with fewer than 8 such houses are left out.
| City | Houses | Living area, before → after | Median gain |
|---|---|---|---|
| San Jose | 163 | 1,250 → 2,230 sq ft | +108% |
| Mountain View | 19 | 1,190 → 2,960 sq ft | +118% |
| Campbell | 19 | 1,270 → 2,130 sq ft | +136% |
The last year, by the median
The median house in the last 12 months against the 12 months before. Medians also move with which houses sold.
| City | The 12 months before | Last 12 months | Change |
|---|---|---|---|
| San Jose | $1.68M | $1.65M | −2% |
| Mountain View | $2.74M | $2.95M | +7.6% |
| Campbell | $2.13M | $2.17M | +1.7% |
| Milpitas | $1.72M | $1.62M | −5.8% |
| Morgan Hill | $1.48M | $1.52M | +3.4% |
| Gilroy | $1.15M | $1.16M | +0.7% |
Questions we get
Which South Bay city appreciated the most?
Of these six, by repeat sales of same-size houses, Campbell: a median 6.7% a year. Gilroy was lowest of the six, at 4.6%. Mountain View, Campbell and Milpitas each rest on fewer than 100 resales, so read small differences between cities as noise.
How often do these homes sell for less than the owner paid?
120 of 2,619 same-size resales in these six cities over the last 24 months (4.6%), 118 of them by owners who bought in 2020 or later.
How long do owners keep a house before reselling?
Among these resales, a median of 6.4 years in Gilroy to 7.7 in Milpitas. Longtime owners who haven’t sold aren’t counted.
For Palo Alto, Los Altos, Sunnyvale, Cupertino, Santa Clara, Los Gatos and Saratoga, see Silicon Valley home appreciation by city.
How we counted
House sales in the last 24 months (October 28, 2024 to October 27, 2026) matched to the previous sale by address (number, street, unit), the earlier sale in 2012 or later and at least a year before; both closed sales reported to the MLS and read through the IDX feeds that power our home search, one record per sale with a usable living area and map position, the same rules as our city price posts. Houses are MLS property type “single family home”; condos include townhomes. Same size: living area within 5%; expanded: at least 25% more. Past sales aren’t a forecast or the value of any one home, and nothing here is financial, tax or legal advice. Run your own with the home appreciation calculator.
Talk to a Property Nerd
We’re the Property Nerds at Compass, recognized as NextGenAgents by a national real estate portal. We’ll pull the sales that matter for your home and your plans, and walk you through what they mean. Call (408) 373-1660 or (650) 383-8606, or book a strategy call. Commissions are negotiable, and we offer bundled services, so ask us what’s included.