Milpitas Real Estate Market Report, August 2026: Buyers Came Back, but Not Far Over Asking
Milpitas is still firmly a seller's market in August 2026, but the month sent two signals at once. Buyers came back in number: 21 homes went into contract, nearly double July's 11, and supply fell to 1.36 months. Yet the average sale closed at only 100.3% of its asking price, down for at least the third month running. The median single-family sale was $1,775,000, up 6.3%, while price per square foot fell 8.4% to $932, on just 10 closed sales. Here is the complete picture, recreated from the Bay East Association of REALTORS® and RPR market-trends data, with a free branded PDF you can download and keep at the end.
August 2026 at a glance
Milpitas, CA, Single Family Residence, Median sold price $1,775,000, Sold-to-list 100.3%, Median 13 days on market, 1.36 months of inventory, 19 active listings, Median estimated value $1,632,090
Photo: formulanone, Wikimedia Commons, CC BY-SA 2.0.
The interactive dashboard below walks through every number, the median sold price, the months-of-supply dial, the full metric grid, and this month's supply and demand by stage.
The Milpitas market in August 2026
Single Family Residence citywide. All figures from the Bay East Association of REALTORS® / RPR market-trends report, data through August 2026.
Supply snapped tighter as buyers came back
Milpitas carried 1.36 months of supply in August, far under the six-month mark that typically signals a balanced market. July's loosening reversed: supply fell (about 36%) from last month as new contracts nearly doubled and active listings thinned to 19, though it is still up 5.4% on a year ago. Buyers are back in number, but they are paying close to asking, not far over it: homes closed at 100.3% of list after a median of 13 days on market.
The full market profile
The six price tiles share one $0 to $1.9M scale, so the bars compare directly. The price per foot tile sits on its own scale.
How many homes, how many buyers
The month's pipeline by stage. Every count is exact from the report; the full five year trend context is in the free PDF.
Twenty-two homes came on and 19 sat active at month end, while 21 went into contract and only 10 closed. Months of inventory fell to 1.36, down about 36% from a July figure RPR has since revised upward, though still 5.4% above a year ago. More buyers signing contracts against fewer homes for sale is exactly how supply tightens.
What the numbers are telling us
The median rose and the price per foot fell. That is July's mix story, in reverse. In July the median fell 7.2% while price per square foot rose 4.1%. August flipped both: the median sold price climbed 6.3% to $1,775,000 while the median price per foot on closed sales fell 8.4% to $932, its lowest reading since early 2024 on RPR's five year chart (approx). With only 10 homes closing, a few larger homes selling can lift the median and pull the per foot number down at the same time. The report has no home size data, so that is an inference, not a measurement. The same median up, price per foot down shape showed in Newark's August report, Hayward's and Union City's.
Buyers came back to the table. New contracts jumped 90.9% to 21, and homes pending at month end rose 125% to 18. Active listings fell 36.7% to 19, so months of supply dropped about 36% to 1.36, though that is still 5.4% above a year ago. In July supply had climbed to its highest reading on RPR's chart since the summer of 2025; August took most of that back.
But they are paying about asking, not bidding far over it. The average Milpitas sale closed at 100.28% of list in August, down from 104.1% in June and 101.6% in July. That is at least three monthly declines in a row, from about 110% in March on RPR's chart (approx), and it continued in the same month supply tightened. My read: buyers are active and willing, but price disciplined. A well-priced home still sells in about two weeks, a median of 13 days on market for the homes that closed, unchanged from July. An overpriced one is not getting bid back up to value, which is exactly why the overpricing trap matters right now.
Estimated values keep easing. RPR's median estimated value for Milpitas single-family homes sits at $1,632,090 (RPR dates it September 2026), down 1.1% for the month and 10.3% over the past year. It is a model estimate, not an appraisal, but the direction matches the softer sold-to-list trend.
Prices across the pipeline
Here is where prices sat at each stage of the Milpitas market in August 2026:
- New listings, median list price $1,624,000 across 22 new homes
- Active, median list price $1,650,000 across 19 homes on the market
- New pending, median list price $1,588,000 across 21 fresh contracts
- Pending, median list price $1,596,500 across 18 homes awaiting close
- Sold, median sold price $1,775,000 across 10 closed homes
- Median price per square foot, $932 on closed single-family sales, versus $992 on today's active listings
The homes that went under contract in August were priced well below the ones that closed, with the pending median at $1,596,500 against a $1,775,000 closed median, about 10% lower. In July the pattern ran the other way. If those contracts close near their asking prices, September's closed median would land closer to $1.6 million than $1.78 million, though with a sample this small, a few sales can move it either way.
Supply and demand this month
August brought 22 new listings, down 15.4% from July, and 19 homes sat active at the end of the month. Meanwhile 21 homes went into contract, 18 were pending at month end, and 10 closed. With months of inventory at 1.36, Milpitas carries far less supply than the six months that would mark a balanced market.
One note on the month over month figures. RPR revises earlier months, and August's report revised July's listing side upward: July's own report printed 1.86 months of supply and 26 active listings, while August's percentages imply about 2.14 months and 30 listings. Every month over month change in this post is as printed in the August report. July's sold figures were not revised.
A note for condo and townhome buyers
Everything above is the single-family market. Milpitas condos and townhomes trade in their own lane, with their own prices and pace, and that is the lane where I am hosting an open house: 341 Imagination Pl in Parc Metro, a 3-bed, 3-bath townhome-style condo at $968,000, open Saturday, October 3 from 2 to 5 PM and Sunday, October 4 from 1 to 4 PM. If a condo is what you are shopping for, that post has the full write-up, and I will have printed copies of this report at the door.
Come See a Milpitas Condo in Person
The report above is the single-family market. If a condo or townhome is what you are shopping for, I am hosting an open house in Parc Metro on Saturday, October 3, 2 to 5 PM and Sunday, October 4, 1 to 4 PM. Tap the card for the full write-up, the video walkthrough, and the flyer.
341 Imagination Pl
Milpitas, CA 95035
$968,000
MLS# 41141835
3
Bed
3
Bath
1,243 sq ft
Sq Ft
Townhome-style condo, price improved $100,000, open Sat 2 to 5 PM and Sun 1 to 4 PM.
A first-floor bedroom and full bath plus two upstairs primary suites, in a community with a pool, spa, and clubhouse. Listed by Shelly Arora, REALTY EXPERTS®; Harv Balu is hosting the open house and available to represent buyers.
See one you'd like to tour? I'd love to walk you through any of these, or anything else in the area.
Get the full report, free
I put the entire month into a clean, printable PDF: every median price across the pipeline, the months-of-supply dial, this month's supply and demand counts, and the five year context bands, all in my own branding rather than a generic template.
Thinking about a move in Milpitas?
A market report tells the story of the whole city. To know what it means for your specific home or your next purchase, let's talk. I will put together a true, address-specific opinion of value based on the homes actually selling on your street, no pressure, no obligation. Call or text me at (510) 600-3425, or email homes@HarvRealtor.com. If you are weighing a sale, my seller's guide is the right place to start, the Milpitas city guide is a good neighborhood-by-neighborhood overview, and July's report shows how differently the same city read one month earlier.
About the images: the header image is an AI illustration of a typical Milpitas street of 1960s and 1970s homes, looking east toward the foothills. It is not a photograph of any specific home, and no property shown is a listing. Aerial photo: formulanone, Wikimedia Commons, CC BY-SA 2.0.
Not a guarantee. Market figures are from the Bay East Association of REALTORS® and Realtors Property Resource® (RPR®) market-trends report for Milpitas, California (Single Family Residence), generated October 3, 2026, reflecting data through August 2026, deemed reliable but not guaranteed, and not a prediction of future value. Month-over-month percentages are as printed in the August report; RPR revises prior months, so July's figures implied here can differ from those in my July report. Five year comparisons are read approximately from the report's trend charts. All figures describe the broader Milpitas single-family market and may not reflect any individual home. Harv Balu, REALTOR® (CA DRE #02195792) · REALTY EXPERTS® (CA DRE #00414413). Equal Housing Opportunity.
Milpitas market questions, answered
What is the median home price in Milpitas right now?
The median sold price for a Milpitas single-family home was $1,775,000 in August 2026, according to the Bay East Association of REALTORS® and RPR market-trends report for the city as a whole. That is up 6.3% from July. Read it alongside two other figures from the same report. The median price per square foot on closed sales fell 8.4% to $932, and RPR's median estimated value for Milpitas single-family homes was $1,632,090, down 1.1% on the month and 10.3% on the year. Only 10 homes closed in August, so the median moves a lot with which homes happen to sell. My read is that the higher median reflects the mix of homes that closed rather than a citywide rise in value. The report does not break out home size, so that is an inference, not a measurement.
Is Milpitas a buyer's market or a seller's market in 2026?
By supply, Milpitas is firmly a seller's market. It finished August 2026 with 1.36 months of inventory, and the long-standing convention is that roughly six months of supply marks a balanced market, with anything well below that favoring sellers. Supply fell 36.4% on the month as new contracts nearly doubled. Prices tell a calmer story, though. The average sale closed at 100.28% of list price, down from 104.1% in June and 101.6% in July, so buyers are signing contracts at about the asking price rather than bidding far over it. Sellers hold the structural edge, and buyers who see a well-priced home still face competition, but overpriced homes are not being rescued by bidding wars.
Why did the Milpitas median price rise while price per square foot fell?
Because the two numbers answer different questions. The median sold price reports the middle transaction of the month, so it moves whenever the kind of home selling changes. Price per square foot only partly adjusts for size, because larger homes usually sell for less per foot. A month in which bigger homes close tends to push the median up and the price per foot down at the same time, which is August's pattern, on just 10 sales. July showed the opposite shape, with the median down 7.2% and price per foot up 4.1%. Two months moving in opposite directions is a good reminder that one month of Milpitas medians is noisy. At $932, price per foot is at its lowest since early 2024 on RPR's five year chart (approx), which is worth watching in September's report.
How long does it take to sell a home in Milpitas?
Not long. The single-family homes that closed in August 2026 had spent a median of 13 days on market, unchanged from July. The homes that went into contract during August got there in a median of 13 days as well, down 7.1%, and the homes still active at month end had been listed a median of 12 days, down 42.9%. In practice, a well-priced Milpitas home usually finds a buyer in about two weeks.
How many homes sold in Milpitas in August 2026?
Ten single-family homes closed in Milpitas in August 2026, down 37.5% from July. Twenty-two new listings came on the market, 19 were active at month end, 21 went into contract during the month, up 90.9%, and 18 were pending when the month closed, up 125%. So closings dipped while new contracts surged, which usually means more closings are on the way in the months ahead.
Where can I get the full Milpitas market report?
The full August 2026 report is free. It is a three page PDF with every median price across the pipeline, the months-of-supply dial, this month's supply and demand counts, and the five year context bands. Use the form on this page and I will send it right over, or call or text me at (510) 600-3425. If you own a Milpitas home, I am also happy to prepare an address-specific opinion of value based on the homes actually selling near you.
Your Local Real Estate Team
Harv Balu
REALTOR® | GRI, CIPS, PSA, FTBS · REALTY EXPERTS®
CA DRE# 02195792
REALTY EXPERTS® · 41051 Mission Blvd, Fremont, CA 94539
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