Milpitas' median sale price fell 9.4% to about $1.29 million in the three months through September 2026, and nearly 30% of listings had a price cut.

The numbers

  • Median sale price: $1,287,887, down 9.37% year over year
  • Price per square foot: about $886, up 4.4%
  • Homes sold in September: 99, down from 105 a year earlier
  • Median days on market: 20, versus 19 a year ago
  • Sale-to-list ratio: 100.9%, down 1.1 points; 45.4% of homes sold above list
  • Homes with price drops: 29.6%, up 11.8 points

What Zillow shows

Zillow's Home Value Index puts the typical Milpitas home at $1,385,691 as of Sept. 30, 2026, down 1.2% from a year earlier. Zillow says homes go pending in about 14 days.

What it means for buyers and sellers

Redfin rates Milpitas "somewhat competitive," with a Compete Score of 46. The typical home gets about one offer and sells for about 1% above list. The big drop in the median while price per square foot rose suggests a mix of smaller homes and condos sold this summer, not a citywide crash. The jump in price cuts is the clearest sign that sellers have less leverage than a year ago.

Redfin figures cover the three months through September 2026 and compare with the same period a year earlier. Zillow's Home Value Index is a typical-home estimate, not a sale price, so the two numbers measure different things and won't match exactly.