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Prices, inventory, and demand — distilled every month into one clear verdict: buyer’s market or seller’s. The investor’s read, before you make an offer.
The median asking price in Morgan Hill is about $1,369,000 as of Sep 2026, up 7.5% from a year ago. The typical listing is 4% larger than a year ago, and asking price per square foot is down 5.5%. So the size of homes on the market explains much of the rise. That is the asking price on listed homes, so sold-price and home-value sites show different numbers (why).
Only on the right house. Neither side has the upper hand in Morgan Hill right now. The signals split. Compared with 2017–2019 at this time of year, 22% of sellers have cut their price, against 27% then, but there are 35 pending sales per 100 listings, against 81 then. The market will not hand you a discount. You have to find it in one specific listing.
Asking price per square foot in Morgan Hill is 14.1% below its Mar 2025 high and down 5.5% over the last year. Prices were above the year before in 67% of months since the data starts, so drops here have not always reversed quickly. 22% of sellers have cut their price. Underwrite with no price growth for now and let the seller carry the next cut.
The median asking price is 16.6% below its Feb 2024 peak. You are not buying at the top. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower. Morgan Hill prices rose in only 74 of the last 111 months. This market goes up and down. Timing matters here. Growth will not rescue a bad price.
This market is turning. Which way is not settled yet. Check the monthly numbers above before you commit.
HUD sets one fair market rent for Santa Clara County. For fiscal year 2026:
The figures include tenant-paid utilities and apply to all of Santa Clara County, so one home's rent can sit well above or below them. See fair market rent by city.
In Morgan Hill, 29 out of every 100 households rent. Most own their home. The renter share is growing. Five years ago it was 26 in 100. Morgan Hill added about 500 renter households in five years. Renter households here average 3.4 people. Families rent here. Buy bedrooms. Studios will sit.
Households shrank 3% in five years. The housing stock shrank 1%. Supply is outrunning demand. Just 4.7% of homes sit empty. A well-priced rental fills fast here.
The median Morgan Hill household earns $163,182 a year. Incomes here have grown 5.5% a year since 2019. Incomes are rising faster than home prices. Affordability is improving. A typical home costs 8.4 times the median income. Most locals cannot buy. That keeps rental demand deep. It also caps the rent they can pay. At 30% of income, a tenant on the median income can pay about $4,080 a month.
To see what one Morgan Hill address would rent for and cash flow, run it through the app.
Ranked among the 141 California markets we track:
Read how price cuts signal a market turning and how we read these numbers, then run the numbers on a deal.
The median asking price in Morgan Hill is about $1,369,000 as of Sep 2026, up 7.5% from a year ago. The typical listing is 4% larger than a year ago, and asking price per square foot is down 5.5%. So the size of homes on the market explains much of the rise. This is the asking price on homes listed for sale. Sites that report sold prices or estimated home values will show a different number. Our Morgan Hill figures cover the 2 ZIP codes with a Morgan Hill mailing address, which can reach past city limits.
Neither side has the upper hand in Morgan Hill right now. We compare Morgan Hill with 2017–2019 at this time of year: there are 35 pending sales per 100 listings, against 81 then; the typical listing has been up 26% more days; 22% of sellers have cut their price, against 27% then.
The median asking price is 16.6% below its Feb 2024 peak. You are not buying at the top. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower.
Across 9 full years, Morgan Hill asking prices ran lowest in October, about 3.0% below the year's average. They peaked in June. The most homes for sale show up in July, about 24% above the yearly average.
Assume +0.7% a year. Morgan Hill grew 4.0% a year over the decade. Ignore that rate. Most of it landed in the 2020 and 2021 boom. Without the boom, Morgan Hill grows about 0.7% a year. That is the number to type in. Prices fell 5.5% over the last year. Use it for timing. The five-year rate is the better guide.
HUD's fiscal year 2026 fair market rent for Santa Clara County is $3,483 a month for 2 bedrooms and $4,602 for 3 bedrooms. The figures include tenant-paid utilities and cover the whole county.
Closest matches on asking price, price per square foot, time on market, buyer demand, and price cuts.
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