Campbell's New Homes Are Almost All Townhomes, and the Resale Market Is Already Feeling It

In August 2026, the median Campbell condo or townhome sold for $1,106,188. In September 2026, the median was $610,000. Both figures come from the Santa Clara County Association of Realtors monthly tables, and neither one means Campbell's attached homes lost close to half their value in 30 days.

The September figure rests on five closed sales. With a sample that small, the median depends on which five homes happened to close. The real change sits in the rows beside the median. The supply of attached homes for sale in Campbell is growing, it is taking longer to sell, and nearly every new for-sale project the city has approved or is reviewing adds to it. Detached houses are on a different track.

The September Numbers, Read Row by Row

Here are both property types side by side for the last two months of SCCAOR data:

In September 2026, the average attached sale in Campbell was $918,386, about $308,000 above the median. A gap that large in a five-sale month means the closings were spread far apart in price, with at least one sale well above the middle value. Next month's median could swing just as far in either direction without any change in value.

The inventory rows are steadier. At the end of September 2026, Campbell had 47 condos and townhomes listed against five closings that month. It had 31 detached houses listed against 18 closings. SCCAOR does not publish months of supply, but dividing listings by monthly sales gives a rough comparison. Attached homes ran at about nine listings per closing. Detached houses ran under two. In August 2026, the same ratios were about four and a half for attached homes and just over one for detached houses.

Both segments slowed from August to September, since days on market rose in each. The gap between them is what matters. Detached sellers still received 102% of list price in September 2026, while attached sellers received 100%.

Countywide, the attached segment is less stretched. In September 2026, Santa Clara County recorded 901 condo and townhome listings against 262 closings, with a median of $852,500. It recorded 1,224 single-family listings against 726 closings, with a median of $1,880,000. Campbell's detached market tracks the county closely. Its attached market carries noticeably more listings for each sale.

Where the New Homes Are Coming From

The inventory buildup makes more sense once you list the for-sale projects that have reached the market or come before the Planning Commission since mid-2024. Here is each one with its status as of October 2026:

1. Meadowbrook by KB Home, on Virginia Avenue just south of West Campbell Avenue near San Tomas Expressway. KB Home announced the opening on July 10, 2026 for three-story townhomes with up to four bedrooms. The release does not give a total home count.
2. Parklane by Robson Homes, a now-selling townhome community across from Campbell Park near downtown. Homes have two to four bedrooms and run 1,424 to 2,410 square feet, and select plans include a Junior ADU with a private entrance.
3. Mercury Lane Townhomes, six units at 300 Redding Road. KQED reported that the project broke ground on March 6, 2026 and is believed to be the first construction under SB 684, the state's Starter Home Revitalization Act. Completion is expected in early 2027, with projected prices starting around $1.15 million.
4. 600 E. Campbell Avenue by Cresleigh Homes, a mixed-use condominium project the Planning Commission approved on February 10, 2026. It has 90 units, with an option for up to 120 condominiums under the local density bonus program.
5. 320 Virginia Avenue by Valley Oak Partners, 40 townhome-style condominiums on a former San Jose Water Company well site. The Planning Commission approved the project on July 23, 2024.
6. 251 Llewellyn Avenue by PulteGroup, approved in June 2024 for 108 homes: 90 townhome-style condominiums and 18 detached houses.
7. Campbell Technology Park, 290 homes proposed at 635, 655, 675 and 695 Campbell Technology Parkway: 263 townhome-style condominiums and 27 detached houses.

Count only the projects with published unit totals and the split is clear. Attached homes number in the hundreds. Detached homes total 45, all of them inside two larger townhome developments. Meadowbrook and Parklane would add more attached homes on top of that.

Why the Pipeline Leans So Heavily Attached

The Campbell Technology Park project shows how much of this pipeline formed. According to the city's April 28, 2026 staff report, the site is a 17-acre research and development campus with four buildings totaling 280,000 square feet. It sits between Highway 17, the Paseo de Palomas mobile home park and Edith Morley Park.

The city received a preliminary application on April 18, 2023 for a 334-unit townhome project under the Housing Crisis Act, known as SB 330. The state deadline to adopt a certified Housing Element had passed on January 31, 2023, and Campbell had not yet adopted one. That made the city temporarily subject to the Builder's Remedy, which bars a city from denying a housing project because it conflicts with the General Plan. The formal application followed in September 2023. The current 290-unit plan falls within the 20% deviation the law allows from the preliminary filing.

Applications filed in that window locked in their rules, then spent years in environmental review. The draft EIR hearing for the Technology Park took place in April 2026. The Final EIR is dated September 22, 2026, and it states that the city will review the EIR and may then act on the project. No approval had been confirmed as of this writing.

Large sites like this one get redeveloped at townhome density because that is how land prices this high get paid for. Office and retail land is also being turned into rentals. The Registry reported on September 9, 2026 that Pacific Development has proposed an eight-story, 444-unit apartment building to replace a 3.5-acre office and retail center on South Bascom Avenue. SF YIMBY published plans in May 2026 for 205 apartments and a 149-room hotel at 980 East Campbell Avenue. Neither rental project adds for-sale inventory, but both draw from the same supply of aging commercial sites.

City policy may speed things up. At its August 11, 2026 meeting, the Campbell Planning Commission held off on a formal recommendation on housing-production policy changes. Commissioners asked the housing subcommittee to prioritize permit streamlining and possible park-fee reductions, then return with technical and fiscal details.

How New-Build Pricing Compares With Resale

Price per square foot is a steadier measure than the median, and it shows where new construction fits. KB Home's Meadowbrook page lists these base floor plan prices:

• Plan 1326: from $1,195,990 for 1,326 square feet, about $902 per square foot
• Plan 1861: from $1,546,000 for 1,861 square feet, about $831 per square foot
• Plan 1874: from $1,551,000 for 1,874 square feet, about $828 per square foot
• Plan 1945: from $1,601,000 for 1,945 square feet, about $823 per square foot
• Plan 1979: price available on request

Each listed price is a starting figure. Solar costs extra, and homesite premiums may apply. The final contract price will therefore run higher than the base figure, which matters when comparing it with a resale's actual closing price.

That base range of roughly $823 to $902 per square foot falls between Campbell's two resale segments. In August and September 2026, the median resale condo or townhome sold for $736 and $637 per square foot. The median detached house sold for $1,094 and $1,208. New townhomes cost more per square foot than older attached homes and well below detached houses. A buyer pays a premium for new construction and for attached space laid out like a house: three stories, two-car garages and up to four bedrooms.

Timing differs as well. When retrieved, Meadowbrook's page showed no move-in-ready homes in the community. Mercury Lane is not expected to finish until early 2027. A resale townhome can close on a normal escrow timeline. A new-build buyer is often committing to a home that has not been completed yet.

What This Changes When an Offer Is Written

These numbers show up in a transaction in three ways.

Resale attached sellers compete with builders. A seller listing a Campbell townhome this fall competes with other resale listings and with builder models that are open for walk-in tours. Builders set prices by plan and can adjust options and lot premiums without the listing history a resale accumulates. In September 2026, attached sellers received 100% of list price on average, down from 103% in August.

Detached sellers face less pressure. With 18 closings against 31 listings in September 2026, and a pipeline that adds only 45 new detached homes across the named projects, Campbell's detached market has little new competition coming.

One comparable sale can carry a lot of weight. In a segment with five to eight closings a month, a single comparable sale can move an appraisal discussion. Matching square footage, story count and age carries more weight than any citywide median in that setting.

Frequently Asked Questions

What does the $610,000 September 2026 condo median say about values? Very little. It came from five closings. The average sale that month was $918,386. A median based on so few sales mostly shows which homes happened to close.

Has Campbell Technology Park been approved? As of this writing, no approval has been confirmed. The Final EIR is dated September 22, 2026, and the city has said it will review the EIR before it may act on the project.

Is Meadowbrook the same project as 320 Virginia Avenue? Both are on Virginia Avenue, but no public source we reviewed confirms they are the same development. The 320 Virginia approval names Valley Oak Partners as the developer.

What is SB 684? According to KQED, SB 684 streamlines permitting for qualifying projects of two to ten units, skipping the public hearings and environmental review that development usually requires. Mercury Lane at 300 Redding Road is believed to be the first project built under it.

If you own a townhome or condo in Campbell and expect to compete with the new construction listed above, Bonafede Team can price your home against recent resale closings and current builder floor plans, using price per square foot rather than a five-sale median. Request your complimentary home valuation to see where your home falls in that range.

This article is general information, not legal, tax or financial advice. Consult a qualified professional about your situation.