3-digit ZIP regional index
Home appreciation in ZIP codes 940xxSunnyvale, CA area
FHFA HPI® data shows the regional home price index for ZIP codes beginning with 940 changed +0.6% over the year to Q2 2026, compared with +0.9% for California and +3.0% for the United States.
The region covers ZIP codes 94002–94089. Most of its 2010 population lived in San Mateo County (69%), Santa Clara County (31%). Communities in the region include Daly City, Redwood City, Mountain View, South San Francisco, San Bruno. This is a regional index, not a ZIP5, street, or individual-home estimate.
- 1-year change
- +0.6%
- 5-year change
- +20.8%
- Since Q1 1995
- +392%
- National rank (1 year)
- 791st
Year to Q2 2026
vs U.S. +41.3%
vs U.S. +292%
of 882 ZIP3 regions
ZIP3 940 vs California and the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- ZIP3 940: 492.5
- California: 488.5
- San Francisco-San Mateo-Redwood City, CA metro: 506.5
- United States: 391.6
Want a different starting year? Rebase this chart or compare with another ZIP3.
Appreciation by time window
| Window | ZIP3 940 | CA | U.S. | Gap vs CA | Gap vs U.S. |
|---|---|---|---|---|---|
| 1 year | +0.6% | +0.9% | +3.0% | −0.3 pts | −2.5 pts |
| 3 years | +5.0% | +7.7% | +12.9% | −2.7 pts | −7.9 pts |
| 5 years | +20.8% | +28.1% | +41.3% | −7.3 pts | −20.5 pts |
| 10 years | +32.6% | +76.2% | +93.3% | −43.6 pts | −60.8 pts |
| Since Q1 1995 | +392% | +388% | +292% | +4.0 pts | +100.9 pts |
If you bought in ZIP3 940 in…
Applying the regional index change from the same quarter of each year to Q2 2026 to an example $300,000 purchase price. Individual homes can differ widely from the regional average.
| Bought in | Index change | $300,000 then, at the regional rate |
|---|---|---|
| Q2 1995 | +392% | $1,475,669 |
| Q2 2000 | +190% | $870,209 |
| Q2 2005 | +81.0% | $543,017 |
| Q2 2010 | +104% | $611,169 |
| Q2 2015 | +44.9% | $434,580 |
| Q2 2020 | +20.8% | $362,517 |
| Q2 2021 | +20.8% | $362,313 |
| Q2 2023 | +5.0% | $314,892 |
| Q2 2025 | +0.6% | $301,672 |
How ZIP3 940 ranks
Over the past year ZIP3 940 ranks 791st of 882 3-digit ZIP regions nationally and 40th of 57 in California. Its one-year change is −2.5 pts versus the nation and −0.3 pts versus California. Rank 1 is the strongest appreciation.
| Window | National rank | Rank in California |
|---|---|---|
| 1 year | 791st of 882 | 40th of 57 |
| 3 years | 827th of 882 | 42nd of 57 |
| 5 years | 858th of 882 | 45th of 57 |
| 10 years | 878th of 882 | 55th of 57 |
| Since Q1 1995 | 89th of 879 | 34th of 57 |
Boom, bust, and recovery in ZIP3 940
ZIP3 940's index peaked in Q1 2007, fell 21.1% to its low in Q2 2011, and regained its peak in Q2 2014, about 7.2 years after the top. Today it sits +65.0% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| ZIP3 940 | Q1 2007 | Q2 2011 | -21.1% | Q2 2014 (7.2 yrs) | +65.0% |
| CA | Q3 2006 | Q1 2012 | -41.0% | Q2 2019 (12.8 yrs) | +50.9% |
| Metro | Q3 2006 | Q2 2011 | -23.1% | Q2 2014 (7.8 yrs) | +62.8% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, ZIP3 940's index has changed +122% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | ZIP3 940 after inflation | CA after inflation | Metro after inflation | U.S. after inflation |
|---|---|---|---|---|---|
| 1 year | +3.9% | -3.2% | -2.9% | -4.0% | -0.8% |
| 3 years | +9.8% | -4.4% | -1.9% | -5.8% | +2.8% |
| 5 years | +24.0% | -2.6% | +3.3% | -5.3% | +13.9% |
| 10 years | +39.1% | -4.7% | +26.7% | -5.4% | +39.0% |
| Since Q1 1995 | +121% | +122% | +121% | +129% | +76.8% |
Estimate appreciation for a home in ZIP3 940
Regional estimate
$397,739
- Estimated gain
- $97,739
- Index change
- +32.58%
- Start index
- 371.46
- End index
- 492.48
ZIP3 940 (Sunnyvale, CA area), Q2 2016 to Q2 2026. Index type: Native 3-Digit ZIP index.
Nearby 3-digit ZIP regions
| 3-digit ZIP region | State | 1 year | 5 years | Since Q1 1995 |
|---|---|---|---|---|
| 944 · San Mateo, CA area | CA | +4.2% | +29.6% | +395% |
| 943 · Palo Alto, CA area | CA | -1.4% | +29.7% | +471% |
| 941 · San Francisco, CA area | CA | +0.9% | +13.3% | +418% |
| 946 · Oakland, CA area | CA | +2.6% | +1.4% | +420% |
| 947 · Berkeley, CA area | CA | +4.7% | +22.2% | +457% |
| 951 · San Jose, CA area | CA | -0.4% | +31.2% | +501% |
Recent quarterly index values
| Period | Index |
|---|---|
| Q2 2026 | 492.48 |
| Q1 2026 | 495.87 |
| Q4 2025 | 498.85 |
| Q3 2025 | 487.01 |
| Q2 2025 | 489.75 |
| Q1 2025 | 492.34 |
| Q4 2024 | 494.80 |
| Q3 2024 | 496.84 |
| Q2 2024 | 498.78 |
| Q1 2024 | 496.89 |
| Q4 2023 | 486.02 |
| Q3 2023 | 484.17 |
Frequently asked questions
- How much have home prices risen in ZIP codes starting with 940?
- Based on FHFA HPI® data for 3-digit ZIP region 940, the regional index changed +0.6% over the year to Q2 2026, +20.8% over five years, +32.6% over ten years, and +392% since Q1 1995.
- Is ZIP3 940 appreciating faster than California and the U.S.?
- Over the past year the region's index +0.6% compares with +0.9% for California and +3.0% for the U.S., a gap of −2.5 pts versus the nation. Over five years the gap versus the nation is −20.5 pts.
- Which ZIP codes are in 3-digit ZIP region 940?
- All ZIP codes that begin with 940. Census 2010 ZIP Code Tabulation Areas in this region run from 94002 to 94089 (33 areas). FHFA publishes one index for the whole 3-digit region, not for each 5-digit ZIP code.
- Can I use this to value my home?
- No. The FHFA HPI® is a broad regional index of average price movement. It is not an appraisal, tax assessment, or automated valuation of any individual property. Use it as general context alongside local sales and a professional opinion.