Home prices in Silicon Valley continue to skyrocket, with little sign of returning to earth anytime soon, according to real estate experts.

For the last four months, the average price of a single-family home in Santa Clara County—the heart of Silicon Valley—has been more than $1 million, according to recent data from MLS Listings, a service for real estate agents.

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"In 2000 it was a bit like this, during the dot-com bubble," said Mary Pope-Handy, an agent with Sereno Group Real Estate in Los Gatos. "It's not necessarily a bubble, but there are those hot-bed areas—Menlo Park, Cupertino, Mountain View—where I'm concerned about what could become a bubble."

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