June 4, 2024
Real Estate
The San Jose housing market is renowned for its high competitiveness, characterized by rapid sales and rising property values. This trend has continued unabated, with homes typically receiving multiple offers and selling well above the listing price. In this detailed analysis, we explore the various facets of the San Jose real estate landscape, providing insights that can help buyers, sellers, and investors navigate this dynamic market.
Metric | Value |
---|---|
Median Sale Price | $1,495,250 |
Price Increase (YoY) | 13.3% |
Median Price per Sq. Ft. | $917 |
Homes in San Jose sell remarkably fast, with the average property remaining on the market for only 9 days. This is a slight improvement from last year's average of 10 days, indicating an even more competitive market.
The volume of homes sold in April 2024 was 576, a notable increase from 453 homes sold in April 2023. This rise in sales volume reflects the heightened activity and interest in the San Jose housing market.
San Jose is classified as one of the most competitive markets, earning a high Redfin Compete Score™. This score, calculated over the last three months, takes into account factors such as the number of offers per home and the speed at which homes go pending.
Competitiveness Metric | Value |
---|---|
Average Offers per Home | 7 |
Average Days to Pending | 9 |
Sale-to-List Price Ratio | 108.9% |
On average, homes in San Jose sell for about 8% above the list price, with particularly desirable properties ("hot homes") selling for up to 17% above the list price. This premium reflects the intense competition among buyers.
San Jose attracts a significant number of new residents from various metropolitan areas, while also seeing a considerable outflow to other regions.
Top sources of new residents include:
Conversely, many San Jose residents are relocating to:
The following diagram illustrates the net inflow and outflow of residents:
Several factors contribute to the rising home prices in San Jose:
The market's competitiveness is further illustrated by:
Schools in San Jose are highly rated, contributing to the desirability of the area for families. The GreatSchools rating system highlights several top-performing elementary schools, which can influence home values in those neighborhoods.
School | GreatSchools Rating | Students |
---|---|---|
John Muir Elementary School | 10/10 | 248 |
Williams Elementary School | 9/10 | 630 |
Blossom Hill Elementary School | 9/10 | 526 |
Murdock-Portal Elementary School | 9/10 | 573 |
William Faria Elementary School | 9/10 | 692 |
San Jose is susceptible to various natural hazards such as floods, wildfires, and earthquakes. Homebuyers should consider these risks when purchasing property.
San Jose is moderately walkable and has some transit options, making it a suitable location for those relying on public transportation.
Metric | Score |
---|---|
Walk Score® | Somewhat Walkable |
Transit Score® | Some Transit |
The San Jose housing market continues to be one of the most competitive and dynamic in the United States. With soaring home prices, rapid sales, and a high demand fueled by the tech industry, it presents both opportunities and challenges for buyers and sellers. Understanding the nuances of this market, from migration trends to school ratings and environmental risks, is crucial for making informed real estate decisions. Whether you are looking to buy, sell, or invest, staying informed about these key factors will help you navigate the complexities of the San Jose housing market effectively.
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