San Jose Housing Market: Trends & Prices
San Jose Real Estate Market Overview
(Last Updated – 12/2021)
There is a lot to love about San Jose. Let’s start with the obvious: that sunny weather California is famous for. While Southern California natives may find San Jose’s northern locale to be on the chillier side, the rest of the country probably doesn’t agree.
On average, San Jose has 257 sunny days, 0 inches of snow, and 17 inches of rain a year. Comparatively, the U.S. average for these fun weather facts is 205 days of sun, 28 inches of snow, and 38 inches of rain per year.
Aside from the great weather, San Jose is known for residing in the heart of Silicon Valley — some might even call it the capital. That lends the city an energetic and innovative feel while providing ample career opportunities.
But the rise of Silicon Valley has contributed to the rise of the San Jose average house price in recent years. And San Jose’s cost of living is one of the highest in the entire nation.
Recommended: Cost of Living in California (2022)
Still, if you can swing it and you’re looking to buy, San Jose is a lovely place to live. But before you make any big decisions, keep reading to learn more about the San Jose housing market forecast, housing prices, and neighborhood demographics.
Overall San Jose Market Trends
In looking at local housing market trends, the San Jose real estate market is considered to be one of the most competitive.
Homes in San Jose are typically on the market for a short seven to 11 days and sell for 4% to 14% above list price.
$1.295 million
Median Sale Price
$783
Avg. Price Per Sq. Ft
11 days
Avg. Time on Market
San Jose Housing Market Forecast
If the San Jose real estate market is leaving you with sticker shock, there’s good reason. In the past year, the San Jose median home price went up 18.6%, according to Zillow.
Given that inventory remains extremely low, and is forecasted to continue shrinking while buyer demand remains high, it is unlikely that there will be a decline in San Jose housing prices any time soon.
Demographics of the San Jose Market
There are dozens of distinct neighborhoods across San Jose’s 176.5 square miles, all of which have their own benefits and charm.
Before looking at a few, you might want to review some overarching San Jose housing market demographics.
Median Income: $109,593
Median Age: 36.7
College Educated: 43.7%
Homeowners: 56.8%
Married: 52.6%
Popular San Jose Neighborhoods
More than 1 million people call San Jose home. From historic neighborhoods to up-and-coming ones, there is a niche for everyone.
Young career builders will feel right at home in the hustle and bustle of Downtown, and families will love the quaint streets of Willow Glen.
Before you settle down, take a look at the demographics of five popular options.
Willow Glen
Locals will love the summers in Willow Glen, as there is a fantastic annual festival to look forward to every summer. Stop by to dance and taste local foods and wines.
The rest of the year, they can enjoy taking strolls down tree-lined streets and brunching at charming sidewalk cafes.
Quick Facts
Population:
64,467
Median Age:
36.7
Housing Units:
26,597
Bike Score:
70
Walk Score:
54
Transit Score:
41
Average Household Income:
$151,499
Willow Glen Housing Market
Get ready to move quickly if you’re looking to find the right home in Willow Glen. Most homes only stay on the market for around 10 days.
Really popular homes typically only last seven days, so you’ll need to be ready to make an offer if you find a home you love. You also need to be prepared to spend, as homes for sale in Willow Glen usually sell for 6% to 14% above their list price.
Median Sale Price
$1.45 million
Average Price Per Square Ft.
$943
Silver Creek
If you’re still debating whether or not to buy a home in Silver Creek, why not take a nice long stroll down the Silver Creek Valley Trail while you ponder your options?
This paved trail along the creek and neighborhoods of Silver Creek offers miles of stunning views for hikers and cyclists.
Quick Facts
Population:
20,674
Median Age:
40.4
Housing Units:
6,260
Bike Score:
27
Walk Score:
10
Transit Score:
16
Average Household Income:
$228,828
Silver Creek Housing Market
Like many neighborhoods in San Jose, Silver Creek has a competitive housing market. Homebuyers should expect most homes for sale to receive multiple offers and to sell for about 6% above list price.
If you are interested in calling Silver Creek home, you’ll also need to move fast. Silver Creek houses typically go pending in around nine days. In-demand homes can go in just seven days.
Median Sale Price
$2.72 million
Average Price Per Square Ft.
$848
Almaden Valley
The shining star of Almaden is the Almaden Community Center. The state-of-the-art facility hosts athletic programs, events, arts and crafts, and summer camps for children.
The center even offers computer classes, which feels on-brand for San Jose. When residents are done hanging out at the community center, they can pop by one of the local parks, including Almaden Lake Park and Parma Park.
Quick Facts
Population:
38,122
Median Age:
46.3
Housing Units:
12,877
Bike Score:
71
Walk Score:
63
Transit Score:
45
Average Household Income:
$235,212
Almaden Valley Housing Market
The Almaden Valley housing market has been hot this past year, although Redfin data shows a slight cooling trend since the fall.
Nonetheless, the area remains “very competitive.” Many homes get multiple offers and only stay on the market around 10 days. Popular homes in this neighborhood stay on the market only around seven days.
Median Sale Price
$1.85 million
Average Price Per Square Ft.
$907
Downtown
If you like to keep busy, Downtown San Jose may just be the perfect neighborhood for you. Even though Downtown is 4 miles from Mineta San Jose International Airport, you don’t need to leave town to have a good time.
From museums to nightlife and more than 250 multicultural restaurants to choose from, there are plenty of exciting ways to spend your days Downtown.
Quick Facts
Population:
77,036
Median Age:
32.6
Housing Units:
28,175
Bike Score:
90
Walk Score:
77
Transit Score:
62
Average Household Income:
$112,792
Downtown Housing Market
The Downtown San Jose housing market is a very competitive one. Many of the homes for sale receive multiple offers, so get ready to bid if you find your dream home in this neighborhood.
You should also be prepared to pay around 3% above the home’s listing price and know that most homes in this area sell in about 20 days.
Median Sale Price
$1.05 million
Average Price Per Square Ft.
$728
Cambrian Park
Also known as just Cambrian, this family-friendly suburban community teems with charm thanks to its quiet tree-lined streets, farmers markets, and shopping centers.
Previously Cambrian Park was home to orchards, but it’s now the perfect spot for busy Silicon Valley tech workers to raise their families.
Quick Facts
Population:
79,476
Median Age:
39
Housing Units:
27,854
Bike Score:
68
Walk Score:
67
Transit Score:
35
Average Household Income:
$170,855
Cambrian Park Housing Market
Cambrian Park has one of the most competitive housing markets in San Jose. Most homes in this area receive multiple offers and sell in around 10 days for 11% above list price.
The more in-demand homes can sell for around 17% above list price after just seven days on the market.
Median Sale Price
$1.55 million
Average Price Per Square Ft.
$1,070
SoFi Home Loans
It’s easy to see why San Jose has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after.
If you think San Jose could be your home sweet home, then you may need to consider different mortgage loans during your home buying process.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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