San Jose Housing Market Data
The San Jose Housing Market follows a traditional spring-to-fall sales cycle with peak closed sales in early to mid-summer (May- July). San Jose’s 10-year average is about 450 sales per month with the summer peak near 600 homes in one month.
Have high-interest rates of 2023 affected this cycle? Read on and find out.
In the sections below, you will find a chart of the closed San Jose house price trend as well as raw statistics for the current active market. Stay in touch with our monthly market updates by signing up for our newsletter! Thinking through the steps to buy or sell a property, check out the buyer guide or seller guide.
Your Next Chapter Starts Here
- Trusted Guidance: benefit from over 19 years experience and proven results
- Strategic Local Insights: Stay ahead with real-time market knowledge for your informed decision-making
- Personalized Service: From first glance to final handshake, we're by your side to make sure your unique needs are met
Whether buying, selling, or investing, partner with the best. Contact us via call, text or email to embark on your next chapter.
San Jose Housing Market Closed Stats - January 2024
Below is a chart comparing the San Jose housing inventory (yellow line) with the previous month's sales (green bar) and closed San Jose house price trend including the orange line of the average house price in San Jose California charted by month. Keep in mind the prices lag by 30 days since a typical escrow is 30 days long.
What is the current San Jose house price trend?
The average house price in San Jose California closed in January 2024 was $1,693,940. The median price in the same month for Homes for Sale in San Jose was $1,600,000.
San Jose home sales closed last month, on average, closed above list price, with the average sales price to list price ratio of 104.7%. Compared to the San Jose housing statistics of the pre-pandemic market, San Jose average home prices in January 2024 have appreciated 28% (Average price $1,320,440 in January 2021). Find San Jose homes for sale today.
Want to follow the San Jose housing statistics each month? Signup for the local San Jose Housing Market Newsletter. For the current month housing market statistics, review the raw data below or watch the monthly San Jose Housing video update above.
What is your San Jose home worth today? You share property details and we will research actual comparable sales, then send you a report of your property price today along with a followup each month.
For a historical view of Silicon Valley housing prices back to 2000, visit the Santa Clara County Market Stats page.
How has the San Jose Housing market performed over the last several years?
The below historical analysis of the San Jose housing market over recent years. Year over year data for 2023 will be updated in early 2024.
With the extremely low, unprecedented San Jose housing inventory levels experienced in all areas of San Jose in late 2017 and early 2018 (see the yellow line in the chart below), most areas and properties for sale experienced multiple offers. The competitive buying a house in San Jose environment spurred a quick increase in average house prices in San Jose California. The San Jose house price trend peaked in May 2018 and then softened quickly in the later part of 2018 due to the return of more normal inventory levels and an increase in interest rates. 2018 year over year prices for single family homes in San Jose California decreased 4%.
2019 in the San Jose Housing market started off as a typical sales season with ramping San Jose housing inventory, sales and increasing prices. In April 2019, inventory continued to increase as usual, but sales slowed down to the lowest number for April since 2008! Year over year appreciation in 2019 increased 7%.
2020 started off as an extremely healthy market with low San Jose housing inventory (see yellow inventory line in chart) and strong number of home sale closings in February, March and April. But the effect of Shelter-in-place due to the COVID-19 pandemic (which started locally on March 17, 2020) showed up in the April pending sales numbers and then in the May San Jose home sales. As everyone navigated the pandemic and rules for showing and selling homes, the 2020 San Jose real estate values increased 11%.
The strong demand seen in the Summer of 2020 continued through 2021. In 2020 there was a total of 4,529 single-family home sales. In 2021, sales were up to 5,672 (25.2% higher!). While the San Jose Housing Market experienced more sales than usual, the San Jose Housing inventory in 2020 and 2021 was at a record low, similar to the market of 2017. (Note the reverse of the yellow inventory line and green closed sales bars on the chart). This imbalance was apparent in overbidding and an overall 25% increase in home values in 2021!
2022 started off with exceptionally low San Jose housing inventory, but a contrasting high demand - largely fueled by record-low interest rates making affordability easier. Many San Jose homes sold after multiple offers, including some updated properties which received over 10 offers! As interest rates increased midyear and the stock market saw huge declines, overbidding quickly disappeared and the San Jose house price trend reversed. 2022 ended with a 6% decrease in prices.
2023 appreciated 10% up to October 2023 when interest rates climbed over 7% for jumbo loans. This decrease in buyer affordability combined with the holiday season sales slowdown put downward pressure on prices. December pending sales picked back up starting the new year off with great momentum .
2024 January closed sales show a slight year over year appreciation in value and I expect the 2024 market to be a very healthy year with 8%+ appreciation.
What is your San Jose real estate worth? We will do a local analysis of your San Jose property and keep you informed of the value of your home regularily with a tool that is more accurate than Zillow! Let's us know about your property and we will get details back to you.
Which direction is the San Jose House Price Trend?
Millennial homebuyers are aging into buying a house and ready to find their own place, yet low inventory continues to be a challenge with homes for sale in San Jose. 2023 ended with record low inventory which has led to some pent up buyer demand that I am sure will show in early 2024.
With current interest rates in the 6% range, there are many buyers still finding home prices unaffordable. Though the current San Jose home sales prove that some buyers can still make the numbers work. The local San Jose housing market has always been fueled by tight inventory and today this still applies. While buyer demand is not as strong as in the Spring of 2022, prices and other market metrics are showing signs that the market has settled into a new normal. Looking for tips to start your home buying journey? Read more about our free home buyer consultation.
Days of Inventory (DOI) is a monthly metric I follow to understand the speed and direction of the local market. As long as DOI stays under 60, the market should continue with slight appreciation.
Considering selling in 6-12 months? Let’s plan the home prep now to get highest possible price when you are ready to sell! I offer a free 60 minute consultation, book a time on my calendar.
What is the San Jose Housing market outlook?
The overall trend of the San Jose Housing market is positive moving forward. San Jose is still one of the most affordable areas of Silicon Valley and is home to a revamping downtown. The market is currently fueled by good home buyer demand especially by young buyers who are aging into homeownership. The extremely low San Jose housing inventory, in a historical perspective, combined with various home loan options to make interest rates more palatable (such as 7-year ARMs), is keeping the local San Jose housing market balanced.
Will the San Jose housing inventory increase in 2024?
Seasonally home inventory (yellow line on chart) does increase from Q1 through Q2 each year typically. Inventory may remain lower than normal in 2024 as many homeowners are rated locked from their refinance over the last few years, but unlikely 2024 inventory is as low as 2023. Out in the field we are seeing most homes sell in 2 weeks or less. Today's sellers are relocating to a retirement home/destination or making big life changes, but very few move up buy/sell clients.
Want to talk about your plans? Setup a 15 minute call with our team.
Considering selling in 6-12mos, then let’s plan the home prep now to get highest possible price when you are ready to sell!
Or if you are planning a purchase in 3-9 months, learn our insider tips! Read more about our home buyer consultation.
San Jose Housing Updates Monthly
Stay tuned with San Jose Housing monthly updates by signing up for the local San Jose Housing Newsletter.