It’s been a cold, slow Winter, but as usual, the market is getting warmer as we enter Spring. If you’re looking for neighborhoods on the rise, there are 30 condos and townhomes available right now in Berryessa and Milpitas. Here are just a few examples…
2423 Stearman Lane, Unit 7, San José, CA 95132
1690 Delano Street, Unit 31, Milpitas, CA 95035
1593 Shanghai Circle, San José, CA 95131
Spurred by an AI boom and relatively robust economy, median home prices in Santa Clara County have skyrocketed year over year, at rates vastly outpacing any other Bay Area county. Meanwhile, inventory looks to be on the rise, so we should start to see some movement in the market over the months ahead.
As usual, stay tuned to this space for updates!
Driven by a local boom in the AI field, Santa Clara County median house and townhouse sales prices spiked 9% over 2023, topping $1.8 million and setting all-time highs. And while the median condo price was basically unchanged, the numbers of new listings and sales rose substantially. Still, sales volume remained well below what we’ve come to expect, and time on the market did not substantially drop.
If you’d like a full report, send us an email and we’ll send one your way!
The numbers are in from August, and sales of single family homes continue to be on the rise in both Santa Clara and San Mateo Counties, the heart of Silicon Valley. And from the Good News for Buyers department, prices have leveled off and even come down in some areas year over year. You can also expect to have a little more time to poke around as properties spend more days on the market.
According to a new report from Freddie Mac, 30-year mortgage rates are projected to gradually decline in coming quarters, which could trigger a surge in buyer demand, primarily from first timers. However, a tight inventory will lead to only moderate sales increases, with prices rising 2.1% in 2024.
Meanwhile, boosted by an “AI boom,” median sales prices in the San José metro area are the first to exceed $2 million, and Silicon Valley’s appreciation rate is among the highest in the nation. Overall, 89% of U.S. metro areas saw year-over-year price gains.
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