The Census Bureau recently released data from their American Community Survey (ACS) for 2022, and some interesting numbers pop out in Santa Clara County. For example, 62% of households are single family homes, and 60% of housing units were constructed prior to 1980.
An astounding 41% of the county’s residents are foreign born, and 55% speak a language other than English at home, making this one of the most diverse communities in the country — and the world.
According to data from the California Association of Realtors, the Bay Area’s year-over-year house price appreciation rate went green for the first time in more than a year in August. This followed a dip of nearly 20% caused by a post-pandemic market correction.
You don’t have to take our word for it. Just take a look at the numbers. Homes that go through a price reduction spend nearly two months longer on the market and sell for around 10% less than homes without price reductions. That’s a significant difference, and another reminder to price your home to sell, not to shock.
According to the U.S. Census, Americans are on the move, with 8.7% of the population changing their environment in 2022 alone. Why? There are a number of factors. The aspiration to move from renting to owning is part of everyone’s home dreams. Proximity to family is also a critical component, especially with the cost of childcare. And of course, housing affordability and the cost of living are also huge factors.
It’s interesting to note that young people and seniors are the most motivated demographics to move, and for many of the same reasons like new jobs and career opportunities. Check the numbers for additional insights.
Inventory remains tight in San Mateo County, with median home prices and average time on the market going stagnant year over year. This could be a sign that the market is finally leveling out. It could also be a sign that summertime is traditionally slow for sales. Condos were only a slightly different story in July, with inventory down, prices up, and properties spending eight more days on the market than one year ago.
