San Jose Market Update - June 2024

San Jose, the largest city in Silicon Valley, is known for its technological innovation, cultural diversity, and economic opportunities. As of May 2024, San Jose’s real estate market is vibrant, with 474 active listings for single-family homes and 320 active listings for townhouses and condos. Homes are selling quickly, with single-family homes averaging 12 days on the market and townhouses/condos averaging 16 days. This quick turnover highlights the strong buyer demand, driven by the city’s strategic importance and high quality of life. The competitive nature of the market means buyers must act quickly to secure properties.

The months of inventory in San Jose stands at 1 month for single-family homes and 1.6 months for townhouses and condos, indicating a seller’s market with high demand and relatively limited supply. These low inventory levels suggest that there are not enough homes to meet the robust buyer interest, putting upward pressure on prices. The price per square foot in San Jose is $1,055 for single-family homes and $717 for townhouses and condos, reflecting strong but stable property values. San Jose’s blend of urban amenities, cultural diversity, and economic opportunities makes it an attractive destination for homebuyers and investors.

The median sale price in San Jose is $1,748,000 for single-family homes and $910,000 for townhouses and condos, showcasing the ongoing demand and competitive nature of the market. These significant median prices underscore the city’s status as a desirable residential destination, where the combination of economic opportunities, excellent schools, and vibrant community life creates a strong market. As we move further into 2024, these trends are expected to continue, reinforcing San Jose’s position as a key residential area in the region. The continued influx of homebuyers, coupled with the city’s robust economic base, will likely sustain high property values and competitive sales across all types of residential real estate.