San Jose Property Values Skyrocket 23% in Four Months as Real Estate Market Booms in April 2024

This blog post provides an in-depth analysis of the booming real estate market in San Jose, California, highlighting key trends, property values, and sales volumes.

authorWritten by Manuel MartinezMay 24, 2024

Property values within the San Jose region have grown considerably in recent months. Since December 2023, the average property value in San Jose has surged from $919,000 to $1,135,000 by April 2024. This upward trajectory signifies a robust 23% appreciation, showcasing the area’s thriving market and the mounting demand for property ownership.

Valuations per square foot reflect a similar upward trend: per sw ft values escalated from $677 to $792 during the same period. Such growth could be indicative of various factors, including a burgeoning economy, population influx, or perhaps a shift in market preferences towards more opulent properties known for larger lot sizes or premium features.

Number of sold homes are also up. In January of this year, San Jose reached a pinnacle with 7,076 properties exchanging hands. By April, this number had dropped to 5,947.

Specific Data Insights for San Jose

The city’s average sale price is $1.4m, with each square foot carrying an average sale price of $856. This differential between the general average value ($1,135,000) and the average sale price further indicates that properties which are being sold could be positioned in a higher market segment, or they include features that command premiums.

There are 237 properties for sale right now, reflecting the scale of opportunities available for prospective buyers at present. However, this inventory number alone does not provide full context without considering the apparent buyer activity, with nearly 6,000 properties sold — quite an enormous volume in such a competitive market.

Comparative Market Analysis: San Jose and Nearby Cities

When looking beyond San Jose to its neighboring cities, we see a more varied real estate landscape. Campbell, for instance, outstrips San Jose with an average value recorded at $2,199,000 and a steeper per square foot value of $849. Furthermore, properties in Campbell command an average sale price of $1,766,000, and the average sale per square foot value at $1,112 surpasses that of San Jose, providing evidence of a more premium market.

Similarly, Santa Clara showcases a higher average value ($1,294,000) than San Jose. Its average sale price touches the $1,609,000 mark, and the average sale per square foot value rises to $1,066. This pattern repeats in Milpitas, with a lesser yet significant average value of $1,258,000 and an average sale price of $1,421,000.

Morgan Hill presents a slight dip in the average value to $1,395,000, compared to San Jose, coupled with a lower average sale per square foot value at $627, suggesting possibly larger but less expensive properties on average.

Los Gatos towers over these figures dramatically, boasting an average value of a staggering $3,198,000, with an average sale price per square foot of $1,159, placing it in a distinctly higher tier of the real estate market.

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