- San Joseâ€™s existing home sales spiked to +47.9% y/y in March 2021
- Median listing price now $1.4M
Silicon Valley Home Prices Keep Rising
Silicon Valleyâ€™s home prices have never be â€œcheapâ€ but now in this sizzling hot housing market, the Valleyâ€™s infamously high prices are even higher.
As of March 2021, the median listing price of a home hit $1.4M.
Prices throughout the Valley have increased +11.1% throughout San Jose-Sunnyvale-Santa Clara, according to Norada Real Estate Investments.
Silicon Valley Home Buyers Just Keep Buying
Even with home price jumps throughout Silicon Valley, Norada Real Estate InvestmentsÂ indicates that existing home sales in just the city of San Jose skyrocketed to an increase of 47.9% y/y in March 2021.
Not only have existing home sales increased 47.9% y/y, Â a local Coldwell BankerÂ agent, said, â€œWeâ€™re seeing eight to 10 offers on homes as soon as they go on the market.â€
Stock Options, High Salaries and Increasing Personal Savings Driving Home Sales
Wellman said, â€œYouâ€™ve got a lot of young buyers â€“ the millennial wave â€“ that are looking to buy in San Jose because they work at LinkedIn, Google,Â or Apple,Â which are all in this area.Â A lot of times itâ€™s a husband and wife, and they both work at a tech company, so putting a down payment on a $2M home isnâ€™t really a problem for them.â€
Additionally, during pandemic 2020, â€œNo one traveled anywhere, so people were really able to save.Â Iâ€™ve seen plenty of offers for +20% over asking price, at least.
Affordability appears to be irrelevant in Silicon Valley.Â Wellman added, â€œMost of the renters in San Jose can qualify for homes out here.Â Thereâ€™s a lot of money being put into real estate right now, â€œ said Wellman.Â â€œI honestly havenâ€™t seen this kind of market for homesâ€¦since 2009.â€
Thanks to Norada Real Estate Investments and HousingWire.
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