San Jose, California the famous global city and an affluent center of Silicon Valley in USA is surely among top choices of many who want to live in a sophisticated and modern city. Industrial and technical progress in the city has influenced its real estate market positively.
If reports are to be believed, San Jose market trends show a spike of $60,500 (8%) in median home sales throughout the last year. In fact, average price per square foot during the same year increased to $592, up from $550.
Reports and estimates indicate that median homes in San Jose, California are valued at $934,000.
Residential property values in San Jose have gone up 11.3% through the last year and according to Zillow predictions, the numbers will further rise 5.4% throughout the next year.
The median list price per square foot in the famous Californian city is around $556, which is little bit decreased than the average of $597 for the famous San Jose Metro. San Jose residential property median price is listed as $880,703 while the price for property sold is $836,797. Clearly, there is a difference but perhaps, the city’s realtors’ negotiation skills are to blame!
The median rent price in residential and commercial properties in the area is $3,300, slightly lower than that of San Jose Metro rent cost $3,475.
Further reports show that rates in the city have been rising at an unprecedented pace, awarding San Jose a spot among the most expensive areas in California. San Jose has an appreciation rate of around 10.3% for the last year, upwards rate of 44.7% measured over last three years, and its median home price has gone four times than the national average median home price!
Compared to other markets in the states, San Jose, California has sure seen high equity gains. In fact, residential investments made only five years ago have already seen a spike of $314,322 (average). Here is a thorough breakdown of San Jose equity gains:
1.Residential investments made in San Jose about a year back have seen a spike/appreciation of $91,819 (average) compared to the much lower national average of $14,170!
2.San Jose, California Residential investments made three years ago have seen an average of $333,472 appreciation compared to the much lesser $53,857!
3.Residential property investments made five years back have seen an appreciation of $314,322 average compared to $48,036!
The average appreciation amount for residential property purchases in San Jose, California 5 and 7 years ago are $89,803 and $208,928 compared to the meager national average of $13,870 and -$2,822!
Real estate market in San Jose, California is indeed costly as homeowners actually exhaust 26.1% of their salary on monthly premiums, compared to the rest of the States affordable 15.1 percent.
Some reliable online portals have stated Willow Glen, Edenvale, South San Jose, Central San Jose, Evergreen, etc to be highly rewarding areas in the city.
San Jose is famous for being host to major corporations like Cisco, eBay, Adobe, etc and over the year, it has built itself certain dominance in the real estate market. Based on the growth figures, it seems this dominance isn’t reeling anytime soon.