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San Jose

San Jose is notable as a center of innovation, for its affluence, Mediterranean climate, and extremely high cost of living. As of June 2021, the city has the highest percentage of million-dollar (or more) homes in the United States. Its location within the booming high tech industry as a cultural, political, and economic center has earned the city the nickname “Capital of Silicon Valley. San Jose is one of the wealthiest major cities in the United States and the world, and has the third-highest GDP per capita in the world (after Zurich, Switzerland and Oslo, Norway), according to the Brookings Institution. The San Jose Metropolitan Area has the most millionaires and the most billionaires in the United States per capita. With a median home price of $1,085,000, San Jose has the most expensive housing market in the country and the fifth most expensive housing market in the world, according to the 2017 Demographia International Housing Affordability Survey. Major global tech companies including Cisco Systems, eBay, Adobe Inc., PayPal, Broadcom, Samsung, Acer, Hewlett Packard Enterprise, and Zoom maintain their headquarters in San Jose, in the center of Silicon Valley. The CSA San Jose shares with San Francisco was the country’s third-largest urban economy as of 2018, with a GDP of $1.03 trillion. Of the 500+ primary statistical areas in the U.S., this CSA had among the highest GDP per capita in 2018, at $106,757

Real Estate Insights

San Jose’s housing market is infamously expensive. A lack of homes for sale is pushing prices up, so potential buyers are facing an affordability crunch. According to city officials, the median home price for the last quarter of 2020 was $1,225,000.

Buyers need to earn $203K per year to afford a median-priced single-family home whereas the average income needed to buy a house nationally is $60,770. Only 22% of San José homes are affordable to median-income households. That means homeownership of a median-priced home is out of reach for nearly 80 percent of the city’s residents.

In March 2021, San Jose home prices were up 14.0% compared to last year, selling for a median price of $1.2M. On average, homes in San Jose sell after 12 days on the market compared to 12 days last year. Homes in San Jose receive 7 offers on average and sell in around 11 days.

Below is the latest monthly report of the San Jose Housing Market released by the California Association Of Realtors. It compares key housing metrics of the San Jose housing market from March 2021 with March 2020. 

  • Existing SFR Home Sales were up by 47.9% year-over-year.
  • The existing SFR Median Price was $1.42M, up 10.9% year-over-year.
  • Active Listings declined by 16.6% YoY.
  • Median Days on Market was 8.
  • Sales-to-ListPrice % was 110.3%.
  • % of Active Listings with Reduced Prices was 9.7%.

The People and Lifestyle

Globally connected. More than 39 percent of San Jose’s population is foreign-born—with 118,000 residents born in Latin America and 225,000 residents born in Asia. Cultural distinct neighborhoods. Of the City’s 1 million residents, 32 percent are Hispanic, 35 percent are Asian, 26 percent are White and 3 percent are Black. Thriving communities. With a talented and diverse population, numerous amenities, and a thriving economy—San Jose is an ideal place to call home.

More than 37 percent of San Jose residents have a bachelor’s degree or higher. In fact, the Today Show recently named San Jose as the Smartest City in America.

Vibrant Urban Lifestyle

  • Downtown is Silicon Valley’s urban core —the region’s only urban live-work environment
  • Home to 250+ restaurants and cafes
  • 40+ cultural venues Downtown
  • Thousands new high-rise homes in the City Center
  • Easy access to transit via Diridon Station –  VTA light rail and buses, Caltrain, Amtrak, ACE, and soon, BART and High Speed Rail

Arts and Culture

San Jose offers a wide array of events, and arts and cultural venues including museums, art exhibits, concerts, theatrical performances, festivals and events.

Schools

For the 2021 school year, there are 235 public schools serving 148,281 students in San Jose. San Jose has one of the highest concentrations of top ranked public schools in California. Below are the top 10 ranked:

  • Murdock-portal elementary school
  • Joaquin Miller Middle School
  • Lynbrook High School
  • Williams Elementary School
  • Nelson S. Dilworth Elementary School
  • Tom Matsumoto Elementary School
  • R.I. Meyerholz Elementary School
  • Graystone Elementary School
  • Forest Hill Elementary School
  • Silver Oak Elementary School
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