Is San Jose, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, San Jose has remained a Seller's Market.
Key Takeaway
San Jose is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in San Jose, CA
How much do homes in San Jose, CA cost?
Median Sold Price
$1,377,334
$856/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in San Jose have sold for 10.2% more than they did a year ago.
Summary: The median home sold price in San Jose was $1,377,334 in May 2024, up 10.2% from last year, and the median price per square foot was $856.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $559K | $550K | -1.6% |
| 2 Bedrooms | $786.3K | $826K | +5.1% |
| 3 Bedrooms | $1.2M | $1.3M | +9.0% |
| 4 Bedrooms | $1.5M | $1.7M | +12.1% |
| 5+ Bedrooms | $1.8M | $2.2M | +18.9% |
Summary: San Jose housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.6%, 2 bedroom homes increased by 5.1%, 3 bedroom homes increased by 9%, 4 bedroom homes increased by 12.1%, and 5+ bedroom homes increased by 18.9%.
Median Sold Price Compared To Nearby Cities
| Campbell | $1.6M | $1.7M | +10.9% |
| Santa Clara | $1.4M | $1.6M | +10.5% |
| San Jose | $1.2M | $1.3M | +10.2% |
| Saratoga | $3.5M | $3.7M | +7.6% |
| Los Gatos | $2.2M | $2.1M | -1.6% |
Housing Supply in San Jose, CA
How many homes are available in San Jose, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,463 | 1,686 | +15.2% |
Summary: The San Jose real estate market had 1,686 homes for sale in May 2024, a 15.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 52 | 54 | +3.8% |
| 2 Bedrooms | 316 | 358 | +13.3% |
| 3 Bedrooms | 554 | 630 | +13.7% |
| 4 Bedrooms | 443 | 508 | +14.7% |
| 5+ Bedrooms | 98 | 136 | +38.8% |
Summary: The San Jose housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 3.8%, 2 bedroom homes increased by 13.3%, 3 bedroom homes increased by 13.7%, 4 bedroom homes increased by 14.7%, and 5+ bedroom homes increased by 38.8%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 561 | 642 | +14.4% |
Asking Price vs. Sold Price
78 Homes Were Sold
Under Asking
37 Homes Were Sold
At Asking
496 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in San Jose, you could pay more than the asking price. 81.2% of homes here sold above asking price last month.
Summary: A total of 642 homes were sold or pending in San Jose in May 2024, up by 14.4% month-over-month. Of the 611 sold homes, 13% were sold under asking, 6% were sold at asking, and 81% were sold over asking.
Days on Market for San Jose, CA
How long does it take to sell a home in San Jose, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 17 Days | 13 Days | -26.6% |
Summary: Homes in San Jose had an average of 13 days on market in May 2024, down by 26.6% compared to last year.
Breakdown of Home Sale Times
590 Homes Were Sold
Under 30 Days
40 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in San Jose are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 642 homes were sold in San Jose; 92% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. 
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