Is San Jose, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing San Jose is a seller's market

Buyer's
Market

Difference Since November 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

$1,410,607

$888/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$110,647(+8.5%)

Key Takeaway

Homes in San Jose have sold for 8.5% more than they did a year ago.

Summary: The median home sold price in San Jose was $1,410,607 in November 2024, up 8.5% from last year, and the median price per square foot was $888.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $550K$565K
+2.7%
2 $812.4K$821.7K
+1.2%
3 $1.3M$1.3M
+6.9%
4 $1.6M$1.7M
+11.3%
5+ $1.9M$2.2M
+18.5%

Summary: San Jose housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.7%, 2 bedroom homes increased by 1.2%, 3 bedroom homes increased by 6.9%, 4 bedroom homes increased by 11.3%, and 5+ bedroom homes increased by 18.5%.

Median Sold Price Compared To Nearby Cities

Los Gatos
+11.2%
Saratoga
+10.6%
San Jose
+8.5%
Santa Clara
+8.3%
Campbell
+6.2%

Housing Supply in San Jose, CA

How many homes are available in San Jose, CA?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
1,4741,263-14.3%

Summary: The San Jose real estate market had 1,263 homes for sale in November 2024, a 14.3% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 5146
-9.8%
2 335316
-5.7%
3 525438
-16.6%
4 430336
-21.9%
5+ 133127
-4.5%

Summary: The San Jose housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 9.8%, 2 bedroom homes decreased by 5.7%, 3 bedroom homes decreased by 16.6%, 4 bedroom homes decreased by 21.9%, and 5+ bedroom homes decreased by 4.5%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
511484-5.3%

Asking Price vs. Sold Price

160 Homes Were Sold
Under Asking

30 Homes Were Sold
At Asking

273 Homes Were Sold
Over Asking

Asking vs Sold - buyer59%35%6%

Key Takeaway

If you're buying a home in San Jose, you could pay more than the asking price. 59% of homes here sold above asking price last month.

Summary: A total of 484 homes were sold or pending in San Jose in November 2024, down by 5.3% month-over-month. Of the 463 sold homes, 35% were sold under asking, 6% were sold at asking, and 59% 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

Nov 2023Nov 2024CHANGE
20 Days22 Days+14.4%

Summary: Homes in San Jose had an average of 22 days on market in Nov 2024, up by 14.4% compared to last year.

Breakdown of Home Sale Times

359 Homes Were Sold
Under 30 Days

113 Homes Were Sold
In 30 - 90 Days

10 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times74%23%

Key Takeaway

Many homes in San Jose are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 484 homes were sold in San Jose; 74% of homes were sold within 30 days, 23% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 17 Days Ago

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