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 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

+$127,585(+10.2%)

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

# BEDSMay 2023May 2024CHANGE
1 $559K$550K
-1.6%
2 $786.3K$826K
+5.1%
3 $1.2M$1.3M
+9.0%
4 $1.5M$1.7M
+12.1%
5+ $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
+10.9%
Santa Clara
+10.5%
San Jose
+10.2%
Saratoga
+7.6%
Los Gatos
-1.6%

Housing Supply in San Jose, CA

How many homes are available in San Jose, CA?

Number of Homes For Sale

Apr 2024May 2024CHANGE
1,4631,686+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

# BEDSApr 2024May 2024CHANGE
1 5254
+3.8%
2 316358
+13.3%
3 554630
+13.7%
4 443508
+14.7%
5+ 98136
+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 2024May 2024CHANGE
561642+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

Asking vs Sold - buyer

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 2023May 2024CHANGE
17 Days13 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

Breakdown of Home Sale Times

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.

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

Report Updated 22 Days Ago

Newest Listings in San Jose, CA

Nearby Markets to San Jose, CA

What housing markets are near San Jose, CA?