The San Jose real estate market has seen appreciation rates triple that of the national average, and there’s nothing to suggest price increases will temper anytime soon. It is worth noting, however, that demand hasn’t declined in the face of today’s historical price jumps. Despite eclipsing the million dollar threshold, there still appears to be healthy demand, which suggests the market is doing well. San Jose real estate investing, in particular, looks as if it’ll be able to maintain strong momentum, at least for the foreseeable future.
San Jose Real Estate Market Overview
Median Home Price San Jose
If the California real estate market is pacing the entire country’s current rate of appreciation, you could argue San Jose has a lot to do with it. To that end, real estate in San Jose has appreciated at a rate that is about three times that of the national average, 24.4% and 8.3% respectively. There’s no doubt about it: the San Jose real estate market is as healthy as can be and firing on all cylinders. Median home values have increased an incredible $767,000 since August of 2012, when the recovery started to get its legs underneath it. Following roughly six years of historical appreciation, the median home value in the San Jose real estate market is now about $1,106,600. And that’s not all: the experts over at Zillow expect median home values to increase an additional 13.8% in the next 12 months.
San Jose Foreclosure Statistics
Per RealtyTrac, “a real estate information company and an online marketplace for foreclosed and defaulted properties,” there are somewhere in the neighborhood of 515 properties that have already been classified as distressed. That means there are at least 515 homes that may fall into one of three categories: default, auction or bank-owned. More importantly, however, each of the aforementioned properties represent something much more important to those interested in San Jose real estate investing: an opportunity. If for nothing else, distressed properties represent a chance to acquire a home at a discount.
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