We will discuss the latest San Jose real estate market trends. 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.