Is San Jose a buyers market?
As of early 2023, the San Jose real estate market is currently experiencing a mix of buyer’s and seller’s market conditions, depending on the specific neighborhood and price range.
According to recent data from Zillow, the median home value in San Jose has increased by approximately 15% over the past year. This indicates that the market has been favoring sellers, with homes selling quickly and often for above their asking price.
However, there are some signs that the market may be shifting towards a more balanced or even buyer’s market in certain price ranges. For example, homes priced above $2 million are taking longer to sell, and the number of homes for sale in some areas has increased. Additionally, interest rates have been slowly rising, which could impact buyers’ purchasing power and potentially lead to a cooling of the market.
Overall, it’s important to note that the San Jose real estate market can be complex and dynamic, and market conditions can vary widely depending on the specific location and price range. Buyers should work with a knowledgeable real estate agent who can help them navigate the market and find the best opportunities based on their individual needs and budget.
If you want to learn more about what its like to live in San Jose, CA. Contact me anytime at 408-644-3287 | Steven Gary Real Estate. Or, click the button below to learn more about the market conditions in San Jose
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