Home Values in San Jose: A Complete Guide
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Kelsey Morrison Former EditorClose
Kelsey Morrison Former EditorKelsey Morrison worked as an editor for HomeLight's Resource Centers with seven years of editorial experience in the real estate and lifestyle spaces. She previously worked as a commerce editor for World of Good Brands (eHow.com and Cuteness.com), and as an associate editor for Livabl.com. Kelsey holds a bachelor’s degree in Journalism from Concordia University in Montreal, Quebec, and lives in a small mountain town in Southern California.
Are you wondering what your San Jose home is worth in the current market? Understanding your home’s value is essential, whether you’re thinking about selling, looking to cancel PMI, or just curious about home values in San Jose.
In this guide, we’ll look at recent home price trends in the “Capital of Silicon Valley,” explain how to get an accurate home value estimate, and offer practical tips to increase your home’s value. We’ll also highlight tools that can help you secure the best price for your San Jose home when it’s time to sell.
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Home values have rapidly increased in recent years. How much is your current home worth now? Get a ballpark estimate from HomeLight’s free Home Value Estimator.
Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.
Current home values in San Jose
Since 2020, the median home value in the San Jose metro area has soared 38%. At the beginning of the decade, the typical home sold for $1,230,000, whereas in June of this year, it sold for $1,700,000, based on data from the Santa Clara County Association of Realtors.
“The reason we’re seeing these increases in median prices is because we’re seeing more sales in higher-priced areas,” said Oscar Wei, senior economist for the California Association of Realtors, in an interview with The Mercury News.
“About 50% of the homes for sale are $2 million and above,” noted Michelle Perry, president-elect of the Santa Clara County Association of Realtors, in a separate interview with CBS Bay Area.
“We do have some homes that are below. But even homes at are priced right at the $2 million mark are going for more. Almost every home that’s on the market in Santa Clara County gets multiple offers at this time,” Perry added.
The table below shows the dramatic rise in home prices in the San Jose area during the last five years.
| Year | Median home price | Percent change year-over-year |
| 2024 (June) | $1,700,000 | +11.48% |
| 2023 | $1,525,000 | -1.0% |
| 2022 | $1,550,000 | +9.1% |
| 2021 | $1,415,500 | +8.6% |
| 2020 | $1,230,000 | +8.9 |
Source: Santa Clara County Association of Realtors
This trend isn’t just affecting San Jose; it’s happening across the country. According to a recent analysis of the Case-Shiller National Home Price Index, U.S. home prices have surged 47% since early 2020.
This substantial increase has allowed homeowners to accumulate significant equity. As of early 2024, ICE’s Mortgage Monitor report indicates that the average mortgage-holding homeowner now holds $299,000 in equity. This built-up equity provides homeowners with opportunities to invest in new properties, renovate their homes, or pay down other debts.
Up next, we’ll show you the steps to estimate your San Jose home’s value.
How to get a home value estimate
If you want to find out the value of your San Jose home, whether to calculate your net proceeds or set a competitive list price, there are various tools available to help you figure out its worth.
Use an online home value estimator
The simplest method to get a rough estimate is by using an online home value estimator like HomeLight’s. These tools typically gather data from county auditor and tax assessor records, MLS listings, user-submitted information, and other sources. HomeLight’s estimator, however, stands out by asking seven straightforward questions about your property to refine the estimate. Within minutes, you’ll receive a preliminary value estimate, giving you a solid starting point for your home-selling process.
Request a comparative market analysis
Another reliable method to determine your home’s worth is by requesting a comparative market analysis (CMA) from a local real estate agent. A CMA involves a detailed comparison of your home with similar homes recently sold in your area, taking into account factors like the number of bedrooms, square footage, age, location, recent upgrades, and proximity to amenities.
CMA reports often include charts, graphs, and photos to provide a comprehensive view of your home’s value. Many agents will put together a CMA for free, especially if you’re considering listing your home with them.
If you’re planning to sell your home, HomeLight can connect you with top real estate agents in San Jose. This service is free for both buyers and sellers, and it takes just two minutes to match you with qualified agents. HomeLight’s internal data shows that the top 5% of listing agents sell homes for up to 10% more than the average agent, helping you get the most for your property.
Get a pre-listing appraisal
In some cases, a pre-listing appraisal might be necessary for a more precise home valuation. This is particularly useful for unique properties, homes in rural areas, or those with ample land. A professional appraisal provides an expert’s assessment of your home’s worth, ensuring your list price reflects its true market value.
Typically, a home appraisal costs between $450 to $550, though this can be higher for more complex properties. It’s important to note that buyers’ lenders will also require an appraisal to verify the loan amount.
How to increase the value of your San Jose home
If you’re looking to boost the value of your San Jose home, here are some key improvements you should consider:
Curb appeal: Improving your home’s curb appeal is a must. A survey by the National Association of Realtors shows that 92% of realtors recommend enhancing curb appeal before selling. Simple projects like landscaping, repainting the front door, and adding new house numbers can make your listing stand out.
Strategic updates: Focus on high-return home improvements like kitchen and bathroom updates, such as replacing the lighting, cabinet hardware, and faucets. Zonda’s 2023 Cost vs. Value Report highlights that garage door replacements can recover 103% of their cost, making them an equally smart investment.
Necessary fixes: Before listing your house, ensure everything is in proper working order. Consult your real estate agent before tackling expensive repairs, but generally, addressing issues with the roof, foundation, plumbing, electrical systems, HVAC, and safety features can help you avoid negative home inspection results.
Decluttering and depersonalizing: Removing personal items and excess furniture is key. HomeLight’s Top Agent Insights Report indicates that decluttering and depersonalizing can add $8,000 or more to your home’s value as it helps buyers imagine themselves living in the space.
Deep cleaning: A good old-fashioned deep clean can work wonders for your home’s appeal and your wallet. Another HomeLight survey suggests that it could add $3,700 to your bottom line. Pay extra attention to carpets, grout, and windows to make your home really shine.
Home staging: Staging can be a powerful tool for sellers. By highlighting a home’s best features and giving each room a clear purpose, staging can significantly impact sale price and speed. In fact, HomeLight’s latest report shows that professionally staged homes can fetch up to 13% more than those without staging.
Unlock Your Equity and Buy Before You Sell
Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.
How to buy before you sell in San Jose
If you’re looking to buy your dream home but need to sell your current one first, HomeLight’s Buy Before You Sell (BBYS) program offers a practical solution.
The BBYS program allows you to unlock a percentage of your existing home’s equity, enabling you to make a competitive, non-contingent offer on a new property. Eligible homes can have their equity unlocked within 24 hours with no upfront fees or obligations. This approach allows you to buy your new home first and sell your current one afterward, making the transition smoother and avoiding multiple moves.
HomeLight charges a flat fee of 2.4% of the final selling price of your current home. If your home doesn’t sell within 90 days of closing on your new property, HomeLight will purchase it and continue to market it. After covering any costs incurred, any remaining profits from the sale will be returned to you.
Hit play on the video below to learn more about HomeLight’s Buy Before You Sell program:
How to find a top agent in San Jose
Maximizing the sale price of your San Jose home starts with finding a top-notch real estate agent. HomeLight’s agent matching service can help by matching you with the best agents in Silicon Valley based on their proven performance. This free service evaluates agents’ past sales, local expertise, and specialties to ensure you get connected with the most qualified candidates.
When selecting an agent, consider their sale-to-list ratio. This ratio, expressed as a percentage, compares a home’s final sale price to its original listing price. Agents with high sale-to-list ratios understand how to price homes accurately and secure the best deals for their clients.
It’s important to interview at least three real estate agents before coming to a decision. This ensures you find the best fit for your home-selling needs. During the interview, be sure to ask the following questions:
- How long have you been in business?
- How well do you know this neighborhood?
- What types of homes and price ranges do you specialize in?
- What’s your average number of days on market?
- What is your commission rate?
- What would your marketing plan look like for this property?
- Could you provide me with a few client referrals?
By using HomeLight’s agent match tool and asking the right questions, you can secure a top real estate agent who has a deep understanding of the San Jose market and a history of successful sales.
Get a free preliminary home estimate today
Knowing your home’s value is essential for making smart financial decisions, whether you’re selling soon or merely curious. HomeLight’s free home value estimator provides a quick, accurate estimate, giving you the information you need to understand your property’s worth.
HomeLight can also connect you with top real estate agents in San Jose to help you net the highest sale price. If you’re considering buying a new home before selling your current one, the Buy Before You Sell program is also an excellent resource. With a little help from HomeLight and a good understanding of the Silicon Valley market, you can sell your home for top dollar.
Header Image Source: (cupertino/DepositPhotos)
- "S&P CoreLogic Case-Shiller U.S. National Home Price Index," Federal Reserve Bank of St. Louis (June 2024)
- "Most REALTORS® Recommend Improving Curb Appeal, and Homeowners Can Benefit Financially and Emotionally by Remodeling Outdoor Features, NAR-NALP Report Finds," National Association of Realtors (March 2023)
- "Top Agent Insights for End of Year 2023," HomeLight (December 2023)
- " Top Agent Insights for Fall 2022," HomeLight (September 2022)
- "Top Agent Insights for Summer 2023," HomeLight (July 2023)
- "2023 Cost vs. Value Report," Zonda (March 2023)
- " February 2024 Mortgage Monitor," ICE Mortgage Technology (February 2024)
- “Market Housing Stats,” Santa Clara County Association of REALTORS® (April 2024)
- "South Bay homes increasingly out of reach as median price hits $2M in Santa Clara County," CBS News (May 2024)
- "SUBSCRIBER ONLY Bay Area home prices up 6% from last year as wealthy buyers dominate housing market," SiliconValley.com (July 2024)
At HomeLight, our vision is a world where every real estate transaction is simple, certain, and satisfying. Therefore, we promote strict editorial integrity in each of our posts.
