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. 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. 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.Current home values in San Jose
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
