San Jose Housing Market Analysis


Leonwei, March 18, 2024

About the data

Last 13 months of historical monthly house inventory data for San Jose, CA metro area. Data source: realtor.com.


Sample data

month_date_yyyymm cbsa_title median_listing_price active_listing_count median_days_on_market new_listing_count price_increased_count price_reduced_count pending_listing_count median_listing_price_per_square_foot median_square_feet average_listing_price total_listing_count pending_ratio
Data Type int64 object int64 int64 int64 int64 int64 int64 int64 int64 int64 int64 int64 float64
0 202310 San Jose-Sunnyvale-Santa Clara, CA 1380694 1183 31 964 38 386 894 837 1659 1989260 2065 0.7553
1 202309 San Jose-Sunnyvale-Santa Clara, CA 1399000 1148 29 1072 36 340 907 847 1693 2001621 2053 0.7901
2 202308 San Jose-Sunnyvale-Santa Clara, CA 1474497 1031 27 1122 50 312 911 856 1731 2094720 1949 0.8836
3 202307 San Jose-Sunnyvale-Santa Clara, CA 1498000 953 30 908 44 252 941 865 1717 2175155 1883 0.9874
4 202306 San Jose-Sunnyvale-Santa Clara, CA 1498000 981 29 1094 28 248 1020 869 1772 2180149 2002 1.0398

Median listing price trends


Median listing price trends | skills.ai
  • The median listing price showed an increasing trend from February 2023 ($1,399,500) to April 2023 ($1,536,500).
  • A slight decrease was noted in May 2023 ($1,530,000), which then stabilized at $1,498,000 for the months of June and July 2023.
  • There was a continuous drop in the median listing price from August 2023 ($1,474,497) to January 2024 ($1,288,250).
  • The lowest median price recorded was in January 2024 at $1,288,250.
  • However, February 2024 showed a rebound, with the median listing price increasing to $1,366,944.

Active listing count trends


Active listing count trends | skills.ai

The data reveals several key aspects of the active listing count trends:

  • There's a consistent increase in active listings from February to October 2023, with a peak in October at 1183 listings.
  • A sharp decrease is observed afterwards, from November 2023 to January 2024, where listings drop to their lowest at 666.
  • There's a slight recovery in February 2024, with an increase up to 725 listings.
  • The highest fluctuation in active listings occurs between September and December 2023.
  • Over the whole period, there's a general trend of growth in the first three quarters of the year followed by a decline in the last quarter.

Median days on market trends


Median days on market trends | skills.ai

The data analysis reveals the following trends in median days on the market:

  • A downward trend is observed from January 2023 (53 days) to May 2023 (25 days), indicating a faster sales process.
  • The median days on market increases slightly in June 2023 (29 days), then remains relatively stable until August 2023 (27 days).
  • There's a gradual increase from September 2023 (29 days) to November 2023 (34 days), followed by a significant jump in December 2023 (43 days).
  • The median days on market remains high in January 2024 (42 days), suggesting a potential seasonal effect.

Conclusion


  • The Median Listing Price experienced an upward trend from February 2023, peaking at $1,536,500 in April 2023. After slight fluctuations in the following months, prices began to fall continuously from August 2023, reaching a lowest point of $1,288,250 in January 2024. However, February 2024 showed signs of recovery, with the median price increasing to $1,366,944.

  • The Active Listing Count reveals a pattern of growth in the first three quarters of the year, with a peak of 1183 listings in October 2023. This was followed by a sharp decline from November 2023 to January 2024, dropping to a low of 666 listings. A slight rebound was observed in February 2024, with 725 listings.

  • The Median Days on Market trends showed a decrease from January 2023 (53 days) to May 2023 (25 days), indicating a faster sales process. This figure remained stable until August 2023, after which there was a gradual increase, peaking at 43 days in December 2023. The high figure persisted into January 2024, potentially due to seasonal effects.