How the housing market changed in the past 4 years in Santa Clara?
More statistics are available in this article. Median House Prices increased from $1,020,000 in 2016 to $1,380,000 in 2020. There has been a sharp increase in luxery home sales. Home sales of homes valued at least $3,000,000 and $5,000,000 almost doubled.
Home values between Gilroy and Morgan Hill are respectively $850,000 and $1,120,000 with homes in Morgan Hill being approximately 200 sqft larger on average.
What are the factors that drive these prices up so much especially in the Silicon Valley?
A SHORTAGE OF HOUSING, LOW INTEREST RATES AND THE NUMBER OF FIRST TIME HOMEBUYERS.
Interestingly, the home values for condos decreased. First time home buyers are willing to use their maximum buying power in order to get into single family homes that offer them more outdoor space.
If you are curious to know the home values in neighborhoods in San Francisco check out the housing statistics for San Francisco.