San Jose’s new developments can’t keep up with job creation in the area, resulting in a housing shortage that’s driving home prices higher. According to Housing Trust Silicon Valley, 44,000 new jobs were created last year, but there were only 8,000 homes available, and the median home sales price for San Jose is up 10% over last year (Trulia). The housing shortage isn’t just affecting low-income families; even newly recruited tech workers are having trouble finding available housing.
Lisa Lyons, a real estate agent who has sold multiple condos at new developments in San Jose, said, “The downtown San Jose condominium market is going to remain tight. While there are several apartment buildings currently under construction, there will be no new condominium inventory for sale. Rates remain low and several banks now offer 95% financing with no mortgage insurance for qualified buyers, making it even more appealing for buyers to get into the Silicon Valley housing market.”
Lisa currently has three penthouses for sale at City Heights in San Jose:
- City Heights: 175 West Saint James Street #1503, 2bd+den/2ba, $1,150,000
- City Heights: 175 West Saint James Street #1508, 2bd+den/2ba, $1,075,000
- City Heights: 175 West Saint James Street #1502, 1bd/2ba, $850,000
She also has a 1 bedroom, 1 bathroom condo at The 88 for sale for $549,000 and a 1 bedroom plus den, 1 bathroom condo at Axis for $589,000. For more information about available condo listings or the real estate market in San Jose, contact Lisa Lyons at 415.269.7018 or email@example.com.
Climb Real Estate provides this information to the public and our clients and does not guarantee its accuracy. Climb Real Estate does not necessarily represent the seller nor the marketing company in any way. For buyer representation, contact Climb or learn how to buy new developments.