Given the real estate markets in San Francisco and areas such as Palo Alto to the south it shouldn’t come as a great surprise that homes are selling in San Jose at a rapid rate – and a higher price. In fact, San Jose has been one of the fastest growing real estate markets in the United States over the last 10 years with the median price of a home at $860,000 during the third quarter of 2015 which represents an increase of nearly 48% compared the the same period in 2010.
Besides the proximity to San Francisco, the rapidly expanding technology sector in the city is drawing thousands of young professionals to San Jose. Both Adobe and Cisco Systems are based in San Jose while Apple is planning to expand to North San Jose on a 40 acre site and Samsung recently moved into a 1 million plus square foot facility with plans of employing up to 2000 workers.
This influx of wealth is reflected in a cultural boom with new art spaces and the requisite bars and restaurants that go along with it.
Analysts are now worrying about a lack of supply and affordability in the area.
Do you know the way to San Jose, indeed?