The median price of a single-family home in the San Jose metro area has surged past $2 million, marking a historic milestone as the first region in the U.S. to reach this benchmark, according to SF Gate.
According to the latest report from the National Association of Realtors, which has been monitoring home prices since 1979, the median price in San Jose now stands at $2,008,000. This represents an 11.6% increase from the previous quarter. San Francisco follows as the second most expensive metro area, with median prices rising to $1.5 million—an 8.5% year-over-year increase.
This trend aligns with recent data from the California Association of Realtors, which reported that both San Mateo and Santa Clara Counties surpassed the $2 million mark in April. Notably, the region continues to host the nation’s priciest zip code for the seventh consecutive year.
“Not enough housing is being built in the Bay Area,” said NAR Chief Economist Lawrence Yun in an email to SFGATE. “As a result, it is becoming a playground only for the wealthy, forcing middle-income households to relocate to areas like Modesto and Sacramento.”
In the last quarter, the Anaheim-Santa Ana-Irvine metro area had the third-highest median home prices, averaging $1.4 million—an impressive 15% increase from the previous year. California dominates the list of the most expensive metros, with seven out of the top ten, and home prices statewide hit a record high of over $900,000 in April. Despite high interest rates and economic concerns, California’s housing market continues its upward trajectory.
