A new report shows property values in San Jose has jumped more than any place in America over the last decade, with some homes now estimated at more than $300,000 from its original sale price.
Online mortgage company Lending Tree said in the last 10 years alone, San Jose tops the list of places that recovered the most since the last recession. Lending Tree says the San Jose median home value in 2009 was $638,000. In 2019, the city’s median home value is now just over $1 million, according to Lending Tree.
“I’m not surprised by it,” said Cristina Gonzalez, a realtor with Keller Williams Realty. “The growth we’ve seen the most has been over the last five years.”
The jump is good news for existing homeowners, but also a bit alarming.
“Scary, actually,” South Bay homeowner Bonnie Smith said of the sky-rocketing property values. “Worried about the welfare of our city, and not enough money for people to live here. Over time, it’s going to not be good for anybody.”
Gonzalez said many older homeowners are cashing in now and moving out at what may be the peak for one of the most expensive regions in the nation.
Some analysts are now predicting a slowing of the market because the growth in value has dramatically outpaced the growth in income — meaning the buyer pool is shrinking.
This post was originally posted at http://www.nbcbayarea.com/news/local/San-Jose-Property-Values-Jump-More-Than-300K-Over-Last-Decade-Report-506677221.html.