It goes without saying that the coronavirus pandemic sparked a wave of uncertainty across myriad industries, and no other market has quite felt its impact like that of real estate.
The pandemic became a driving force behind the continued real estate boom, with high demand for vacation homes and a limited supply of housing that prompted buyers and investors to bid up prices for affordable properties, causing home prices to skyrocket. Since then, increasing mortgage rates have slowed growth, with prices even declining in some places. But some areas are still seeing price jumps compared to the year before.
Stacker compiled a list of cities with the fastest-growing home prices in the San Jose-Sunnyvale-Santa Clara, CA metro area using data from Zillow. Cities are ranked by 1-year price change as of May 2023. The typical home value in the United States increased over the last year by 0.9% to $346,856. All 20 cities and towns with data available were included in the list.
You may also like: Highest-paying jobs in San Jose for high school graduates
#20. Palo Alto, CA
- 1-year price change: -$464,868 (-12.8%)
- 5-year price change: +$296,942 (+10.4%)
- Typical home value: $3,161,541 (#5 most expensive city in metro)
#19. Los Altos, CA
- 1-year price change: -$436,874 (-10.0%)
- 5-year price change: +$803,514 (+25.7%)
- Typical home value: $3,927,456 (#2 most expensive city in metro)
#18. Los Altos Hills, CA
- 1-year price change: -$426,048 (-7.3%)
- 5-year price change: +$1,282,439 (+31.2%)
- Typical home value: $5,394,156 (#1 most expensive city in metro)
#17. Monte Sereno, CA
- 1-year price change: -$377,831 (-8.8%)
- 5-year price change: +$807,400 (+26.2%)
- Typical home value: $3,892,414 (#3 most expensive city in metro)
#15. Saratoga, CA
- 1-year price change: -$281,905 (-7.3%)
- 5-year price change: +$911,018 (+34.4%)
- Typical home value: $3,555,888 (#4 most expensive city in metro)
#14. Los Gatos, CA
- 1-year price change: -$238,629 (-8.7%)
- 5-year price change: +$639,958 (+34.4%)
- Typical home value: $2,502,956 (#8 most expensive city in metro)
#13. Mountain View, CA
- 1-year price change: -$231,873 (-11.3%)
- 5-year price change: +$134,726 (+8.0%)
- Typical home value: $1,816,963 (#10 most expensive city in metro)
#12. Stanford, CA
- 1-year price change: -$199,440 (-6.3%)
- 5-year price change: +$529,489 (+21.9%)
- Typical home value: $2,944,847 (#6 most expensive city in metro)
#10. Santa Clara, CA
- 1-year price change: -$139,925 (-8.5%)
- 5-year price change: +$219,289 (+17.0%)
- Typical home value: $1,508,805 (#12 most expensive city in metro)
#9. San Martin, CA
- 1-year price change: -$133,929 (-8.5%)
- 5-year price change: +$331,632 (+29.8%)
- Typical home value: $1,446,079 (#13 most expensive city in metro)
#8. Lexington Hills, CA
- 1-year price change: -$132,123 (-9.6%)
- 5-year price change: +$167,031 (+15.5%)
- Typical home value: $1,246,179 (#17 most expensive city in metro)
#7. San Jose, CA
- 1-year price change: -$109,005 (-7.7%)
- 5-year price change: +$278,427 (+26.9%)
- Typical home value: $1,313,041 (#15 most expensive city in metro)
#6. Morgan Hill, CA
- 1-year price change: -$107,768 (-7.6%)
- 5-year price change: +$337,301 (+34.8%)
- Typical home value: $1,305,909 (#16 most expensive city in metro)
You may also like: Bib Gourmand restaurants in San Jose
#5. Campbell, CA
- 1-year price change: -$98,453 (-5.7%)
- 5-year price change: +$374,384 (+29.8%)
- Typical home value: $1,628,930 (#11 most expensive city in metro)
#4. Milpitas, CA
- 1-year price change: -$94,740 (-6.7%)
- 5-year price change: +$234,673 (+21.7%)
- Typical home value: $1,315,310 (#14 most expensive city in metro)
#3. San Juan Bautista, CA
- 1-year price change: -$84,768 (-8.8%)
- 5-year price change: +$216,597 (+32.5%)
- Typical home value: $883,657 (#19 most expensive city in metro)
#2. Hollister, CA
- 1-year price change: -$71,763 (-8.7%)
- 5-year price change: +$175,118 (+30.5%)
- Typical home value: $748,584 (#20 most expensive city in metro)
#1. Gilroy, CA
- 1-year price change: -$64,354 (-5.8%)
- 5-year price change: +$252,332 (+31.9%)
- Typical home value: $1,042,250 (#18 most expensive city in metro)
You may also like: Coat drives near San Jose
