Tech workers come in droves to Silicon Valley, but few can afford to buy homes there.
Recent data shows that prospective homebuyers are migrating south in search of affordability.
Real estate company Redfin produces an annual list of the hottest housing markets in America, based on increases in internet traffic to listings in specific neighborhood. In 2018, nine out of the top 10 hottest hoods are in the San Jose metro area — located in the heart of Silicon Valley.
According to Redfin, San Jose’s ultra-competitive housing market had the lowest supply of housing and the fastest pace of home sales compared to any other Redfin market in December. The median sale price climbed 32% year over year, reaching $1.1 million in December.
San Jose won’t be “affordable” for long. Check out the 10 hottest neighborhoods in America.