We know that Silicon Valley real estate prices are sky high and housing affordability is pretty awful. How does it look county by county in California?
It’s not shocking that San Francisco (city and county are same area), San Mateo County and Santa Barbara are all pricier than Santa Clara County. But why are Contra Costa and Alameda Counties worse than Santa Clara County?
The reason is that this chart factors in the incomes in those areas with the cost of residential real estate. Houses may sell for more in Santa Clara County than they do in Alameda County, but people make more money here, too – so that is a compensating factor.
Often people work in the more expensive areas: The City, The Peninsula, or Silicon Valley – and commute from more affordable suburbs in less expensive counties.
As long as gas remains cheap, this will be a strong preference for many (even more so if the Google, Apple, and other similar busses serve the remote outposts). When gas gets pricey again, as eventually it must, those regions will become far less attractive. When that happens, it will be felt in real estate pricing as a slide is likely to happen.
The old adage remains true that the three most important things in real estate sales are location, location, and location.
(The chart above is from the California Association of Realtors.)
$1,099,000 : 15880 Jackson Oaks DR, MORGAN HILL4 beds, 3 baths
$1,450,000 : 4660 Williams RD, SAN JOSE3 beds, 2 baths
$938,000 : 1948 LUBY DR, SAN JOSE4 beds, 3 baths
$1,799,000 : 2070 Domaine CT, MORGAN HILL5 beds, 6 baths
$999,888 : 350 Rutland AVE, SAN JOSE3 beds, 2 baths
$995,000 : 2610 Mabury Square, SAN JOSE3 beds, 3 baths
$1,188,888 : 2006 Lockwood DR, SAN JOSE4 beds, 2 baths
$1,293,000 : 2785 Aldworth DR, SAN JOSE4 beds, 3 baths
$1,788,000 : 1499 Eddington PL, SAN JOSE3 beds, 2 baths
$1,100,000 : 1865 Washington ST, SANTA CLARA3 beds, 1 bath
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(all data current as of 7/20/2018)
Listing information deemed reliable but not guaranteed. Read full disclaimer.