Property listings in the Silicon Valley Bay Area shine
While the real estate market is improving in cities all over the nation, some metros are featuring positive numbers that can't be beat. Cities in the Bay Area like Santa Clara are gaining national recognition for their strengthening local economy.
Some of the improvements to real estate in Santa Clara, especially in terms of property values, are due to the increasing growth of tech companies expanding outwards of the Silicon Valley. The information technology industry is booming once again, which means employment numbers are up, companies are expanding and there is increased potential to find a job with sufficient compensation to buy a home.
The industry's success and the desirability of the location are having a drastic influence on property values in the region, according to real estate experts. Combined, these factors have elevated the price of real estate in the greater Bay Area, which includes Santa Clara.
"The success of many of our native tech companies has shined a spotlight on Silicon Valley and our real estate market in the San Francisco Bay Area," said real estate financing expert Rick Turley. "Listing prices in our market are a product of ongoing high demand, projected population growth and the low inventory levels of homes in what is one of the most desirable locations to live."
The average home listing price for a four-bedroom, two-bathroom house was $200,000 in the U.S. However, in Los Altos, which is the most expensive metro in the Bay Area, that same home would have an average price of $1,706,688.
According to HomeInsight, the median price of a home in Santa Clara is $506,979. Property prices increase about 6.74 percent within two to five years. With a population of 99,160, the number of people living in the metro has increased by 7.16 percent since 1990.
As the information technology industry continues to flourish in the surrounding area, more Santa Clara residents will find themselves gaining fiscal and cultural benefits from the improving economy. Right now, the median household income in Santa Clara is $75,939. With the addition of new technology industries and increasing employment opportunities, a professional could find him- or herself flourishing in the upcoming year.