San Jose Housing Market

April brought a familiar spring pickup in activity, but softer year-over-year sales and prices point to a market that is rebalancing rather than accelerating.

Home sales in San Jose totaled 1,197 in April, a slight 1.9% year-over-year decrease, underperforming the national trend of modest growth. Single-family transactions continued to dominate activity, with 870 sales, while townhome sales increased and condo sales declined more sharply. The seasonal spring bump in buyer interest was evident, but demand remained constrained by high borrowing costs and affordability pressures tied to elevated price levels. Compared with earlier cycles, buyers appear more selective, focusing on well-located and move-in-ready homes. Local employment stability and long-term demographic appeal continued to support baseline demand, but the subdued pace of sales suggests households are adjusting expectations rather than rushing into the market.

Active listings climbed to 3,594 in April, an 8.4% increase year over year that outpaced national inventory growth. Supply expanded across all property types, led by townhomes and condos, reflecting more sellers testing the market as spring progressed. Months of supply rose to 3.7, up from last year but still below the U.S. level, signaling that San Jose remains relatively tight despite recent loosening. Homes spent a median of 36 days on market, well below the national average, indicating that properly priced listings are still moving efficiently. Overall, the rise in inventory is helping rebalance conditions, giving buyers more choice while avoiding excess supply.

The median sale price in San Jose was $1,655,000 in April, among the highest in the U.S., even as prices declined 2.6% year over year. Single-family prices edged higher, while condo prices declined, highlighting a divergence by product type. Nationally, prices increased, contrasting with San Jose’s relative cooling after several years of outsized gains. Even with the recent pullback, values remained well above pre-pandemic levels, supported by limited land availability and long-term demand drivers. The current pricing environment suggests normalization rather than a downturn, with modest adjustments helping align buyer and seller expectations.

The median home sale price in San Jose decreased by 2.6% compared to the same time last year, while the national median price rose by 1.7%.

San Jose median home prices decreased by $45,000 year over year on a nominal basis in April to $1,655,000. Meanwhile, the national median home price increased by $6,500 to $390,000.

San Jose was the second highest-priced housing market among the top 40 largest markets last month. The San Jose median home price of $1,655,000 was 324.4% above the national median home price. San Jose's median home price in April compares to the market's peak of $1,700,000 recorded in May of 2025.

The median price of San Jose single-family homes rose $22,500 over the past year to $2,022,500, while the median townhome price grew 0.6%, and the median condo price fell 2.3%.

The number of active listings in San Jose increased by 8.4% in April compared to the same time last year, while national active listings rose by 6.3%.

San Jose active listings rose by 277 year over year in April to 3,594 active listings. San Jose ranked 20th, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in April.

San Jose active listings were above their pre-pandemic levels in the month of April. San Jose active listings were 1.4% above the April 2019 total of 3,545.

San Jose single-family active listings grew by 6.8% to 2,248 in April. In comparison, townhome active listings rose by 14.5% to 632, and condo active listings increased by 8.0% to 714.

The number of home sales in San Jose decreased by 1.9% in April compared to the same time last year, while national home sales rose by 0.6%.

San Jose home sales declined by 23 year over year on a nominal basis in April to 1,197. For context, 1,220 sales closed in San Jose in April 2025.

San Jose ranked 23rd for the annual change in home sales out of the top 40 U.S. markets in April on a percentage basis. This year's April decrease of 1.9% compares to the 0.7% year over year increase in April 2025.

San Jose single-family sales decreased by 1.6% in April to 870. In comparison, townhome sales rose by 4.9% to 193, and condo sales fell by 11.8% to 134.

For questions and commentary about this report:

Nigel Hughes, Senior Director of Market Analytics at CoStar and Homes.com, based in San Francisco, is available for interviews to provide expert insights on this data and the broader residential real estate market.

Nigel Hughes

Senior Director, Market Analytics

Homes.com

nhughes@costar.com

Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all transactions are accounted for, they provide an early indication of home price appreciation, inventory changes, and sales volume in San Jose during April 2026.

For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.

Definition of Sale Prices

Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Inventory

Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Home Sales

The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

About the Homes.com Market Analytics Team

The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.

About Homes.com Analytics Data

The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.

The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.