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Zillow: San Jose will remain nation's hottest market


San Jose, California, is poised to remain the hottest U.S. home market in 2019 due to the continued influx of high paying jobs driven by Silicon Valley’s tech industry, according to Zillow.

Zillow cited a Glassdoor estimate that San Jose has the highest rate of job openings among major cities. High wages will also keep the demand up for homes. San Jose’s metro area has a median household income of $117,474, one of only two metros [the other being San Francisco] with median income exceeding $100,000.

Zillow is projecting that home values will rise by 12.7 percent this year, after rising by more than 10 percent in 2018. The company noted, however, that the forecast could change. Hefty gains in home prices have put pressure on affordability despite the high wages, according to Zillow. The city has shown signs of a slowdown in population growth and an uptick in for-sale inventories.

Zillow also expects rents to rise in San Jose by 2.1 percent in 2019 after falling slightly last year.

Other cities on Zillow’s list of hottest housing markets include Orlando, Denver, Atlanta and Minneapolis. 


 

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