"As homebuyers enter the Santa Clara County real estate market, they face numerous challenges in finding a property. Elevated mortgage rates, coupled with rising home prices, have put tremendous pressure on buyers' budgets. In July, the median price of a single-family home in Santa Clara County was $1,880,000, up 1% from a year ago, while the median price for a condo or townhome was $1,008,000, a 6% increase year-over-year."
"It comes as no surprise that in 2025, realtors have cited "affordability" as their clients' top obstacle, edging out the previous leading hurdle of "difficulty in finding the right property," according to the National Association of Realtors 2025 Member Profile. The top home-buying barriers (in order), according to realtors are: Housing affordability: 25% Expectation that mortgage rates might come down: 19% Lack of inventory: 17% Difficulty in finding the right property: 10% No factors are limiting potential clients: 7%"
Homebuyers in Santa Clara County face significant affordability pressure from elevated mortgage rates and rising home prices. In July, the median single-family home price was $1,880,000, a 1% year-over-year increase, while the median condo/townhome price was $1,008,000, up 6% year-over-year. Realtors identify housing affordability (25%) as the top home-buying barrier in 2025, followed by expectations that mortgage rates might fall (19%) and lack of inventory (17%). Additional barriers include difficulty finding the right property, expectations of falling prices, low consumer confidence, and financing and down payment challenges. Skilled realtors provide negotiation, transaction guidance, and local insight, making them essential for navigating the market.
Read at San Jose Spotlight
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