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Why the Silicon Valley housing market is extra hot right now

The Silicon Valley housing market is extra hot these days with prices hitting all-time highs.

The Silicon Valley has long had high housing prices, but now, more than most areas, it’s where techies are being told to come back to the office. They’re spending money to come back, and that’s sending prices higher.

“We still have a really high draw of people that want to live here near their jobs,” realtor Lynsie Gridley said.

According to Joint Venture Silicon Valley, the median Silicon Valley home price is up 7% in a year to an all-time high.

The hottest city in Silicon Valley is Santa Clara. Each house for sale had an average of nine offers and sold for 10% above asking price.

While the market is hot, more people are moving out than moving in. Joint Venture says it’s about money.

“High housing costs was the number one most often cited reason for potentially leaving the area,” Joint Venture senior researcher Heidi Young said.

Saini and David Diaz, like many Silicon Valley homeowners, are happy to live in the area, but they’re worried about the cost of living.

“With property taxes and all of the expenses that come with it, it gets hard,” Saini said.

The family admits that they think about leaving.

If they sold, there will be no shortage of stock-optioned techies ready to step in and buy.

“I mean, we are seeing houses come on the market, if they’re priced well and they show well, they are selling within a week and often still with multiple offers,” Gridley said.

Source: NBC Bay Area

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