San Francisco and Silicon Valley unemployment rates

The San Francisco and Silicon Valley unemployment rates are a huge driver of the SF Bay Area’s housing market. Today I saw real estate market info from the California Association of Realtor’s chief economist, Leslie Appleton-Young. One of her slides makes plain why the Silicon Valley real estate market is so crazy: our unemployment rate is extremely low, behind only San Francisco (where trying to buy a home is even worse than on the Peninsula or South Bay). Have a look at the data by California metro area:

San Francisco and Silicon Valley unemployment rates

San Francisco & Silicon Valley unemployment rates plus all of California

San Francisco and Silicon Valley unemployment rates plus all of California by metro area

As you can see, San Francisco has a screaming hot jobs market with only 3.4% unemployment. The San Jose metro area is only slightly cooler at 4.1%. (Unfortunately there are no “Cliff Notes” to tell where the San Francisco Metro Area ends and where the San Jose Metro Area begins – so I cannot tell if San Mateo County is lumped in with Santa Clara County to the south or San Francisco County and City to the north.)

With all this hiring going on, it’s no wonder that a frequent topic of conversation is Silicon Valley traffic patterns and congestion.  A few years ago, the rush hour traffic in the morning went from about 6:30 or 7am to 9am, and the evening commute times were about 4 to 7pm.  Today both are extended.  I find that Highway 85 in the “west valley” areas along Los Gatos, Saratoga, and Cupertino tends to still be pretty thick with cars even at 10am.  The return trip from Palo Alto (where I have some doctors at Stanford Hospital) can be sluggish as early as 3pm.

Worsening traffic from low Silicon Valley unemployment rates means that Silicon Valley real estate is even more expensive than usual for close-in locations.   Many San Jose area commuters spend an hour driving into work in the morning and 75 or 90 minutes driving home in the evening (for reasons I don’t understand, the evening commute is quite a bit worse than the morning one).   That translates to home prices being much, much more expensive than you’d expect in places like Mountain View, Sunnyvale and Santa Clara.   For a better quality of life, Silicon Valley employees will often pay dearly to get that shorter commute. If they can get the smaller commute and great public schools, the communities are the most expensive places to live, as is the case in Palo Alto, Los Altos and Los Altos Hills in particular.

Find Silicon Valley real estate and homes for sale in “close in” locations below

A sampling of the newest properties on the market – all price ranges – in the following areas:

Los Altos homes for sale

  1. 5 beds, 7 full baths
    Home size: 6,214 sq ft
    Lot size: 15,246 sqft
    Year built: 2016
  2. 5 beds, 4 full baths
    Home size: 4,136 sq ft
    Lot size: 15,594 sqft
    Year built: 2017
  3. 4 beds, 3 full, 1 half baths
    Home size: 3,895 sq ft
    Lot size: 22,651 sqft
    Year built: 2002
  4. 6 beds, 4 full, 1 half baths
    Home size: 4,306 sq ft
    Lot size: 15,594 sqft
    Year built: 2016
  5. 5 beds, 5 full baths
    Home size: 4,158 sq ft
    Lot size: 8,276 sqft
    Year built: 2017

See all Los Altos, California Real Estate.
(all data current as of 4/25/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Palo Alto homes for sale

  1. 5 beds, 5 full, 2 half baths
    Home size: 7,145 sq ft
    Lot size: 23,522 sqft
    Year built: 1927
  2. 6 beds, 5 full, 2 half baths
    Home size: 9,322 sq ft
    Lot size: 1.80 ac
    Year built: 1929
  3. 5 beds, 3 full, 1 half baths
    Home size: 6,565 sq ft
    Lot size: 19,079 sqft
    Year built: 1906
  4. 7 beds, 9 full, 2 half baths
    Home size: 9,478 sq ft
    Lot size: 27,878 sqft
    Year built: 2012
  5. 6 beds, 4 full, 1 half baths
    Home size: 4,223 sq ft
    Lot size: 23,043 sqft
    Year built: 1917

See all Palo Alto, California Real Estate.
(all data current as of 4/25/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Sunnyvale homes for sale

  1. 6 beds, 3 full baths
    Home size: 2,907 sq ft
    Lot size: 7,448 sqft
    Year built: 1966
  2. 8 beds, 4 full baths
    Home size: 2,898 sq ft
    Lot size: 6,011 sqft
    Year built: 1961
  3. 3 beds, 1 full bath
    Home size: 1,560 sq ft
    Lot size: 14,026 sqft
    Year built: 1922
  4. 5 beds, 3 full, 1 half baths
    Home size: 3,158 sq ft
    Lot size: 9,365 sqft
    Year built: 1959
  5. 4 beds, 2 full baths
    Home size: 2,153 sq ft
    Lot size: 13,024 sqft
    Year built: 1968

See all Sunnyvale, California Real Estate.
(all data current as of 4/25/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Cupertino homes for sale

  1. 1 bed, 1 full bath
    Home size: 624 sq ft
    Lot size: 13.69 ac
    Year built: 1953
  2. 6 beds, 7 full, 5 half baths
    Home size: 6,089 sq ft
    Lot size: 10.95 ac
    Year built: 2016
  3. 7 beds, 5 full, 1 half baths
    Home size: 4,309 sq ft
    Lot size: 13,677 sqft
    Year built: 2017
  4. 5 beds, 5 full, 1 half baths
    Home size: 6,017 sq ft
    Lot size: 4.65 ac
    Year built: 1992
  5. 5 beds, 3 full, 1 half baths
    Home size: 4,642 sq ft
    Lot size: 24,785 sqft
    Year built: 1984

See all Cupertino, California Real Estate.
(all data current as of 4/25/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

 

Learn about some of the local Silicon Valley real estate markets:

Cupertino real estate market trends and statistics

Los Gatos real estate market trends by price point and high school district

 

Mary Pope-Handy
Realtor,
CIPS, CRS, ABR, SRES
Sereno Group
214 Los Gatos-Saratoga Rd.
Los Gatos CA 95030
[Silicon Valley, California, USA]
1-408-204-7673
mary (at) popehandy.com
CA BRE # 01153805

CIPS - Certified International Property Specialist
CRS - Certified Residential Specialist
ABR - Accredited Buyer Representative
SRES - Seniors Real Estate Specialist

Helping nice folks to buy and sell homes in Silicon Valley since 1993. Mary Pope-Handy, Realtor, Silicon Valley
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Listings by Price Range
Below please find a list of SOME of the popular Silicon Valley areas with listings offered by price range. This is not a complete list! Please use the "search" app to find ALL properties on the MLS.
Trends & Statistics

Click the link below to get real estate data for Santa Clara County, San Mateo County, and Santa Cruz County (together making up about 98% of "Silicon Valley").

Real Estate Market Statistics and Trends for Santa Clara County


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