In February 2023, 54 single family homes in San Jose have reduced their prices.
Single Family Homes between $799,000-$2,000,000, price reductions ranged between $14,000-$380,000. $140,557 was the average price reduction for homes in this range.
Single Family Homes above $2,000,000, price reductions ranged between $70,000 – $1,505,000. The average price reduction was $306,000 for homes above $2,000,000.
On the average, homes reduced their prices after being on the market for more than 28 days, while the rest of the homes reduced their prices after 50 days on the market.
The San Jose Real Estate Market continues to be in favor of sellers, however home sellers should price their property correctly to avoid staying on the market longer than needed, and appearing like a stale listing that will lead to reduced activity and ultimately a reduced price.
Pro Tip: Typically home buyers wait for a price reduction before making an offer on an overpriced home, instead of making a significantly lower priced offer up front.
It is imperative that home sellers accurately price and position their home within market value, otherwise they will have to continually chase the market down with consecutive price adjustments and end up with much less had they priced it correctly to begin with.
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https://pedroromero.co/san-jose-mid-month-real-estate-market-update-mar-2023/