AI Boom Reawakens Silicon Valley’s Housing Market

Bloomberg (02/10/2024)
  • The rise in artificial intelligence (AI) has rejuvenated Silicon Valley’s housing market.
  • More first-time buyers, many who work for major tech companies, can now afford million-dollar homes thanks to rising share prices which account for a big chunk of tech industry salaries.
  • The return-to-office push and slight dip in mortgage rates have also boosted Northern California housing.
  • Among the 50 biggest US metros, San Jose (median sales price $1.3M) leads in home-sales pace with 61% of new listings under contract within 14 days.