Real Estate
Santa Clara County Property Values Hit New Record
According to the assessor's annual tax roll, property values have surged to a new high in Santa Clara County. But headwinds may be near.
SAN JOSE, CA — Property values in Santa Clara County surged by $41 billion this year, rising 6.7 percent to set another all-time record of $661.2 billion, according to a new report. That follows a 7.5 percent increase in 2022 and a 4.6 percent jump in 2021 despite the economic impacts of the pandemic.
As The Mercury News reports, even amid the reliable pace of growth, officials see potential difficulties ahead for both commercial and residential properties.
"While residential property values have stabilized recently, high mortgage interest rates and inflation have reduced consumer buying power," Santa Clara County Assessor Larry Stone said in a statement. "With residential sales volume down 20% and office vacancy increasing in part [due to] remote work, the volatile and unpredictable nature of Santa Clara County real estate causes us to question the future of property values.
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