Home values are once again on the rise across the country, and San Jose is leading the way, according to a report released on Wednesday.
Compared to other cities across the nation, San Jose witnessed the highest jump — 12.3 percent — in home values over the past 12 months, according to Zillow. That 12.3 percent increase translates to a $118,200 surge in home values across the South Bay city.
On a national scale, the median value of a home is $12,500 more than last year, Zillow reported. The nationwide median value sits at $203,400, but in San Jose, the median value has soared to $1,076,400.
The limited number of available homes and overall demand is causing home prices to continue to climb, according to Zillow. Across the nation, there are 11.7 percent fewer homes up for grabs, and in San Jose, there are 60.4 percent fewer homes on the market compared to October 2016.
As for rent, prices remained about the same in San Jose, according to Zillow. Rents increased by a mere 0.1 percent to an average cost of $3,488.
Rent prices nationwide rose 2.2 percent from last October to this past October, marking the six-straight month of rent price appreciation across the country, Zillow reported.