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Milpitas real estate market overview
- Average Monthly Rent: $3,001
- Home Price/Value Percentage Change: -3.30%
- Median Home Value: $1,296,948
- Best Time To Sell a Home: July
- Affordability Index: Low
- Days To Sell a House: 34
- Job Market: Fair
- Public School Ranking: 40
Location and weather
Milpitas is a beautiful city on the south end of San Francisco Bay. Once a quiet agricultural valley of orchards and small towns the area has completely transformed over a period of forty years into an economic and technology powerhouse and cultural crossroads between America and Asia. As a part of Silicon Valley there is an ever-growing tech industry.
In Milpitas the summers are warm and dry, and the winters are cold and wet. The summer high temperatures are in the low 80's and lows are in the mid-60's. The winter high temperatures are in the low 60's with lows in the high 40's.
Population, job market and cost of living
The Milpitas population in 2023 is 84,317 with a growth rate of 1.62%.
The job growth has decreased by -7.07% over last year. Ten-year future predicted job growth is 39.01%. The largest industries are Manufacturing, Professional, Scientific & Technical Services and Health Care and Social Assistance. The largest employers are Solectron Corp, Infineon Technologies, KLA, Lumentum and VIAVI Solutions.
The cost of living is high due to the Milpitas real estate market and high cost of housing. With a desirable location, great job opportunities and growth in Silicon Valley, mild climate and proximity to San Jose, Milpitas will continue to attract those that want the opportunities and California lifestyle in Silicon Valley.
Milpitas real estate market details
- Sunnyhills
- Berryessa
- Weibel
- Midtown
- Southeastern Milpitas
The average monthly rent in Milpitas is $3,001 for an average apartment size of 859 sq. feet.
There has been a -3.3% decrease in median home value over the last year. As of 2023, the median home value is $1,296,948.
On average, homes in Milpitas sell after 34 days on the market.
The best time to sell a home for the highest valued sale is during July. For the quickest sale, homeowners should sell in April.
The affordability index in Milpitas is 216. This number indicates low affordability in this city.
The top ranked public schools are Milpitas High School, Calaveras Hills Elementary School, Alexander Rose Elementary School, Anthony Spangler Elementary School and Curtner Elementary School. This information is based on data measuring academic performance and equity.