If you are considering buying a home in San Diego, you’re at the right place. San Diego is one of California’s best places to invest. The market here has been growing steadily since 2012 and shows no signs of slowing down. In this comprehensive guide to purchasing real estate in San Diego County, we’ll cover everything from average prices to tips for first-time buyers or sellers looking to make some upgrades on their existing properties. You can also find more information by visiting the Airdeed Homes 2023 San Diego Housing Market Outlook website.
San Diego Real Estate Market Overview
San Diego is the second largest city in California and has a population of over 1.4 million people. The city sits on San Diego Bay and provides access to Pacific Ocean waters and the Gulf of California (or “Sea of Cortez”).
The area has become increasingly popular with buyers and renters due to its beautiful weather, diverse neighborhoods, quality schools and universities, and affordability relative to other coastal regions such as Los Angeles or Orange County. The fact that it’s close enough for day trips yet far enough away from the home base if you have business elsewhere!
Average Home Prices
While San Diego’s home prices still rank among the highest in the country, they’ve grown at a much slower rate than other major cities. In fact, over the last five years, they’ve only increased by 25{8a90b8315b1423fb658c2b88189a180a2d5e69b6767092256f18114f8b73fa63}. That’s quite a bit less than Los Angeles (33{8a90b8315b1423fb658c2b88189a180a2d5e69b6767092256f18114f8b73fa63}) or New York City (51{8a90b8315b1423fb658c2b88189a180a2d5e69b6767092256f18114f8b73fa63}).
In terms of what you can expect to pay for your new home, many factors will affect how much you pay–from location to type of home and size. On average though, an average-sized house in San Diego will cost around $500k–a number that may seem high but is actually on par with other major cities like Chicago ($499k) and Boston ($521k).
Average Rent Prices
The average rent price in San Diego is $1,924 per month. This number varies greatly depending on the location of your home and how much it costs to live there. For example, the average rent for a two-bedroom apartment in La Jolla is about $4,500 per month while an equivalent home in City Heights would only cost about $1,500 per month.
The highest average monthly rents are found in Rancho Bernardo at $2,746; Coronado ($2,572); Del Mar ($2,550); Carmel Valley ($2,457); Poway ($2,427); Pacific Beach ($2,308). The lowest average monthly rents are found in Paradise Hills ($1120), City Heights ($1195), Spring Valley($1215), and Lemon Grove($1220).
San Diego is a vibrant, growing city with a strong and growing real estate market. The San Diego County Association of Realtors reports that in 2020 there were over $6 billion in sales for single-family homes, condos, and townhomes. It represents an increase of more than 10{8a90b8315b1423fb658c2b88189a180a2d5e69b6767092256f18114f8b73fa63} from 2019 which was already one of the best years on record with $5.5 billion in total sales volume.
One of the most desirable places to live, work and play throughout North America
San Diego County has become known as one of the most desirable places to live, work and play throughout North America thanks in part to its temperate weather patterns (no snow!) year-round; excellent schools; world-class universities; beautiful beaches stretching along miles upon miles of coastline; top-ranked sports teams including professional baseball’s San Diego Padres who won their first World Series title ever last year!
The San Diego real estate market is strong and growing. If you are planning of buying or selling a home, now is the time to do it!