Weekly San Diego Housing Market Report - Is it worth buying a house in San Diego right now?
Bolstered by coastal access, great weather and high desirability, the San Diego housing market isn’t likely to crash. If you’re looking to buy or sell in America’s Finest City, here’s a quick overview of what to expect.
At the start of 2023, San Diego house prices were on the incline. The National Association of Realtors (NAR) reported that home prices had appreciated by 18.5 percent in the last year and a staggering 46 percent in the last three years. In the first quarter of 2022, the median home price was $905,000, nearly triple nationwide median home prices. (No surprise there — San Diego is a notoriously expensive place to live compared with other locales.)
While San Diego could still be argued to be a seller’s market, buyers can gain some ground as listings linger longer. In November 2023, Redfin reported that houses here spent 28 days on the market (compare that against 13 days in November 2022).
San Diego housing market predictions
Real estate pros have been arguing that the residential price increases we’ve seen in the last few years aren’t sustainable. That’s particularly true in already-expensive markets like San Diego that have experienced major appreciation in home values. However, until inventory increases expect to see high competition.
A correction, meaning that prices will climb back down could happen in San Diego home prices if more sellers list their homes.
Is the San Diego housing market going to crash?
While the San Diego housing market may cool in the coming year, a crash doesn’t seem likely. California mortgage rates should come down. That might help more buyers enter the market, which could tighten inventory. Tighter inventory should stabilize prices, preventing a crash.
Plus, with ocean access and great weather year-round, San Diego will always be a desirable place to live. That means people will always want to move and stay here, minimizing the risk of a rapidly decaying San Diego real estate market.
If you want to buy, considering doing it soon. Experts predict that mortgage rates will flatten out or decrease. With those decreases, your dollar will go further, meaning you can afford more house.
Finding a trusted real estate agent in San Diego
Whether you want to buy or sell in the San Diego real estate market, timing is everything. And no one knows the local market better — and when to pull the trigger — than a seasoned, local real estate agent.
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