San Diego House Prices

As the world continues to recover from the effects of the COVID-19 pandemic, San Diego house prices and the rest of Southern California’s economy are slowly gathering steam. A recent California Association of Realtors (CAR) report indicates that the median home price in San Diego rose by double digits for 12 successive months. One of the common questions asked by homeowners in this area is: How much will I get if I sell my house in San Diego

Latest San Diego House Prices And Trends

According to the same CAR report, San Diego houses on the market are selling quickly, often receiving multiple handsome offers that are well above the asking price. The high demand is expected to stay strong in 2022. 

The median price for a single-family house in San Diego grew by 13.5% year-over-year to approximately $850,000 today, but the number of sales dropped by 8.3%. Currently, the inventory in the San Diego housing market is low, and prices are rising steadily. Additionally, the demand for houses is high and mortgage rates are still low, resulting in numerous homebuyers in the market.

Home prices in San Diego have gone up dramatically over the last few months due to low mortgage rates, which enable buyers to put a huge chunk of their finances toward the principal balance. The years of 2020 through 2021 recorded the lowest interest rates in recent times, resulting in high house prices and increasing consumer buying power. 

But since the third quarter 2021, interest rates have started to rise, leveling purchasing power and lowering homebuyer urgency. The latest studies by show that San Diego County is a perfect real estate market for home sellers, meaning there are more homebuyers than active home listings. For instance, in October 2021, the median list price of homes in this county was approximately $780,000, trending up by 12.2% from the previous year. In the same month, the median sale price was $760,000, while the median listing home price per square foot was $494.

Reports further show that San Diego homes, on average, sold at roughly the asking price in October 2021. However, home prices in this county vary between cities. Remember that there are 67 cities in San Diego County, with La Jolla being the most expensive. This city has a median listing price of $2.4 million. Spring Valley is the most affordable city in San Diego county, with a median listing price of about $650,000.

San Diego house prices also depend on its neighborhood location. There are 100 neighborhoods in San Diego, with East Village being the most affordable. The median listing price in East Village is about $500,000. The current median price in San Diego holds at $850,000, which is a significant gain of approximately 12.5% over last year. The CAR resale housing report indicates that existing single-family house sales dropped by 4.9% mark-to-market (MTM) and 8.3% over the previous year.

San Diego’s condo market also experienced a sharp increase in 2021. Currently, the condo’s median price is $561,000, amounting to an increase of 181.1% year-over-year and a loss of 0.5% MTM.

Is It A Good Time To Sell Your House In San Diego?

Considering mortgage rates are still reasonably low in San Diego, the supply of homes is very limited. The demand for houses is also high in the county, making it the perfect time to sell your home. If you wait and mortgage rates rise to pre-COVID levels, you may have difficulty selling your house because demand will drop. 

Below is a breakdown of the current house prices in San Diego:

  • The median price of a one-bedroom house is $425K. If you put 20% down as a deposit, the monthly payment will be $1,935.
  • The median price of a two-bedroom house is $588K. If you put 20% down, the monthly payment will be $2,677.
  • The median price of a three-bedroom house is $775K. If you put 20% down, the monthly payment will be $3,528.
  • The median price of a four-bedroom house is $1.20M. If you put 20% down, the monthly payment will be $5,462.

According to Zillow (an American realty database company), the usual home value in San Diego has appreciated by about 130% since 2011, and the price of low-tier houses in San Diego County rose steeply after the second half of 2012. Another significant price increase came in 2015 following a drop in mortgage rates. However, the housing market in the county cooled off from March 2018 until mid-2019, causing a sharp decline in sales and an increase in interest rates. Overall, though, home values in San Diego increased by 25.1% over the last year.

Suppose you are looking for the quickest and safest way to get rid of a distressed house in San Diego. In that case, you should sell it to Trusted House Buyers because the company eliminates the need for repairs, tedious traditional bank financing processes and agent commissions, allowing you to make a profit from the sale. Take advantage of San Diego’s booming housing market today!

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