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Sand, sun and a competitive housing market
In the world of California real estate, the San Diego housing market stands out as an ever-evolving entity. A mesmerizing blend of sun-soaked beaches, cultural riches and the allure of a cosmopolitan life has catapulted the city’s housing scene into the limelight. And if you’re keen on understanding the intricate dance of supply, demand and pricing within this market, let’s set the stage.
The San Diego housing market
At the core of the San Diego housing market is its undeniable competitiveness. Homes here are highly coveted, and the stats tell the same story. On average, houses in this sunlit city receive a whopping six offers, only to be whisked off the market in a brisk 14 days. Compare that to last year’s 28 days, and it’s evident that the tempo of the San Diego housing market is only accelerating.
Price tags and more
Now, no discussion about the San Diego housing market is complete without touching on price. With the median home price settled at $894,250 in September 2023, there’s been a 6.5% ascent year-over-year.
The price per square foot? An impressive $683, up by 8.5% from the previous year. And here’s the showstopper: San Diego’s median sale price is an overwhelming 113% higher than the national average.
In this market, homes in San Diego, like the city’s famous sunsets, often outshine their list price. On average, they sell for about 1% above their stated value. And a staggering 50.1% of homes now sell above their asking price, up by 20.3 percentage points from last year.
Migration patterns
Between the gentle waves of the Pacific and the buzz of the San Diego housing market lies a tale of migration. From July to September 2023, while 29% of San Diego’s homebuyers contemplated new horizons outside the city, a sizable 71% remained within the city limits. And the allure isn’t just local. From the cinematic boulevards of Los Angeles to the tech hubs of San Francisco, many are heeding the siren call of the San Diego housing market.
Schools, lifestyle and more
San Diego is home to stellar educational institutions, with schools like La Jolla Elementary and Silver Strand Elementary setting an undeniably high standard. Plus, the city’s transit-friendly, bikeable and walkable neighborhoods ensure that every day runs smoothly.
Climate
Life isn’t all carefree on the coast, though. For San Diego, it’s the environmental concerns. A significant 55% of properties are at risk of wildfire damage over the next three decades. Additionally, 8% face potential flood risks and a considerable 88% could endure heat damage.
Buying a house in San Diego
The San Diego housing market isn’t just about homes, prices and trends — it’s about living your life to the fullest. Whether you’re a potential homebuyer or a curious observer, this competitive market may not be for everyone, but if you stay alert and keep searching, you’re sure to find the right home for you.
San Diego’s rental market at a glance
Delving deeper into the world of San Diego’s rental spaces, we find a distinct rhythm in the market. Amidst the backdrop of the city’s soaring home prices, the rental market presents an alternative, more affordable route.
Average rent in San Deigo
As of October 2023, studio apartments, with their cozy confines and efficient designs, come with an average price tag of $2,363, marking a 2% annual hike. For those seeking a bit more space without venturing into the full-blown family home category, one-bedroom apartments stand as a popular choice, averaging at $2,846 in rent – interestingly, witnessing a slight dip of 1% from the previous year. However, two-bedroom apartments have seen a 1% rise, commanding an average rent of $3,735.
Renting in San Diego
San Diego’s rental scene offers a broad spectrum of apartments and costs. On average, renters should anticipate shelling out anywhere between $2,363 to $3,735 in 2023, depending on their choice of apartment.
Apartments priced between $501 to $1,500 account for a minuscule portion of the market, with only 1% of apartments falling in the $1,001 to $1,500 range. On the other end of the scale, a significant 84% of San Diego’s apartments command a rent of $2,101 or more, painting a clear picture of the city’s upscale rental offerings.
Decoding San Diego’s rental scene
San Diego’s rental market, like its housing counterpart, strikes a chord of demand and quality. While the absence of apartments in the lower price ranges underlines the city’s upscale living standards, the dominant presence of higher-end apartments showcases San Diego’s commitment to quality and luxurious living.
For potential renters, the San Diego rental market offers a plethora of choices, each with a unique rhythm and pace, ensuring that every individual finds their perfect home in one of the city’s many living spaces.
Source: rent.com