Considered to be one of the most desirable cities to live in America, San Diego has flourished over time and established itself as one of America’s powerhouse in real estate. Due to this, San Diego continues to attract more investors from all over the world with its healthy real estate market which s utterly encouraging to many home buyers and sellers. For almost a decade now, the San Diego has seen a steady rise in housing prices and many realtors project that the trend will continue in 2016 with a 1.7% increase in housing prices. This is expected due to many factors like a steady economy, presidential elections and a steady rise of luxurious homes that wreck in millions of dollars to the industry.
One of the main factors that has catapulted the housing market in San Diego for many years is the average number of days a home will remain in the market. While in other cities homes can stay in the market for up to 4 months to sell, San Diego like other cities with active real estate markets only take approximately 34 days to sell. More so are the high desirable properties or better known as luxury homes which are always on the lookout by buyers. With its rise to get a spot in the world as a reliable market place, investors are constantly flocking the city hunting for houses to invest on.
San Diego is also surrounded by luxurious neighborhoods, where the rich and famous are currently flocking to. La Jolla has been a popular wealthy neighborhood for the last couple of decades. While other neighborhoods like Rancho Santa Fe has recently gained more popular notoriety.
The Rancho Santa Fe Real Estate sector blooms with grandiose estates that will win you over with just one walk-through. Other prominent neighborhoods include Mission Hills and Midtown.
The west coast city currently boasts a home median price f more than $500,000 which is above the national average of slightly above $200,000. Even though many experts will argue that the difference in price can be attributed to the recent surge In the housing market in the city of San Diego, it’s important to take note that San Diego was still a hot spot for real estate, only that it hadn’t come out of its shell. A good example is the staggering rise in home prices in the previous 4 years y 32.9%, which essentially catapulted San Diego out of the post recession home price fluctuation. In the past year alone, the trend still continues with the city recording a 7.5% increase in home prices, which sadly cannot e said of other cities in America.
These incredible rates in San Diego have seen many homeowners benefit in many ways with the main way being able to get more equity. The highlights below show the relativity of equity gained homeowners in San Diego in the past years to properly give you a picture of how the real estate market in the city has evolved.
- Homes that were bought in San Diego during the course of last year have now appreciated averagely by $43,129. In the same period, the national appreciation rate is $12,731.
- Homes that were ought in San Diego three years ago have now appreciated by $142,001, while in the national housing market houses have appreciated by $51,204 over the same period.
- Homes that were bought in San Diego in the last five years have appreciated by $182,963, while in the national market houses have appreciated averagely by $48,225.
These numbers clearly tell the story of how the west coast city of San Diego has evolved constantly in the real estate market. With such constant numbers, it’s only expected that San Diego will continue to shine to greater heights in the real estate market.