The real estate market in San Diego, CA is currently a hot seller's market. There are more buyers than available homes. The median sold price of existing single-family homes in San Diego increased by 4.6% in March 2023 compared to the previous month, but decreased by 3.7% from March 2022. Despite the decrease in median sold price, sales in San Diego increased by 34.7% from the previous month but decreased by 29.4% from March 2022. This indicates that the demand for homes is high, but the limited supply of available housing is driving prices up.
Factors contributing to the hot housing market in San Diego include a strong and diverse economy, job market, growing population, and limited supply of housing. However, high-interest rates may lead to a slowdown in the housing market. It is important to keep an eye on interest rates and make informed decisions when buying or selling a home.
The condo market in San Diego County is also seeing growth. The median sale price of condos increased by 3.3% from February 2023 and sales increased by 34.0% from the same period last year. This indicates that the condo market is resilient and a good option for those looking to invest in real estate in San Diego.
It is important to note that San Diego is in the top 20% nationally for real estate appreciation. This means that real estate in San Diego is a good investment for those looking to build wealth through property ownership.
However, it is also important to consider the issue of affordability. Home prices and rents in San Diego are likely to remain costly as long as new construction is thwarted. This is something to keep in mind when making decisions about buying or renting a home in San Diego.
In conclusion, the real estate market in San Diego, CA is currently a hot seller's market with high demand and limited supply. The condo market is also seeing growth. While San Diego is a good investment for those looking to build wealth through property ownership, the issue of affordability remains a concern. It is important to make informed decisions about buying or renting a home in San Diego.
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Scott
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