San Diego’s real estate market is currently a seller's market with high demand and a limited supply of homes. The median sold price of existing single-family homes in March 2023 increased by 4.6% compared to the previous month, but there was a 3.7% decrease compared to March 2022. Despite the broader slowdown in the real estate market in Southern California, the condo market in San Diego County is showing resilience with an increase in sales and median sale price in March 2023 compared to February 2023, although there was a 0.8% decrease year-to-year. The factors contributing to the hot housing market in San Diego include the strong job market, increasing population of millennials, and limited supply of housing. However, rising mortgage rates are driving buyers out of the San Diego housing market.
San Diego is among the top 20% nationally for real estate appreciation, and the trend is expected to continue. San Diego is also home to the famous Del Mar Racetrack and Fairgrounds, offering stunning beaches and a laid-back Southern California lifestyle. If you are a home seller in San Diego, now is the perfect time to sell your property, while buyers need to act fast and be ready to pay a premium price. Overall, the current real estate market in San Diego is highly competitive, and buyers and sellers alike need to be aware of the trends to make informed decisions. If you are looking to buy or sell a home, please give me a call. - Scott
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