San Diego is a beautiful beach city that can be easily overlooked compared to San Francisco and Los Angeles. San Diego is currently the either largest city in California and is prized for its laid-back vibes, the diverse population present, a strong workforce, and the nation’s largest military community.
Currently, San Diego is a great place to purchase a property as a long-term investment or if you’re planning on flipping the property. It is predicted that in the next 10 years, the sales prices are expected to rise by nearly 24%. Since the start of 2019, single-family homes and condos have grown exponentially, and this is expected to continue to grow in the years to come. Home sales have increased by 22.4% since May 2020, despite the pandemic changing plenty of people’s plans. Newly listed homes also make up for 44% of all current home sales on the MLS.
Rent has been on the rise for a few years now and is expected to continue to rise another 9.1% going into 2022. The median rent price in 2021 is currently $2,750. The current median home value is $849,192, having increased by 25.2% over the past year and is forecasted to continue to increase over the next year according to Zillow. As far53.3% of units are currently owner-occupies of people in San Diego are homeowners. In February 2021, there were also the lowest average mortgage rates ever and according to Freddie Mac, this is expected to remain low for the foreseeable future.
The biggest factors to the San Diego Market trends are the fact that unemployment is so high due to the recent Coronavirus pandemic and that there are more single-family and multi-family housing. In addition, the Property tax limits may incentivize home buyers in 2022 to finally buy their dream home or for millennials to become first-time home buyers.
