As a local Realtor in San Diego, I’m always keeping an eye on the market trends. It’s no secret that home prices have been on the rise, and this month we’ve hit a new milestone. According to San Diego Union-Tribune, the median price of a resale single-family home reached $1,001,500 in May. That’s a record high for San Diego County and puts us in the same category as Orange County, the only other Southern California market to break the $1 million mark.
With limited homes available and strong competition, this record-breaking price tag was almost inevitable. Experts say this trend will continue as long as there are more buyers than sellers. What’s driving this? Low mortgage rates are making it difficult for homeowners to sell and take on a new mortgage with higher interest rates. This is creating a low inventory of properties for potential buyers.
It’s not just single-family homes that are seeing increases. The overall median price, which includes newly built homes, resale homes, and condos, also reached a new high in May of $898,000. This represents a 10.9 percent increase from last year.
What does this mean for the future of the San Diego real estate market? While single-family homes are still the most sought-after option, experts predict that homes will continue to get smaller. This is just one of many factors to consider as the market continues to evolve.
If you’re thinking about buying or selling a home in San Diego, now is the time to connect with a knowledgeable real estate professional. I have the experience and expertise to help you navigate this dynamic market and achieve your real estate goals.
For more information about my services, please visit https://robertluiswallace.com/services/.
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