San Diego Housing Market: Trends & Prices
San Diego Real Estate Market Overview
(Last Updated – 7/2023)
Good old sunny San Diego, where residents enjoy as many recreational activities as career opportunities. Stunning beaches and bustling industry combine to create one of the most appealing places to live in the country.
Which is why lots of people are curious about the San Diego housing market, where the median home price is $910,000, Redfin says, while the median household income is close to $90,000, according to the latest census data from 2022. Proximity to the ocean adds to the price of admission — the cost of living in this area is 43.8% higher than the national average.
Recommended: Cost of Living in California (2023)
Workwise, San Diego is a hot spot for those who have a career in the Navy, health care, and the aerospace industry. When it comes to recreation, this is where San Diego really shines.
The San Diego Zoo is world famous for its wide variety of animals and elaborate exhibits, the beaches are renowned, and you can visit Mexico quickly and easily.
Just don’t plan on walking to many of these activities: While you can walk to some outings in San Diego, it has a less-than-stellar walk score of 53 (out of a total of 100).
Overall San Diego Market Trends
As local trends go, San Diego is a hot topic. While housing prices dropped by 1.1% in May 2023 compared to last year, experts predict a potential upswing in home values in the coming months.
The San Diego real estate market is considered very competitive, as homes in the area generally go into contract in around 12 days, receive an average of six offers, and sell for 1% above list price.
$910,000
Median Sale Price
$681
Avg. Price Per Square Ft.
11 days
Avg. Time on Market
San Diego Housing Market Forecast
San Diego is considered a very competitive market, with many homes receiving multiple offers. Popular homes can even sell for 5% above list price and often go pending in only around six days.
Demographics of the San Diego Market
San Diego is a popular vacation spot for many, but it is also home to more than 1.38 million people, nearly 700,000 of whom are employed in the area. Car culture rules: San Diego is considered to be only “somewhat walkable.”
Still, the beautiful weather in San Diego makes it tempting to walk or bike wherever you need to go. On average, the city only sees precipitation 43 days each year. So you might want to stock up on sunscreen if you’re planning on buying a home in San Diego.
Median Income: $89,457
Median Age: 35.4
College Educated: 47.6%
Homeowners: 47.7%
Married: 46.4%
Popular San Diego Neighborhoods
Not sure where you want to live in San Diego? That’s probably because there are 17 main neighborhoods to choose from!
Some are beach communities and others have a more urban feel, but chances are there is a neighborhood that will be a great fit for you.
Serra Mesa
Serra Mesa is in the heart of San Diego County and is close to downtown, yet maintains a small-town feel. The neighborhood is perfect for workers who want to escape the big-city hustle on the weekends.
Serra Mesa is a family-friendly community with excellent medical facilities.
Quick Facts
Population:
33,035
Median Age:
34.9
Housing Units:
12,942
Bike Score:
37/100
Walk Score:
44/100
Transit Score:
30/100
Average Household Income:
$112,755
Serra Mesa Housing Market
The Serra Mesa housing market is very hot. In this most competitive environment, the average home sells for 2% above list price and goes pending in only nine days.
Despite the homes in this neighborhood being a hot commodity, the average price per square foot in Serra Mesa is lower than in San Diego overall.
Median Sale Price
$893,000
Average Price Per Square Ft.
$598
Grantville
The Grantville neighborhood of San Diego is home to the famed Balboa Park, which includes top-notch museums and is a hop, skip, and jump away from the San Diego Zoo. Kids and adults alike will love spending weekends in this neighborhood.
Quick Facts
Population:
8,173
Median Age:
33.1
Housing Units:
3,780
Bike Score:
36/100
Walk Score:
41/100
Transit Score:
37/100
Average Household Income:
$120,023
Grantville Housing Market
The Grantville housing market is considered very competitive, partly because houses for sale in this neighborhood generally go pending in around eight days. Home prices also skyrocketed by 23.2% in May 2023 compared to last year. Many listed houses receive multiple offers and typically sell for 4% over list price.
Median Sale Price
$900,000
Average Price Per Square Ft.
$549
Mission Valley East
If you’re a jetsetter, you may find that Mission Valley East offers you all the conveniences you need to live your best life. You’ll be just minutes away from San Diego International Airport.
When you’re home, you can expect to find excitement too. This neighborhood is a 15-minute drive to the San Diego Zoo, SeaWorld San Diego, and the Downtown Gaslamp District.
Quick Facts
Population:
21,995
Median Age:
33.1
Housing Units:
12,706
Bike Score:
50/100
Walk Score:
53/100
Transit Score:
44/100
Average Household Income:
$107,473
Mission Valley East Housing Market
Mission Valley East home prices dropped by 17.8% in May 2023 compared to the past year, so you may find a good deal here. If you are considering buying in this neighborhood, you should know that the area is prone to flooding, and flood insurance can tack on a pretty penny each month.
Median Sale Price
$561,000
Average Price Per Square Ft.
$574
Allied Gardens
If you’re looking for a safe, friendly, and convenient neighborhood, Allied Gardens may be a good fit for you.
Locals say it’s dog friendly and parking is easy, and most say they’re comfortable walking alone at night.
Quick Facts
Population:
29,172
Median Age:
39.8
Housing Units:
12,251
Bike Score:
29/100
Walk Score:
45/100
Transit Score:
27/100
Average Household Income:
$132,351
Allied Gardens Housing Market
Redfin describes the Allied Gardens housing market as “very competitive.” While home prices were down 3.3% in May 2023 compared to a year ago, many homes still receive multiple offers.
In Allied Gardens, the average price per square foot is $712, which is considerably higher than generally found in San Diego.
Median Sale Price
$890,000
Average Price Per Square Ft.
$712
Kearny Mesa
Residents of Kearny Mesa enjoy living in an area with an urban feel that’s also packed with great dining options, parks, and coffee shops.
This neighborhood is popular with young professionals and offers public schools with above-average ratings.
Quick Facts
Population:
27,598
Median Age:
35
Housing Units:
10,287
Bike Score:
48/100
Walk Score:
44/100
Transit Score:
45/100
Median Household Income:
$104,741
Kearny Mesa Housing Market
The Kearny Mesa housing market is considered very competitive. Average home prices shot up by 15.2% in May 2023 compared with a year ago.
Homes generally sell for about 1% below list price and go pending in around 26 days. In-demand homes can sell for around list price in only about eight days.
Median Sale Price
$973,000
Average Price Per Square Ft.
$556
SoFi Home Loans
It’s easy to see why San Diego has become such a popular market to buy a home in. There are some really amazing neighborhoods to choose from whether you’re young and single or have a family to look after. If you think San Diego could be your home sweet home, then you may need to consider your mortgage financing options.
If you’re buying a home or refinancing an existing mortgage, SoFi can help you make the process as quick and painless as possible.
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