San Diego Home Prices Rise 5% Year over Year
San Diego is the only California city on a new list of coastal markets where values are expected to surge.
Home prices in San Diego rose more than 5% in the three months ending in August compared to the same period last year. This makes the city the sole California location on a national ranking of coastal areas where values are predicted to continue climbing. The median sale price reached $999,339, according to Redfin data.
Values have increased by roughly 65% since early 2020. A ranking compiled by FinanceBuzz identified San Diego as a primary driver of this trend. The list includes other beach cities like Rockport, Texas, and Rehoboth Beach, Delaware, but San Diego stands alone for the state.
Local demand remains high
Potential buyers show little intent to leave the region. Approximately 80% of searchers continued to look for homes within the San Diego metropolitan area. Only about 20% indicated an interest in moving to a different market.
Inventory lags national trends
Active listings in San Diego fell 5.6% year over year. This decline contrasts with a national inventory increase of about 3%. The market remains competitive for buyers despite the rising costs.
Market dynamics favor sellers
Realtors advise buyers to prepare for speed and competition. The combination of high demand and limited supply drives price pressure. San Diego’s position as a top coastal market reinforces this outlook.
