San Diego real estate has remained in the limelight as one of the leaders of the housing recovery but has the market already topped out or will San Diego homes get any more expensive?
With statistics from DataQuick showing that San Diego real estate prices have risen 13.7% from November 2011 to November 2012 and now sitting 28% higher than at the bottom of the market in January 2009 its clear the local market is on fire. In fact, talk of a ‘recovery’ certainly seems redundant by these figures and suggests it’s about time the press officially called a rebound.
However, the real question is where the San Diego real estate market is headed from here.
UT San Diego recently published a piece placing the city as the 8th most expensive metro area in the U.S. Does this mean we’ve tapped out or is there still plenty of room to grow?
Taking a look at the digits home prices here would have to double to put San Diego at the top of the list (without any growth in other cities). So in comparison you could say homes in San Diego County are extremely affordable.
In fact, local home prices are still around 30% below where they were at the peak of the market a few years ago. With the market offering up over 4,600 homes for sale on the MLS and foreclosures still working their way through the system there is plenty of opportunity and room for San Diego real estate values to grow and for investors and regular home buyers to build wealth.
Home buyers also need to recognize that safety and income remain the top concerns for real estate investors and San Diego offers plenty of both. Plus, this doesn’t even begin to touch on local business growth, the amazing beauty this stretch of California offers and the incredible lifestyle to be enjoyed.
