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Housing Market in San Diego
San Diego is a beautiful city where prices are already quite high. In the last year, housing prices have tremendously increased, and it is predicted that 2019 will include a continuous rise in prices, but at a slower pace. Despite the city being the second largest in the state of California, and one of the top 10 biggest in the country, San Diego is often forgotten in comparison to Los Angeles and San Francisco. With that said, this is exactly why the San Diego real estate market should not be overlooked.
Rent has been on the rise, is predicted to increase by 8.4% in 2019 while properties will likely rise by 4.7%. The current home value is $632,000 according to Zillow, and this will likely increase by 2.2% to nearly $646,000. With the higher interest rates and economic uncertainty, sales volume may decrease in 2020. This is in line with the next forecasted recession in 2020. As far as home sales, there will be an average increase of 8%, equivalent to $42,500.
As far as demographic data, about 50% of people in San Diego are homeowners, and 36% of people are single residents. The average age for people in the housing market is 35 years old, and 48% of these people have received a college education. Perhaps a big factor is transportation, which has been at 94% for car-commuters, however public transport is indeed a possibility.
The biggest factors to the San Diego Market trends is the fact that unemployment is so high and that there are more single-family and multi-family housing. In addition, the Property tax limits may incentivize home buyers in 2019 to purchase their dream homes or for millennials to finally move into a place of their own.