The San Diego real estate market has achieved a significant milestone as the median price for a resale single-family home surpassed $1 million for the first time, marking a record high of $1,001,500 in May, according to CoreLogic data. This landmark, coupled with an overall median price of $898,000 for San Diego County, up 10.9% annually, underscores the undeniable impact of limited housing inventory and robust buyer demand. With resale single-family homes dominating the market and new home construction at a historic low, industry experts anticipate continued price escalation, emphasizing the evolving dynamics of homeownership in the region. These insights, encompassing mortgage rate fluctuations and shifting property trends, provide valuable context for individuals navigating the vibrant San Diego real estate landscape.
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Shirin Rezania Ramos | 858.345.0685 | www.shirinramos.com | Compass, DRE 0203379
