San Diego County Median Single-Family Home Price Hits $1 Million

In San Diego County we are seeing unprecedented home value appreciation.  We are still experiencing multiple offers in all price ranges despite the hikes to the interest rate by the Federal Reserve.  Homeownership remains the ultimate American dream and continues to be one of the major contributing factors to establishing wealth. It is worth the financial sacrifice to budget for the purchase of a home.  Forecasting for the San Diego home market does not show signs of a price decrease anytime soon.  We are seeing major changes in world economics that will have an effect on our economy and home values for years to come.

Buyers should shop at a price below their top price point, allowing them to have the ability to overbid on their preferred home.  Buyers also need to carefully evaluate their wants versus their needs. If you can’t afford the perfect home today, purchase what makes sense for your budget.  This will allow you to get your foot in the door of real estate ownership and build equity to move up to your dream home.  If rising prices continue, new buyers may miss the opportunity to get into the market at all.

Patty Nesbitt has 35 years of Real Estate experience, the majority in San Diego County, and is an owner at Better Homes and Gardens Real Estate Clarity in Chula Vista, California.