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New Year, New Market? A Look at the 2019 San Diego Real Estate Market Forecast

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Seasons change, and so do housing markets.

Luckily, if you’re looking for the San Diego real estate forecast going into the new year, then you came to the right place.

If you’re looking at San Diego for home ownership, it’s important to do your research.

What are the recent trends? What can you expect in 2019?

In this article, we’ll take a look at the San Diego housing market as it stands today. You’ll be more informed about any purchasing decisions you make in 2019 and beyond by the time we wrap up.

Let’s dive in!

Recent History of SD Real Estate

The past few years, the San Diego housing market has been strong.

Perhaps a more accurate word would be consistent. This is because the last significant increase in home sales in San Diego County was in 2015, 12% higher than the previous year.

That year, in particular, mortgage rates could be had at much lower interest rates and jobs were high.

Overall, though, the market has stayed pretty consistent.

Income Growth

Higher incomes mean more potential buyers, right?

Well, that’s at least one some statistics would suggest. In this case, household incomes in the area grew 5.6%, which is a good indication that people are more able to buy property.

The truth is, real estate isn’t the cheapest in San Diego–at least when compared to other places around the United States.

According to Zillow, the median price of a house in San Diego is about $623,000.

Zillow also says that the market is hot. This suggests people can afford more real estate and are taking action to do so.

Turnover Rate

Entering 2019, it’s good to know how many people are buying houses and sticking with them.

That is, people aren’t defaulting on their payments or finding themselves so cash-strapped that they need to move to a different house.

The turnover rate on homes in San Diego’s market since 2015 has ranged from 7.8%-9.4%. If you rent, it’s much higher.

The Short Answer

Generally speaking, the San Diego real estate forecast in 2018 and beyond is looking pretty good. If you are considering buying a home in this market, you will likely be entering a good situation.

Still, there are some things to consider. With the housing markets shifting because of economic changes worldwide, some sellers are holding onto real estate looking for a big payday.

This could change the market as it stands currently. San Diego is a strong market because of its consistency, recent income growth, and low turnover rate among homebuyers.

You can expect people buying real estate in this market to be able to afford expensive homes and be actively looking for them, too.

Ready to look at some featured properties? Don’t hesitate to contact us with any questions about your home buying needs. We’re here to help and excited to serve you!