"image": "https://t3.realgeeks.media/thumbnail/W6EC-AGWRH8xS0n38JydksHkI6k=/fit-in/200x43/filters:format(png)/https://u.realgeeks.media/sandiegorealestatehunter/SDREH_-_Dark_Logo.png", Home prices in the San Diego metropolitan area had risen 5.2 percent in a year … the highest annual increase since last summer. [CDATA[ The bottom line here is that the real estate market forecast for San Diego is not that bad, considering the circumstances. Walnut Creek, California 94596, Veterans and active US military may be eligible for a $0 down VA loan. Californias economy grew 4.7% in the 12 months ended in February compared to the national rate of 2.8%. As it pertains to the San Diego real estate forecast for 2020, the present prediction is that it will be a neutral market. With its beautiful beaches, pleasant year-round weather, and plentiful outdoor attractions, the San Diego area continues to attract new residents from elsewhere in the country. Looking forward, they predict that prices will dip slightly over the next year or so. Market uncertainty with World events such as: it being an election year and it might be 4 more years with Donald Trump or someone new, largest unemployment rates in US/California/San Diego history, Covid 19 leading to major shutdowns, schools closings, etc. As of July 2019, the median home value in San Diego was around $635,000. But given the current supply and demand situation in the area, a significant home-price decline seems unlikely. He bought his first investment property at the age of 21, became licensed at 22, and a broker at 24. Scott Taylor is a licensed mortgage loan originator, real estate agent, and full time investor in San Diego. Leave your comments below - or, text/call me at (760) 297-4539. Population growth in general tends to bring more buyers into the markets and puts upward pressure on home values. December is days away, and before long we'll be tacking up our 2021 calendars. You can see from this chart that rates today are some of the lowest on record. You might agree, disagree, or have different takes. And some forecasters don’t see it rising much further than that anytime soon. Current real estate conditions in the area are much different than they were during the last housing downturn of 2008. San Diego Real Estate Market Forecast 2021. "hasMap": "https://goo.gl/maps/FcbVQm6pnu2uRCuP9", Mix that in with riots and protests and it's been interesting. San Diego expected to be California’s ‘hottest’ home market in 2020, Zillow survey says This three-bedroom, one-bath house at 3592 Orange Avenue is listed at $599,000. This makes the local real estate market more competitive. })(); var clicky_site_ids = clicky_site_ids || []; clicky_site_ids.push(100907214); Scott TaylorReal Estate/Mortgage Loan OriginatorPacific Home BrokersCA DRE #01362400NMLS #1266710, San Diego Real Estate Hunter302 Washington StreetSuite 150-9487San Diego, CA 92103Call or Text (760) 297-4539, // , { According to Zillow, a real estate database company, the median home price in San Francisco has been pretty much flat since Aug 2018. Back in its peak of 2007 or 2008 we had around 30,000 homes for sale in San Diego - as I film this - we have around 4,000 homes/townhomes/condos/multi family units. But it has not ground to a halt the way some expected it to. Elections. And, here's the latest lender owned report showing the bank owns at the lowest levels in 8 years. Homes in San Diego receive 5 offers on average and sell in around 14 days. "addressLocality": "San Diego", San Diego Housing Forecast for 2020 – 2021: Better Than Expected, A Look Ahead: 5 Bay Area Housing Market Predictions for 2021, Oakland Real Estate Outlook for 2021: Competition High Among Buyers, Outlook: East Bay Housing Market Will Remain Competitive in 2021. But when you look at the current supply-and-demand situation within the San Diego housing market, a predictions could also be made that home prices will hold up through 2020. (Scott's Note: These are even more *real* as I type this in November and shows the trends I am seeing are dead on.). According to a May 26 article from The San Diego Union Tribune, this housing market led the state in terms of year-over-year home value appreciation. And some forecasters don’t see it rising much further than that anytime soon. Median Home Value: $679,568 1-Year Appreciation Rate: +6.0% Median Home Value (1-Year Forecast):-0.8% Median Rent Price: $2,750 Price-To-Rent Ratio: 20.59 Unemployment Rate: 13.9% (latest estimate by the Bureau Of Labor Statistics). Due to Covid 19, lock downs, record unemployment (see trend #1), banks are allowing home owners to *not* make mortgage payments and instead tack those missed payments onto the end of the loan. According to Redfin, the metro area had about a two-month supply of homes for sale as of April 2020. Median Household Income: $74,855 (latest … There is also a serious supply-and-demand imbalance that continues to put upward pressure on home prices across Southern California. Slower pace than it was before the pandemic occurred san diego real estate market forecast 2020 home-buying activity in San Diego is around. 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2020 san diego real estate market forecast 2020