Housing in San Diego is expensive, and it’s increasing more than the national rate, according to new data. But a local agent said there is good news in our region: market stability and more opportunity coming in 2025.
New year, new home? That's what San Diego native Jaclyn Nerenberg hopes for. She says her search has been an uphill battle with plenty of obstacles.
“I did overcome those, and I have, you know, the finances to get a home now," Nerenberg said. "But now, it's like a whole new set of issues where it's like, is it the home that I want?"
The Case-Shiller Index out this week analyzes data from October. It found that nationally, home prices were up 3.6% over last October. In the San Diego region, home prices are up 4.5% over last year.
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That data is not what Nerenberg wants to hear, but real estate agent Melissa Sofia with Avenue Home Collective said there is a positive aspect to these numbers.
“Think back to 2021, when it was like 10, 20 offers on every home. No one could get anything under like $100,000 over asking price. Now buyers are seeing opportunity,” Sofia said.
Sofia told NBC 7 that even though interest rates have been a rollercoaster and buyer affordability is a question for many people, the San Diego housing market is showing stability.
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But Nerenberg says she's tired of renting and paying someone else's mortgage.
“I think, yes, there's stability, but that doesn't necessarily mean that it's more affordable," Nerenberg said. "But it does mean that maybe it'll stop being as crazy."
Mortgage rates are still hovering around 7%, and San Diego ranks seventh among large cities for biggest yearly increase in home prices.
Sofia suggests using the home price increases to your advantage when buying a home and to look for off-market opportunities.
“Instead of reaching for your dream home, find that next step up because, in that time, in that two to three to five years that you’re in this property, your equity will increase so that you can build a significant down payment for your next chapter,” Sofia said.
Sofia also mentioned San Diego, while expensive, is special because of our growing job industries in bio tech, tech, military and medical fields.
