San Diego is amongst the most playful cities in the United States. It is a warm, feel-good place that will make you fall in love with its beaches, food and people. In fact, almost everybody wants to live there. No wonder San Diego is every realtor’s dream destination.
2015 is set to bring in happy days for the real estate market here. The San Diego real estate market had become very conservative during the previous years and as a result of that, the number of homes sales in the city decreased by over 15% in year 2013. However, things have started looking up from 2014 onwards, as house prices have seen much appreciation.
Median housing prices are expected to be higher in 2015 than the current levels, as San Diego would always remain a desirable real estate destination. The reviving economic conditions have helped create new jobs, and thus demand for new properties is increasing.
It is difficult to predict actual rise in prices. However, home prices will definitely continue to rise. Government policy may put additional burden on buyers purchasing power, as announcements like easing policy of purchasing mortgage securities and changing qualified mortgage rules will increase interest rates. Buyers are definitely not going to get many “Bargain homes” this year.
Researchers estimate that it could take almost four more years until the real estate market in San Diego reaches its pre-recession rates.