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Report shows a median single-family home in San Diego costs up to $1 million

SAN DIEGO — San Diego’s average single-family home price hit $1 million in April, a milestone in the region’s already sizzling real estate market, a new report shows.

According to data compiled by the San Diego Multiple Listing Service for the Greater San Diego Association of Realtors, that price represents a 2.5% increase from March and a nearly 20% increase from the same time last year for freestanding single-family homes . Adjacent properties such as condos and townhomes also saw the average price increase to $660,500, about 25% higher than April 2021.

In a statement, SDAR President Chris Anderson said the home value increases “underscore the importance of home ownership for families looking to build equity and achieve financial stability.”

“Home ownership continues to be one of the best ways to build generational wealth and specifically create better opportunities for underserved communities,” Anderson said. “To give more families the opportunity to own a home here in San Diego, we must offer more support to homebuyers and address our housing crisis, including more development on the county’s lands.”

Of the total single-family home sales for April, 70 were sold in Fallbrook, 56 in Oceanside North and 53 in Santee. In addition, 47 were sold in Oceanside East and 44 in Escondido North.

Anderson said most of the home sales in the last month came from North and East counties, showing residents are looking for “supply and affordability.”

“It’s critical that we make better use of our county’s land to develop the housing needed to keep families from moving further and further away,” he said.

Supply remains at least part of the problem in some areas. Data shared by the organization shows resale homes in the market fell 23% in April compared to a year earlier. Also down were sales of pre-owned single-family homes, down 3% from March, and condos and townhouses, down 8% month-on-month.

Also note: The most expensive house sold was in April a 6+ acre property in Rancho Santa Fe for $16.5 million, the report shows. This property features, among other things, seven bedrooms, 12 bathrooms, two guest houses and courts for playing volleyball, tennis and basketball.

Click or tap here to read more of the April Real Estate Report.

https://fox5sandiego.com/news/business/san-diego-single-family-median-price-up-to-1-million-report-shows/ Report shows a median single-family home in San Diego costs up to $1 million

Sarah Y. Kim

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