San Diego is an ideal place for outdoorsy beachgoers to call home. This southern California city offers residents many amenities, including an exceptional public school system, great food and breweries, arts and cultural events, and plenty of beach activities.
These perks come at a cost, though. Housing in San Diego is expensive, and California has one of the highest income tax rates in the country.
Approximately 1.4 million people call San Diego home, while another 2 million live within San Diego county. San Diego is the second largest city in California and the eighth largest in the nation. The population growth is slow, though, at a rate of 0.57% annually.
San Diego homes for sale
According to Rocket Homes, there are currently 3,100 homes for sale in San Diego. The housing market remains competitive, with an average of 16 days on market and five offers per listing.
A buyer can expect to pay around $875k for a home in San Diego, up 10.7% from last year. While San Diego remains a seller’s market, buyers may find a good deal; 44.9% of homes here sold below asking price in August.
San Diego job growth
Over the last couple of years, San Diego saw record-high unemployment rates (16%). Fortunately, there are signs of healthy job growth and a decrease in unemployment, now 7% (1% above the national average).
There are currently over 85,000 jobs available in the San Diego area. The top industries in San Diego include military defense, medicine, technology, and hospitality.
Rental costs in San Diego, CA
The San Diego rental market is booming with a 27% increase in rental prices compared to the previous year. According to Zumper, a renter will pay around $2,651 a month for a 1-bedroom apartment.
According to Zillow, there are over 1,900 available rental units in the San Diego area, and renter demand remains low.
San Diego Neighborhoods
Currently, the most popular neighborhoods in San Diego include:
Carlsbad
Carlsbad is ranked as one of the “happiest places” by National Geographic Magazine. This coastal neighborhood offers beautiful scenery, high-paying jobs, and luxury amenities.
Encinitas
If you’re a surfer, Encinitas is your neighborhood. The Beach Boys were so inspired by Encinitas’ Swami Beach that they wrote a little song called “Surfin’ USA”; you may have heard of it.
La Jolla
The Jewell of San Diego, La Jolla, offers world-renowned beaches, highly-rated restaurants, luxury shopping, and the famous Torrey Pines park and Golf Course. La Jolla is home to the University of California, one of the nation’s top research institutes.
Pacific Beach
Considered one of San Diego’s liveliest neighborhoods, Pacific Beach provides residents with waterfront activities, local eateries, and slow-paced living.
Hillcrest
Hillcrest is known as San Diego’s LGBTQ+ community, hosting huge events during Pride. Additionally, Hillcrest has restaurants offering delicious ethnic-focused cuisines from Italian to Thai to Japanese. Hillcrest residents enjoy proximity to Balboa Park and the famous San Diego Zoo.
Gaslamp Quarter
The Gaslamp Quarter is San Diego’s prized downtown neighborhood. Locals and tourists enjoy this walkable district, lined with beautiful gaslamps, restaurants, and shops, offering entertainment suited for any occasion.
San Diego school systems
There are 803 schools in San Diego County, including 235 public schools, 519 private schools, and 49 charter schools.
The top public schools in San Diego County include:
- Elevate Elementary
- Hearst Elementary School
- Ocean Beach Elementary School
- Caramel Valley Middle School
- Pacific Trails Middle
- Del Norte High School
- Canyon Crest Academy
- Scripps Ranch High School
Housing market forecast for 2022
The San Diego market continues to cool as interest rates increase into fall. Right now, San Diego has two months supply of single-family homes and 1.5 months supply of condos and townhomes. Interested buyers should take advantage of the cooling San Diego market before the next peak, which often sees higher prices than the previous spike.
Selling your house in San Diego?
If you’re looking to sell your house as fast as possible and for the most money, choose Virtuance for your real estate photography services. Virtual tours, aerial photos, and professional photography are excellent marketing materials and can help potential buyers imagine themselves in your beautiful home.
