San Diego is No. 1 in the Country for This
San Diego is currently number 1 in the entire United States for one particular thing: year-over-year increases in home prices.
The latest data from the S&P/Case-Shiller Home Price Index indicates that San Diego home prices increased 8.8% year-over-year in December 2023 — the largest increase nationally.
According to NBC San Diego, San Diego’s number one spot contrasted with low increases in metro areas like Portland, Oregon, which only saw a 0.3% gain. The national average for home price increases was 5.5% during the same time period.
America’s Finest City wasn’t the only California municipality to see high gains, with the index reporting that Los Angeles was tied for second. That sort of trend might have you asking, “Why are property values are so high in California?”
“San Diego reported the highest year-over-year gain among the 20 cities with an 8.8% increase in December, followed by Los Angeles and Detroit, each with an 8.3% increase,” the S&P/Case-Shiller Home Price Index said in a news release.
The index went on to explain that, despite significant headwinds, 10 of the 20 markets smashed records in December 2023. San Diego was No. 1 for home price increases, while Las Vegas ranked as the fastest rising market in December.
According to the latest data, the median home listing price in San Diego is currently $949,000. The median listing home price for square footage was about $730 per square foot. (If you’re curious about the highest end of that spectrum, check out the most expensive home ever listed for sale in San Diego.)
The data isn’t exactly surprising for residents, or those who know that San Diego has been ranked as the most expensive place to live in the U.S.
Want to get in on the action? Check out our comprehensive guide to moving to San Diego.
Media credit: Image licensed from Adobe
Mike Peterson is a writer, editor, and strategist based in San Diego. When he’s not writing and editing the La Jolla news, you can often find him practicing yoga, rock climbing, or exploring the outdoors with his wife and dog.
