Single-family home median price hits $1 million in San Diego

For the first time, the median price of a single-family home in San Diego County reached $1 million in April, according to resale housing statistics compiled through the San Diego Multiple Listing Service by the Greater San Diego Association of Realtors (SDAR).

The significance of the median price is that half of the homes sold in April sold for more than $1 million, and half sold for less. The milestone reflects an increase in the price of single-family (detached) homes of about 2.5 percent from March, and more than 19 percent over April of 2021. Attached properties (condominiums and townhomes) saw a nearly 3 percent price increase month to month, and nearly 25 percent over a year ago, setting the median price at $660,500.

Sales of previously owned single-family homes were down in April, just under 3 percent from March, and were 18 percent below the April 2022 sales numbers. Condos and townhomes were about 8 percent lower in April compared to March, and 27 percent lower than sales in April of last year. Overall, the number of resale homes on the market is down about 23 percent from a year ago.

“The increases in home values we are seeing really highlight the importance of homeownership for families seeking to build equity and achieve financial stability,” said SDAR President Chris Anderson. “Owning a home continues to be one of the best ways to build generational wealth and especially to create better opportunities for underserved communities.”

In April, the ZIP codes in San Diego County with the most single-family home sales were:

92028 (Fallbrook) with 70;
92057 (Oceanside North) with 56;
92071 (Santee) with 53;
92056 (Oceanside East) with 47;
92026 (Escondido North) with 44.

The most expensive single-family property sold in San Diego County in April was a 6-plus-acre estate in Rancho Santa Fe with cascading waterfalls, an expansive pool and spa, two guest houses, and volleyball, tennis, and basketball courts. The 7-bedroom, 12-bath home, built in 1998, has more than 18,000-square-feet in a gated compound on La Valle Plateada and sold for $16.5 million.

“To give more families the opportunity to own a home here in San Diego, we need to offer greater assistance to homebuyers and confront our housing supply crisis, including more development on county lands,” Anderson said. “In April, we saw the greatest number of home sales in North and East County, as people look further for supply and affordability. It is vital that we make better use of our county land in order to develop the housing necessary to keep families from moving further and further out.”