Hot homes in a slow, San Diego housing market

San Diego has seen fewer homes on the market in 2023, and the short supply is allowing prices to increase — but that doesn’t mean there aren’t any hot homes on the market.

Mission Hills Home front

You can relax at this 4 BD 4 BA Mission Hills home.

Photo via Google Earth

We’re happy to call San Diego home, and from the looks of it, locals aren’t looking to leave. Current housing trends show that fewer people are looking to sell their homes, and that’s making home prices move up.

In May 2023, Redfin reported the number of home listings had declined by 7.1% annually in the US — but that drop was much greater in America’s Finest City. That same month, San Diego’s listings were 34% lower than in May 2022.

Real estate experts believe rising mortgage rates have discouraged many homeowners from selling. As of July 13, 2023, a 30-year, fixed-rate mortgage was 6.96% according to FreddieMac, up from 5.51% on July 14, 2022. Yet home sale prices increased in San Diego — up 2% from March to April due to the low inventory on the market. However, prices are still down 5.6% compared to April 2022.

Despite this pattern, we can’t help but look and see what the market has to offer. Here are three hot homes we can’t stop dreaming about.

Marina property SDtoday

The outside views are just as dazzling as the interior.

This 3 BD 3 BA high-rise condo with rooftop amenities and a private balcony with views of San Diego Bay and the city skyline — priced at $3.5 million.

From the front, this 4 BD 4 BA Mission Hills home has a classic, formal appearance, but you’ll be able to unwind in its backyard pool and spa — priced at $4.25 million.

First Avenue Victorian home in San Diego

Owning this home means owning a piece of San Diego history.

Photo via Michael Beausoleil + SDtoday

This 4 BD 2.5 BA Victorian home in Bankers Hill is one for the history books. It’s listed in the National Register of Historic Places and still has many of the features from its original 1889 build. This piece of San Diego history is listed for $6.5 million.

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