SAN DIEGO – The economic effects of the coronavirus pandemic are far-reaching, impacting restaurants, retail and transportation as well as the usually sturdy real estate market.
But unlike most industries, San Diego’s housing market is thriving, even doing better in some ways than it was before the pandemic.
“The housing market during this pandemic has been crazy,” said Jesse Zagorsky, a broker with Encinitas-based Live Love San Diego Homes.
Zagorsky said the local market has been experiencing a combination of trends, which have led to a buying frenzy. Historic low interest rates for homebuyers across the country — in some cases, as low as 2% — and a lower supply of available homes with fewer people moving during the pandemic has driven up demand, he said.
San Diego’s median housing price in July was $634,000, a record and nearly 10% higher than it was a year ago, CoreLogic data shows.
Asked about where potential hotspots are in San Diego County, Zagorsky said, “Everywhere.”
“This seller had eight offers in the first weekend, over list price on this house,” he said, recalling a recent transaction. “It’s as if there’s no pandemic going on. It’s ridiculous.”