SAN DIEGO — Home prices have edged higher in Southern California in recent months, with the median home sale price dangling below a million dollars in San Diego.
That’s according to a new study by real estate website Point2, which crunched the numbers to determine which large U.S. cities are selling more high-end homes to prospective buyers.
Point2 analyzed active listings as of July 3 to determine median home prices, which were sourced from local multiple listing services (MLSs), realtor associations and reports from local listing portals.
The types of residential properties included in the analysis included houses, townhouses, single family homes, condos, co-ops, manufactured, mobile and apartments.
According to Point2, San Diego has the fourth highest median home price when compared to the 30 largest cities in the country. That median price tag rings in at $910,000.
The harder truth for those looking to buy a house in San Diego is that you should expect to make a seven-figure offer. The analysis shows more than half — 58.6% — of homes for sale in San Diego are listed above $1 million.
When looking further, Point2 data shows 7.6% of homes in the region are listed above $5 million.
Three other California cities — Los Angeles, San Francisco and San Jose — are also listing more than half of their homes above the million dollar mark.
Here’s a look at the top 10 largest cities with the highest median home prices in 2023, according to this study:
|City||Median Home Price||Percentage of Listings Above $1M||Percentage of Listings Above $5M|
|Los Angeles, CA||$926,000||63.6%||11.6%|
|San Francisco, CA||$1,300,000||62.1%||7.1%|
|San Jose, CA||$1,242,000||60.6%||1.1%|
|San Diego, CA||$910,000||58.6%||7.6%|
|New York City, NY||$740,000||40.9%||7.4%|
For those who can’t afford to buy a home in the region, renting may be your only option.