On the southwestern edge of California lies San Diego, known for over 70 miles of pristine beaches, sunny weather year-round, and diverse neighborhoods. These characteristics have made San Diego the second most populous city in California and the eighth most populous in the United States. According to the US Census Bureau, San Diego was home to over 1,381,600 in July 2021.
The city is also home to top-ranked educational institutions, national protected areas, and a wide range of leisure attractions. For these reasons, San Diego is one of the most attractive and desirable places to live in California and across the US. It has received numerous awards for its livability, public safety, and overall quality of life.
Some notable awards include:
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#32 in the 50 World’s Best Cities to Live in 2023 by Resonance Consultancy
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One of the top 10 Best Cities to Live in the US in 2020 by US News & World Report
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#1 in Best Cities to Live in California in 2019 by Niche
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One of the Top 10 Metro Areas to live in 2018 by Forbes
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REAL ESTATE VALUES IN SAN DIEGO, CA ARE ON THE RISE
Median home prices in San Diego shot up by nearly 8% to $946,000 in December 2022, compared to $879,300 the previous year. This is lower than other top real estate markets in California like Los Angeles (over $950,700) and San Francisco (over $1,438,700).
Despite more competitive prices relative to other cities in California, homes took a median of 33 days to sell in December 2022, from just 12 days in December 2021. The bright spot here is that homes in the city still sold faster than the state median of 45 days in December 2022, from 27 days the year prior.
However, the San Diego Association of REALTORS (SDAR) revealed that homes over $5 million sold at a faster pace in January 2023 at 64 days compared to 82 days in January 2022. SDAR’s data also showed a drop of nearly 9% in the inventory of homes valued at $5 million and above – while the inventory for all homes valued less than $5 million shot up during the same period.
With faster home sales and a slight drop in available supply, what these numbers tell us is luxury homes for sale in San Diego are in high demand entering 2023. However, as more luxury homebuyers look to capitalize on San Diego’s real estate market, it is best to work with an experienced team of Realtors who can help you explore your options with speed. They can help you get ahead of the competition, making sure you can live in the lap of luxury in no time.
SAN DIEGO’S ECONOMY IS GOING STRONG
The strength of San Diego’s real estate market is owed in large part to the overall local economy that has shown strength and resiliency in spite of challenges like COVID-19. This makes San Diego a terrific choice not only for luxury real estate buyers, but also for real estate investors and even first-time homebuyers.
Here are some of the city’s top economic highlights:
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San Diego has a healthy job market
It is a great time to hunt for jobs in San Diego right now. According to the Government of California, San Diego boasted an unemployment rate of 2.9% in December 2022, down from 4.1% a year ago. San Diego’s unemployment rate in the month was also lower than California’s 3.7% and the country’s 3.3%. Leisure and hospitality, professional and business services, and educational and health services saw the highest gains.
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San Diego is a hotspot for technology
Silicon Valley is not the only city with a booming tech scene in California. Look to the south and you will find that San Diego is home to a long list of tech companies like Qualcomm, Teradata, and Zovio. A lucrative business environment, coupled with year-round good weather, have led several high-earning tech professionals to buy luxury homes in San Diego.
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San Diego tourism has recovered faster than other cities
The San Diego County Lodging Association (SDCLA) revealed that more business and leisure travelers visited San Diego over other destinations in 2022 after nearly two years of pandemic lockdowns. In 2023, SDCLA, the San Diego Tourism Authority, and RAR Hospitality predict more growth. In particular, they expect business travel to increase by 10% from 2022 and for overall travelers to stay for longer periods at a time.
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San Diego has major development projects in the pipeline
There is always construction going on in San Diego, ranging from residential buildings to transportation infrastructure. These all point to growth in the city’s economy.
Some of the most notable development projects include:
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The Riverwalk San Diego in the Mission Valley neighborhood that broke ground in October 2022. This is a $4 billion project that will feature over 900 homes, retail spaces, and over a hundred acres of green space that will include a 60-acre regional park along the San Diego River.
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The $1.5 billion East Village Quarter redevelopment project in Downtown San Diego that will see the rise of 1,800 homes, 2 acres of open space, and 50,000 square feet of retail and office space upon its scheduled completion in 2027.
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A $3.4 billion project called New T1 that seeks to improve Terminal 1 of the San Diego International Airport, set to be completed in 2023. Some upcoming new features include 30 new gates, a parking plaza for over 5,000 cars, and food and retail areas.
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Various projects under the San Diego Regional Bike Plan, such as the Uptown Bikeways and the North Park / Mid-City Bikeways that project to add over 25 miles of bike paths by 2026.
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TOP LUXURY NEIGHBORHOODS IN SAN DIEGO, CA
The city’s robust development plans are expected to enhance the value of San Diego’s property market, including luxury homes. With premium locations, high-end materials, elegant exteriors, and expansive floor plans, luxury homes in San Diego are among the finest you will come across in the state. From coastal beach homes, gated communities, and private hilltop estates, luxury homebuyers are spoiled for choice in this hot real estate market.
To make the most out of San Diego’s competitive luxury real estate market, you will want to get in touch with the best real estate team in the area – The Altman Brothers Team. Since expanding to San Diego, we have taken the market by storm by closing over $100,000,000 in sales. We specialize in luxury homes in La Jolla, Rancho Santa Fe, and Encinitas. Inquire here for the services we provide.
La Jolla
This seaside neighborhood boasts unmatched upscale living with spectacular coastline views backed by the majestic slopes of Mt. Soledad. Often called “The Jewel of San Diego,” La Jolla provides more than just unforgettable sights and sounds, being home to world-renowned golf courses and award-winning restaurants.
The neighborhood offers a diverse range of options for those looking to buy luxury homes by San Diego’s beautiful beaches. These include modern beach houses providing crystal clear views of the stunning Windansea Beach and Spanish-style homes tucked into deluxe hillside locations. For the utmost privacy, there are also Mediterranean-style estates perched on private bluffs that come with everything from lush gardens to private indoor gyms.
Browse homes for sale in La Jolla now
Rancho Santa Fe
Rancho Santa Fe offers the quieter side of affluent living in San Diego, being largely an upscale residential neighborhood that is home to several gated communities like The Farms, Del Rayo Estates, and The Crosby Estates. This hilly neighborhood features tranquil views of the countryside and is just a short drive away from the beach, making it the perfect choice for homebuyers looking for a greater amount of privacy.
Many of the luxury homes you will find here are on spacious parcels of land with lush gardens offering idyllic mountain views. They come in a range of architectural styles, including modern and Ranch, as well as stylish fusions of Spanish-California architecture.
Browse homes for sale in Rancho Santa Fe now
Encinitas
Known as one the best surfing communities in the world, Encinitas brings together many things that make San Diego one of the best places to live in Southern California – serene beachside living, an active outdoor lifestyle, and supreme culinary experiences.
If you are in the market for luxury homes in San Diego, you will find several options in Encinitas. These include homes with striking architectural designs by the beachside, deluxe modern homes situated above the Olivenhain Valley, and ranches in exclusive gated communities. There are even premier equestrian estates just a few miles from the beach, offering homebuyers unmatched space and privacy.
Browse homes for sale in Encinitas now
THE BEST TIME TO BUY A LUXURY HOME IN SAN DIEGO, CA
Timing is everything in real estate, especially in a market as hot as San Diego. Since the real estate market operates in cycles based on various economic factors, the trick is to find windows of opportunity to get the best possible deal.
According to data from Realtor.com, while listing prices have mostly been consistently on the rise, selling prices have historically gone down around June to September. During this period in 2021 and 2022, homebuyers were able to slash about $40,000 off the listing price.
In La Jolla, one of San Diego’s top luxury real estate neighborhoods, the reductions were up to $100,000 off the list price. A similar trend occurred in Rancho Santa Fe, where homebuyers were able to buy homes at about $50,000 less in the same period. If you are hoping to get the best deal on a luxury home in San Diego, consider buying around June to September.
Meanwhile, selling prices for San Diego real estate are higher around March to May, when homes usually sell closer to their listing prices. This is usually the case for neighborhoods like Rancho Santa Fe and Encinitas. The data implies that competition is tighter around this time, so it may be best to weigh your options if you do decide to buy.
While these are general rules of thumb, keep in mind that market changes can vary from year to year, or season to season. So, it’s best to work with a luxury Realtor to help you buy a luxury home in San Diego at the right time and at the right price.
MORE BENEFITS OF WORKING WITH A LUXURY REALTOR IN SAN DIEGO, CA
Whether or not it is your first time to seek out luxury homes for sale in San Diego, working with a luxury Realtor is the most productive and least stressful thing to do. Make sure the Realtor you choose specializes in luxury properties because only the most experienced and knowledgeable Realtors work at this level of the industry. Therefore, expect nothing but first-class service to help you navigate the high-end market.
In addition:
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A luxury Realtor gives you access to exclusive listings in neighborhoods that may not be publicly listed, as many high-profile home sellers keep their real estate transactions under the radar. Whether you want a stunning beachside home or a private hilltop abode, you can count on your luxury Realtor to find exactly what you are looking for.
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A luxury Realtor gets you the best deal possible. Having spent years honing their negotiation skills to specifically address luxury sellers, there is no one better to rely on. This is especially important since market conditions can change from season to season, affecting home values.
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A luxury Realtor connects you with their professional network. Luxury Realtors would not be in the position they are in without having formed invaluable relationships with the likes of attorneys, financial professionals, and real estate investors. Luxury Realtors can hook you up with these professionals to help speed up your luxury home buying journey.
BUY YOUR LUXURY HOME IN SAN DIEGO WITH THE ALTMAN BROTHERS
Whether you are in the market for a premier beachfront home or an exclusive estate in a gated community, our elite team of real estate agents from The Altman Brothers is here to help you navigate the San Diego real estate market with ease.
Led by renowned Los Angeles luxury real estate experts Josh and Matt Altman, we are a team that guarantees first-class real estate service to a diverse clientele in luxury neighborhoods like La Jolla, Rancho Santa Fe, Encinitas, and Downtown San Diego.
Expect nothing less than the best when you work with TThe Altman Brothers team.
Give us a call today or contact us here. For the latest luxury listings in San Diego, browse here.