SAN DIEGO COUNTY, Calif. — This year could be a good year to start searching for a home in San Diego County, according to a new study from Zillow.
The online housing website ranks San Diego County as the 17th-hottest market in the country, with home prices down from last year and inventory up. Last year, San Diego County ranked 19th among the hottest home markets.
“San Diego tends to be San Diego Metro tends to be a relatively hot housing market,” said senior economist at Zillow, Dr. Orphe Divounguy. “San Diego’s housing market has cooled a little bit, right? Sellers have returned, but affordability challenges have kept buyers on the sidelines. As a result, housing inventory has increased, and the housing market has loosened slightly. That loosening of the housing market has led to prices actually falling. Home values declined by about 2.3% on a year-over-year basis in our latest housing market report.”
That means, according to Dr. Divounguy, buyers have more wiggle room when making an offer on a home.
In their report, Zillow found that 26% of all listings in the San Diego metro area saw price cuts, allowing buyers to get their homes below the asking price.