Best Cities for Home Values- San Diego Ranks 5th
Forbes predicts rising home values in San Diego
PASADENA, CA - APRIL 23: A sign advertises a house for sale on April 23, 2009 in Pasadena, California. About half of all homes sold last month were sold to first-time homebuyers but hopes of a Spring recovery in the housing market were dampened by a report by the National Association of Realtors that existing home sales fell 3 percent in March despite near-record-low mortgage rates and home prices that are the lowest in years. The median sales price in March was $175,200, down from $200,000 a year ago. (Photo by David McNew/Getty Images)
San Diego homeowners have something to cheer about.
A new Forbes list predicts that America’s Finest City will be among the 10 cities where home values are expected to rise the most in 2011.
San Diego is not the only California city rounding out the top 10 – markets in San Jose and Santa Ana, are also expected to see a boom.
Forbes enlisted the help of Local Market Monitor (LMM) to track 315 American real estate markets. “They then analyzed key economic factors that directly affect housing markets: unemployment and job growth rates, as reported by the Bureau of Labor Statistics.”
Currently, the average home price in San Diego is $336,679 and a 2% increase is expected over the next 12 months. The list also predicts a 2% increase over the next three years.
With prices on the rise, Forbes encourages prospective homebuyers in San Diego to act fast.