San Diego is known to be a city with a high cost of living. But recent trends show that home prices in the city are beginning to cool down slowly. 20% of San Diego homes for sale saw a price drop in January 2019.
The next few months may be a good time to buy a house in San Diego given the falling prices. These are the neighborhoods you should keep an eye on.
Once upon a time, Little Italy used to be a fishing village that was home to hardworking fishermen and others involved in the industry. The neighborhood has managed to stay true to its Italian roots despite rapid development and the creation of the Interstate 5 eating into a significant portion of its area in the 1970s.
Today, Little Italy is known as a charming locality which is the place to go if you’re craving Italian cuisine. The neighborhood plays host to a farmer’s market every Saturday, where you can sample some of the best food and drink the city has to offer.
The pedestrian-friendly area is also considered a cultural hub. The Italian Cultural Center in Little Italy conducts language classes year-round. If cinema is more to your taste, the Little Italy Classic Film Festival organizes screenings at the Firehouse Museum October through May.
There has been a marked increase in the availability of housing in Little Italy in recent years. The neighborhood has about a quarter of the new housing units constructed in the county in 2018. The median value of houses in Little Italy is $519,000.
The Gaslamp Quarter lifestyle is not for everyone. The average people per household is two, showing that there aren’t too many families around in the neighborhood. But if you’re looking to live at the intersection of the hippest nightlife, restaurants, and tourist spots, then this is the place for you.
There is no lack of fun things to do in Gaslamp Quarter. It is known to be the place where both San Diego natives and outsiders converge to drink or dance the night away. The neighborhood is where all of the best clubs, sports bars, and lounges in the city are located.
It may seem like this is the kind of place you’d enjoy one weekend at a time, but Gaslamp Quarter has increasingly offered more and more amenities to those that call it home. Residents have quick access to parks, a library, and grocery stores all within the area.
The median sales price for houses in Gaslamp Quarter for January 2019 was $435,000.
Where Gaslamp Quarter is inhabited by the young and the sometimes reckless, Torrey Hills is one of the more family-oriented parts of San Diego.
The neighborhood is known especially for the quality of education available to its residents. There are a number of great schools in the area right from the elementary level through to high school.
Torrey Hills offers a wide range of options to people who enjoy an active lifestyle. Those who like the great outdoors have easy access to places like the Los Penasquitos Canyon. Also in the area is the 18-acre Ocean Air recreation center, which has picnic structures, a basketball court, a gymnasium, and a walking path.
One of the reasons Torrey Hills has become so popular with families is thanks to its reputation as one of the safest parts of San Diego. Education levels in the neighborhood are high, with over 80% of residents possessing either a Bachelor’s or Master’s degree.
The median selling price for houses in Torrey Hills, San Diego was $652,000 in February 2019. In January the figure was $1,248,000. So there can be a large range in how much you spend on a house in the neighborhood depending on when you buy it.
Living in La Jolla comes at a price — a pretty high price. The median value of a house in the neighborhood is $1,617,300, and that’s after a 3.8% decline in prices over the last year. That makes La Jolla one of the costlier parts of the country to own a home in.
Why do people spend all that money to secure property in the neighborhood? Because living in La Jolla gives you front-row tickets to the very best San Diego has to offer in terms of natural beauty and beachside living.
Houses here are spread out across seven miles of the San Diego coastline. You’re never too far away from rolling hills or cliffs overlooking the Pacific Ocean. If you want to be closer to the water, you can head down to the beach for a swim or go kayaking.
There is a lot to do in La Jolla outside of the beaches and ocean views. La Jolla Village is chock full of high-end restaurants and shopping outlets. The La Jolla Underwater Park and Museum of Contemporary Art are popular among visitors in the area.
Hillcrest is a very pedestrian-friendly neighborhood located to the northwest of Balboa Park. It is part of the 2016 San Diego Uptown Community Plan along with Mission Hills, University Heights, Park West, Middletown, and the Medical Complex.
This neighborhood is among the more heavily developed parts of San Diego’s Uptown area. Its topography is a mix of residential buildings along with retail establishments and office space.
Hillcrest is perhaps most popular for being the location for San Diego’s annual Pride parade. The area is known to be a hub for the LGBTQ community.
The median value of a house in Hillcrest is $544,500. The median list price of $515 per square foot is significantly higher than the $470 city-wide average.
If you’re considering buying a home in San Diego, Clever Partner Agents can help. Our full-service agents provide their expertise through the entire home buying process while also offering a $1,000 rebate on their commission.
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