Zillow report: San Diego home values up from 2016, but less homes available in area

Posted at 9:00 AM, Nov 23, 2017
and last updated 2017-11-23 12:12:59-05

SAN DIEGO (KGTV) - Home values in San Diego continue to rise while the number of homes for sale in the region have gone down in the past year, according to statistics compiled by Zillow.

Zillow's October market report shows the median home value in San Diego is $555,800 -- up 6.2% from last year. But as home values go up, Zillow's report indicates there are 31% less homes for sale in the region.

There's also bad news for San Diego renters: Zillow's report shows rent in the area is up 4.4% to a median rent payment of $2,535.

Meanwhile, home values across the U.S. are up 6.5% from 2016, with the median American home value at $203,400. Zillow's report says, "More than half of the nation's largest markets are worth more than they were prior to the onset of the Great Recession."

San Jose, Seattle and Las Vegas all saw double-digit increases in value over the past year, Zillow reported.

Among the major metropolitan areas in Zillow's report, San Jose has the highest median home value in the country at $1,076,400. San Francisco ($871,300) is second on the list.

The market on the list with the lowest median home value? Pittsburgh, at $137,100.