Mission Hills San Diego real estate is known for its charming, tree-lined streets, architectural homes and historic charm. If you are looking for cookie cutter, recently built homes – Mission Hills is probably not the ideal San Diego neighborhood for you. However, for those that love craftsman architecture and an eclectic mix of architectural styles, Mission Hills is a wonderful place to call home. Whether you are considering buying or selling a home in Mission Hills, this article will detail some vital stats to provide you with clear insight into Mission Hills San Diego real estate market conditions. All the stats and interactive graphs here are updated daily to deliver the most relevant and timely real estate market information to you.
You can also find information about Mission Hills in my Mission Hills real estate neighborhood guide. While that guide focuses on a broader look at the Mission Hills neighborhood including history, schools, location, dining, etc., this article is focused on information specific to the real estate market in Mission Hills. Please note that the data below is based on the 92103 zip code, which also covers some areas just outside Mission Hills (including parts of Hillcrest.
Mission Hills is mostly comprised of single family detached homes, but there are a couple areas closer to Washington street that have condos and townhomes available as well. In the range of affordability in San Diego, Mission Hills tends to appeal to the more affluent. Ready to explore Mission Hills home prices, and some of the supply and demand stats that define the real estate market here?
Mission Hills San Diego Real Estate Home Prices
To evaluate Mission Hills San Diego real estate, one important statistic is the value of homes in the area. For buyers, information on average and median home sales prices can provide a rough gauge on the affordability of Mission Hills San Diego real estate vs San Diego home prices in other neighborhoods. For sellers, the average price per square foot can provide a rough idea of what your home might sell for.
Ideally, sellers will want a detailed comparative market analysis by an experienced Mission Hills real estate agent. That analysis should look at homes most comparable to yours, vs the more general stats we are covering here. The average and median home price along with price per square foot information is broken down into two categories: 1) single family detached homes, and, 2) attached homes including townhomes and condos.
Mission Hills – Average Home Price
Mission Hills – Median Home Price
Mission Hills – Average Price Per Square Foot
Mission Hills San Diego Real Estate – Home Supply
Many that have lived in Mission Hills for the longterm have enjoyed seeing their homes appreciate over the decades. Despite that solid track record historically, real estate market conditions have still varied. One key aspect in determining the type of market we are currently seeing in Mission Hills San Diego real estate is the home supply. Taking a look at both the number of active listings along with the inventory (measured in months) delivers insights into the type of market we are experiencing in Mission Hills right now.
The months of inventory charted here is also known as the absorption rate. The data source for the charts here defines this as: “Active Listings at the end of a given month, divided by the average monthly Closed Sales for the last 12 months.” Another way to think about this: if there were suddenly no more listings, the inventory level is how many months it would take for existing demand to purchase all the listings left on the market.
Some economists will use a six month threshold for evaluating housing supply. Anything shorter than six months of inventory is seen as a seller’s market. Anything greater than six months is a buyer’s market. As a frame of reference, the last 20 years has had significant changes in inventory levels. Inventory was over ten months in 2007-2011 during the great recession, and has dipped to unheard of lows close to one month in the early part of 2021, a year into the pandemic. Six months is generally considered a balanced mix of buyers and sellers and a healthy market. Mission Hills and San Diego in general have spent the majority of recent years firmly situated in seller’s market territory.
Mission Hills – Number of Active Listing
Mission Hills – Inventory
Mission Hills San Diego Real Estate – Market Time and Pending Sales
With tight inventory more common in recent years, we can also expect the time a home spends on the market to go down when inventory is low. When you combine low inventory with high demand from low interest rates (like what we have seen in 2020-2021), some very short market times can occur. When there is higher inventory and/or reduced demand, market times tend to go up. More expensive homes generally have longer market times. There are fewer buyers of multi-million dollar properties vs buyers of homes closer to San Diego’s median home price. The Active Market time you see below is defined as the median number of days between when a property is listed in Ocean Beach and when an offer is accepted in a given month.
Mission Hills – Median Active Market Time
Many real estate statistics understandably focus on closed sales. Closed sales are important from many perspectives, especially in terms of determining actual market prices. Closed sales are also what appraisers use when appraising homes. However, closed sales are a look into the recent past rather than forward looking. Pending sales, as shown here, are a count of the properties on which contracts have been accepted in a given month. These pending sales can at times provide insight into where a market might be headed next.
Mission Hills San Diego Real Estate – Pending Sales
This article on Mission Hills is part of a series focusing on statistics and data from specific San Diego neighborhoods. If you would like to review more general market information, please visit my article on the broader San Diego real estate market. I am also happy to provide more insights into your specific San Diego neighborhood’s real estate market upon request.
If you or someone you know might be buying or selling real estate in San Diego, regardless of location or price point, please let me know. I can also assist in connecting buyers and sellers outside San Diego with outstanding Sotheby’s International Realty agents via our 1000+ offices in over 75 countries. For a sense of the level of service I provide, please take a moment to read some of my recent client reviews. Please don’t hesitate to call, text, chat or email me with any real estate questions or to schedule a no-obligation consultation.
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