Homes in San Diego 16% Cheaper than in King

Just for kicks, let’s do an almost end-of-year check on the San Diego County / King County overall median price comparison.

If you recall, back in March San Diego County’s median was at $415,000, while King County’s was at $395,000. Our March “forecast” called for San Diego to fall to $366,771 by the end of the year (a 12% decline), while King held at $415,000, putting San Diego at a 7% discount by year end. Recall that this was based on these two allegedly reasonable assumptions:

  1. King County home prices will remain flat through December. (Was portrayed as likely by local media.)
  2. San Diego County home prices will continue to decline, at roughly half the rate they have dropped in the last six months.

Here’s the March forecast compared to the actual median prices recorded for King and San Diego counties:

King / San Diego Median Price Comparison

It looks like our media-based assumptions were too generous for both King and San Diego. In reality San Diego prices have fallen a mind-blowing 27% over the last nine months, while here in King they have dropped 8%. Of course, this means that San Diego County (at $305,000) is currently priced at an even larger discount than the original prediction, with the overall median coming in 16% lower than King County (at $365,000).

It will definitely be interesting to see how long this discount holds. Will homes continue to sell at fire-sale prices in SoCal, while only dropping slightly in the Northwest? Time will tell.

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About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.