SAN DIEGO COUNTY, Calif. — San Diego is known as America's Finest City with its beaches, weather and attractions. It's also a city driving investors to purchase homes.
In the second quarter of 2024, 23.7% of homes sold in San Diego were purchased by investors according to a Redfin Analysis. That is second in the U.S. Metro areas only to Miami where investors bought 28.5% of homes that sold.
“The reason investors are buying a lot of homes in San Diego is because they study markets all over the country and they perceive San Diego to be a really…really good investment,” Battiata Real Estate Group San Diego Associate Broker and Team Leader Matt Battiata said.
“It's bad news if you're a first-time buyer trying to buy a home and you're getting beat out by investors but at the same time it is good news because it means that they believe that our market has a lot of promise over the long term,” Battiata said.
Some of the other cities besides Miami and San Diego named in the report where investors bought a high share of homes sold are Anaheim, Las Vegas and Los Angeles.
“The local mom-and-pop landlords are usually the best kind of landlord, taking care of the property, making sure that you know, they are getting tenants in that are gonna help them take care of the property. You know, not jacking up rents and doing crazy stuff,” San Diego County Supervisor Terra Lawson-Remer said.
The analysis covers institutional and mom-and-pop investors, County Supervisor Terra Lawson-Remer said it's important to differentiate both.
"Versus these massive private equity Wall Street investors that really don't care about our community at all and are just trying to milk us for all its worth and jacking up the rents and price gauging," Lawson-Remer said.
To learn more about Redfin’s findings visit redfin.com.
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