These are San Diego's hottest ZIP codes for home value appreciation
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Homes in Rancho Penasquitos and Mira Mesa are hot commodities in San Diego's real estate market, as those areas saw the highest jumps in home values this year compared to 2023 per Zillow data shared with Axios.
Why it matters: Fewer homes on the market kept prices growing, even as affordability dwindled, according to Zillow chief economist Skylar Olsen.
By the numbers: The typical home value in the 92129 ZIP code, which includes Rancho Penasquitos, was $1.4 million in March, up 17% from last year.
- The Mira Mesa area (92126) also saw a 17% increase, with the average home value at about $1 million.
- ZIP codes covering Carmel Valley (92130), Robertson Ranch and Calavera Hills Village in Carlsbad (92010), and San Carlos and Lake Murray neighborhoods (92119) each saw a 16% increase.
Between the lines: Growth varies locally because of factors like job opportunities, development and population trends, which impact supply and demand.
Zoom in: Well-paying jobs in Sorrento Valley, University Town Center (UTC) and at UC San Diego have been driving the increase in Rancho Penasquitos and Mira Mesa for years, according to Scott Chambless, broker and owner of RC Realty.
- In Rancho Penasquitos, larger homes mean higher price tags, he told Axios.
- Top-rated schools nearby are also enticing for families, which drives up home values in those ZIP codes, Chambless said.
The big picture: Typical home values rose annually in nearly all major U.S. metros, Olsen found.