What a difference 12 months can make! Did You Know… in 2022 there were 75 homes sold in the 1st half of the year in Coronado. The average was a 3 bed / 3 bath / 2,719 Sq. Ft. sold at $3,787,000 or $1,404 per Sq. Ft. In 2023 there were 57 homes sold in the 1st half of the year, that is due to the significant drop in inventory. The average was a 3 bed / 3 bath / 2,460 Sq. Ft sold at $3,786,000 or $1,607 per Sq. Ft. (Quite a substantial jump!) Source: San Diego MLS 01/01/-06/30 year over year
The purchase of a home in Coronado has historically proven to be an incredible investment, especially over the long term. Keep reading to find out why!
Long-Term Appreciation Trends
From January 2000 - December 2022, the average national house price appreciated approximately 197%. According to the S&P CoreLogic Case-shiller Home Price Index. This long-term appreciation trend is still true to the Coronado Real Estate market. The average sales price for a single family home in Coronado in 2000 was $947,099 – for the year 2022 is was $3,602,454; That is an increase of 280%! Data sourced from the San Diego MLS 01/01-12/31 year over year.
In the event of home appreciation, it can supercharge the return on your cash down payment and closing costs. This is because your home is worth more than your initial investment.
Monthly mortgage payments gradually reduce your outstanding loan amount, building home equity. In simple terms, you’re paying yourself, not a landlord. Available rentals in Coronado, CA range anywhere from $3,600 / month - $40,000 / month according to the San Diego MLS as of 07/26/23.
Please contact The Clements Group, the top local real estate team, if you would like more info on Coronado homes for sale or would just like to discuss market insight. We are happy to talk and answer any questions you may have!