Chula Vista Real Estate 2024 Market Predictions
In December 2023, Zillow named Chula Vista CA in South Bay San Diego the most searched large city to buy real estate in the United States. Zillow categorizes a large city as more than 250,000 people. Chula Vista’s current population is estimated at 280,000 people. The typical home price in Chula Vista is approximately $800,000.
With so many people searching for homes in Chula Vista, what will 2024 bring for the Chula Vista Real Estate Market? Predictions are educated guesses and there are many factors that may affect where the Chula Vista Real Estate Market will be in 2024. Some of these factors are, interest rates, supply, demand, economy, inflation, homebuyer confidence, the job market in the Chula Vista and San Diego area and more. Here is what we think the Chula Vista Real Estate Market will look like in 2024.
Chula Vista has seen a lot of growth over the past 35 years, particularly in East Chula Vista. East Chula Vista was ranch land before the master planned communities took root. The beginning of the East Chula Vista housing boom was started in 1986 with the EastLake Company developing the ranch into the master planned community of EastLake. The first-phase neighborhoods of EastLake Hills and EastLake Shores were produced by eight builders and ranged in price from $49,900 to more than $300,000. Builders in the initial phase were Brehm Communities, Century American Corp., Pacific Scene, the Fieldstone Co., Lane/Kuhn Pacific, McKellar Homes and Barrett San Diego.
EastLake grew into many areas which now include EastLake Hills, EastLake Shores, EastLake Greens, EastLake Trails, EastLake Vista, EastLake Woods and EastLake Summit. From the success of EastLake other master planned communities began to offer new homes in East Chula Vista. Communities like, Rolling Hills Ranch, Otay Ranch, San Miguel Ranch, Sunbow, Windingwalk, and Rancho Del Rey.
Enough of the history lesson of Chula Vista. I sold many new homes in EastLake during this time for KB Home AKA Kaufman and Broad, so it’s like going down memory lane. The first house I purchased was in Eastlake Greens and lived in EastLake Trails, EastLake Woods, Rolling Hills Ranch and Otay Ranch. I can remember the cattle in the grassy fields that went on forever. Now there are thousands and thousands of homes and families living there. This area is truly one of the nicest master-planned communities in San Diego County California.
What will 2024 bring for Real Estate in Chula Vista?
Low inventory will still be the biggest factor when buying a home in Chula Vista. With homeowners locked into low interest rates many of them will stay in their homes and enjoy the low monthly mortgage payment. Higher interest rates have made it far less likely that a homeowner will move, since their new monthly mortgage payment will be much higher than what they have now. If a current homeowner wants to move, they may just keep the Chula Vista Real Estate they currently own on a low interest rate loan and rent it out. The property should cash flow with the low interest rate loan they have now.
Interest Rates will also be a factor. It’s predicted that interest rates will go down in 2024. They won’t go as low as they were a few years back, these rates were the lowest in history. Those low interest rates will almost certainly never come back. Nevertheless, lower interest rates will help the home buying and selling market in Chula Vista. Keep in mind that homes priced correctly in today’s 2023 market are getting multiple offers, There's no reason to think that in 2024, homes at market prices will also get multiple offers. With lower interest rates more buyers will be writing offers. If you are looking to buy a home in Chula Vista, give The Lewis Team a call. We would love to show you our strategy for buying a home in the 2024 market. Selling homes in Chula Vista since 1989.
Why has Chula Vista become such a popular place to live? I think a lot of it has to do with how well the master planned communities were originally planned out by the developers. There are lots of amenities in each community including pools, basketball courts, parks, soccer and baseball fields, great shopping and dining, 2 large shopping malls and more. Many of the neighborhoods were designed to cul-de-sac or dead end, meaning not a lot of through traffic in a neighborhood. The weather in Chula Vista is very nice, not as hot as East County San Diego and has a nice breeze that somehow finds its way to Eastern Chula Vista. It’s an easy drive to the sites and activities that San Diego has to offer including the Sesame Place San Diego Water Park, Beaches, Coronado, Downtown San Diego, Balboa Park, Old Town, San Diego Zoo, SeaWorld and more.
Chula Vista and the Military. San Diego is a Military Town. There are many large Navy and Marine Corps Bases in San Diego County. There are also many Veterans living in Chula Vista who decided to stay in San Diego County once their time in service was over. Not a bad place to retire. And THANK YOU for your service! My husband is a former active-duty Marine, well not former, once a Marine always a Marine. My dad was a Sailor in the Navy. We are all part of The Lewis Team and have helped hundreds of active-duty military and veterans with their real estate needs. If you would like information about real estate in Chula Vista, please give us a call. We would love to show you our strategy for buying a home or selling a home in the 2024 market.
What if you’re selling a home in Chula Vista in 2024? 2024 should be a sellers’ market. This means you should have lots of buyers interested in buying your home. You want to get the most out of your home when you sell it. You want to get the highest value possible for your home. Great advice from an agent with over 30 years’ experience can net you tens of thousands of dollars more for your home. Who you hire matters. If you would like some information about selling your home or condo in Chula Vista, please give us a call. We would love to show you our strategy for selling a home in the 2024 market.
Chula Vista Home Values should tick up a bit in 2024. But like anything else, we will have to wait and see.
Happy New Year!
The Lewis Team
Dawn Lewis – Your Chula Vista Real Estate Expert! 619-981-3917
The Lewis Team San Diego Real Estate Experts!