92103 & 92104 Home Prices: 2026 Trends and 2027 Forecast

By John Bertsch, REALTOR® | DRE #02135471 | Coldwell Banker West

Published November 9, 2026 · Last updated November 9, 2026

Quick answer: San Diego MLS data through September 2026 shows detached homes holding their value in ZIP code 92103 (Mission Hills, Hillcrest and Bankers Hill), while prices have softened in 92104 (North Park). Condominiums and townhomes have experienced larger declines in both ZIP codes.

Year to date, the median detached home price increased 0.7% in 92103 and declined 4.3% in 92104. Attached home prices fell 4.4% and 8.6%, respectively.

Based on September 2026 SDMLS data, national mortgage forecasts, and my experience with San Diego’s older urban neighborhoods, I expect detached home prices in 92103 and 92104 to change between -1% and +2% in 2027. Condominiums and townhomes may experience declines of up to 5%.

I’ve lived, worked and developed property in San Diego’s older urban neighborhoods for more than thirty years. I’ve heard predictions that the market was about to change more times than I can count. This year, it mostly didn’t change. It paused.

ZIP codes don’t necessarily correspond to neighborhood boundaries.

How Have Home Prices in 92103 and 92104 Changed From 2025 to 2026?

These figures come from SDMLS (San Diego Multiple Listing Service) and compare January through September 2026 with the same months of 2025. I split them into detached and attached homes because a single ZIP code median hides the story. In 92103, the typical detached home closed at $1.75 million and the typical attached home at $765,000, so a blended median moves with whatever mix happened to close.

Source: SDMLS, January–September 2026 compared with January–September 2025. Months of supply reflect September 2026.

The underlying figures appear in the September 2026 SDMLS Local Market Updates. The official SDAR report directory lists the reports; it may show the latest edition rather than the archived September version. My Mission Hills, Hillcrest and North Park market reports reproduce the September figures and include additional charts.

92104: North Park

Detached sales rose 15% year to date (106 versus 92), homes sold at 99.6% of original list price, and September inventory fell to a 2.0-month supply. Even so, the detached median is down 4.3% to $1.12 million, so buyers are showing up but not paying more.

Attached housing is the weaker side: sales fell 9.4%, the median dropped 8.6% to $555,000, and supply rose to 3.1 months. Attached homes that sell are moving faster (28 days versus 45), which tells me well-priced ones go and the rest sit. Monthly figures here rest on 10 to 14 sales, so I focus on the year-to-date numbers.

92103: Mission Hills, Hillcrest and Bankers Hill

Detached homes held. The median is $1.75 million, up 0.7%, sales rose 4.3%, days on market dropped from 42 to 33, and September inventory is a 2.6-month supply, down from 3.4.

Attached homes are where buyers have leverage: the median fell 4.4% to $765,000, new listings rose 12.7%, and inventory is up 29% to a 4.0-month supply, the highest of any category in either ZIP code.

September’s detached median ($1.75 million versus $2.15 million last September) looks like a big drop, but it rests on 11 sales each year, so I wouldn’t read much into it.

San Diego County

For context, PropertyShark’s countywide market statistics reported a median sale price of about $890,000 in the second quarter of 2026, up roughly 1.7% from a year earlier, while the number of transactions fell about 26%. This is a different period and housing mix from the September SDMLS ZIP-code figures.

In these two ZIP codes, the split runs by property type: detached sales are up and attached prices are down.

What Are NAR and Fannie Mae Forecasting for 2027?

The two forecasts point in different directions.

In a June 2026 outlook, NAR chief economist Lawrence Yun expected existing-home sales and median prices to each rise about 4% in 2026, with mortgage rates averaging about 6.5%. This was NAR’s June outlook, not necessarily its latest assessment.

Fannie Mae’s October 2026 housing forecast raised its rate outlook sharply. It projects the 30-year fixed rate at about 7.4% in the fourth quarter of 2026 and 7.5% throughout 2027.

Its national home price index forecast slows from about 2.7% growth in 2026 to 0.6% in 2027, and it projects about 4.06 million existing-home sales in 2027.

These national forecasts measure different things and aren’t directly interchangeable. They’re useful indicators of the broader market, but neither predicts what will happen to individual neighborhoods or property types in San Diego.

Here’s what that does to a payment, using my own math. On an $800,000 loan (a $1 million purchase with 20% down), principal and interest runs about $5,057 a month at 6.5% and $5,594 at 7.5%.

That’s approximately $537 more every month, which is a lot to pay for waiting on a rate cut.

What Will Happen to Detached Home Prices in 92103 and 92104 in 2027?

My forecast: approximately -1% to +2% in price, with sales volume close to this year’s pace.

This is my judgment, based on SDMLS data and the NAR and Fannie Mae outlooks. Neither organization publishes forecasts by ZIP code or property type.

Supply is tight. September inventory is a 2.0-month supply in 92104 and 2.6 months in 92103, both down from last year, and there is no new land in Mission Hills or North Park. Nobody is making more 1920s Spanish bungalows.

Buyers of higher-priced detached homes are generally less rate-sensitive, though not immune. Detached homes held essentially flat in 92103 this year but slipped 4.3% in 92104 even with sales up 15%, so I’m leaving room for a small decline.

What Will Happen to Condo and Townhome Prices in 92103 and 92104 in 2027?

My forecast: approximately -5% to 0% in price, with longer marketing times and more negotiation.

The trend is already down. The attached median fell 4.4% in 92103 and 8.6% in 92104 this year, and September supply rose to 4.0 and 3.1 months, respectively.

Condo buyers skew toward first-time and payment-driven purchasers, who feel higher rates the most. Add monthly HOA dues and many compare buying against renting.

Buildings with low dues, healthy reserves, parking and a high owner-occupancy rate will hold up best. Older buildings with special assessments will need sharper pricing.

What Does This Mean if You’re Buying or Selling?

Sellers of detached homes: Conditions are still good. Price for the market that exists now, not the one your neighbor’s online estimate remembers. Presentation matters more than the rate headlines.

Sellers of condos: Price correctly the first time. A second price reduction costs more than the first one saved.

Buyers: You have less competition and sellers are more willing to talk than they were a couple of years ago. Negotiate on price, credits and rate buydowns. If rates fall, refinancing may be an option, subject to qualification and costs. You can’t un-miss a house you loved.

If you want numbers for your block or your building, call me and I’ll pull them from SDMLS.

Explore Current San Diego Housing Market Reports

ZIP codes tell part of the story, but neighborhoods—and sometimes individual streets—can behave quite differently. For a closer look at current listings, sales and pricing trends, explore my September 2026 market reports for Mission Hills, Hillcrest and North Park. You can also compare those neighborhoods with the broader San Diego County housing market.

• Mission Hills Market Report
• Hillcrest Market Report
• North Park Market Report
• San Diego County Market Report

Frequently Asked Questions

Are Home Prices Going Up or Down in 92103 and 92104 in 2026?

Detached homes held and condos fell. According to SDMLS, the year-to-date median for detached homes was up 0.7% in 92103 (to $1.75 million) and down 4.3% in 92104 (to $1.12 million). For attached homes, the median fell 4.4% in 92103 (to $765,000) and 8.6% in 92104 (to $555,000).

What Will Mortgage Rates Be in 2027?

Fannie Mae’s October 2026 forecast projects approximately 7.5% for the 30-year fixed rate throughout 2027. NAR’s June 2026 outlook was lower, near 6.5%. Forecasts have moved considerably this year, so treat any single number cautiously.

Will Condo Prices in 92103 and 92104 Fall in 2027?

I expect condo and townhome prices to land between flat and down approximately 5%. They already fell 4.4% in 92103 and 8.6% in 92104 this year, and inventory is rising. Higher mortgage rates and HOA dues weigh hardest on payment-driven buyers. Buildings with low dues, healthy reserves and parking should hold value better.

Is 2027 a Good Time to Sell a House in Mission Hills, Hillcrest or North Park?

For detached homes, conditions remain favorable because supply is limited and buyers of higher-priced homes are generally less sensitive to mortgage rates. Accurate pricing from day one matters more than trying to time the market.

Where Does the Data in This Post Come From?

Sales figures come from San Diego MLS (SDMLS) through September 2026, as published in the Greater San Diego Association of REALTORS® Local Market Updates and reproduced in my neighborhood reports. National forecasts come from the National Association of REALTORS® and Fannie Mae’s Economic and Strategic Research Group.

Forecasts are estimates, not guarantees. Figures are drawn from the sources linked below and my own calculations.

About John Bertsch

I’m a REALTOR® with Coldwell Banker West, specializing in Mission Hills, Hillcrest, North Park and the neighborhoods surrounding Balboa Park. A San Diego resident for more than 30 years, my experience includes residential development, architecture and urban design. I’ve developed two residential projects in Mission Hills and a mixed-use condominium project in Hillcrest. My approach to real estate combines market analysis with an understanding of how neighborhood character, architecture and individual property characteristics influence value.

John Bertsch | REALTOR® | DRE #02135471
Coldwell Banker West
619-518-5421 · greathomes@johnbertsch.com

Sources

• SDAR — Local Market Updates directory (the directory may show the latest month; September 2026 figures are also documented in the linked neighborhood reports).
• Mission Hills September 2026 Market Report — SDMLS ZIP 92103 detached and attached statistics.
• Hillcrest September 2026 Market Report — SDMLS ZIP 92103 housing statistics.
• North Park September 2026 Market Report — SDMLS ZIP 92104 housing statistics.
• San Diego County September 2026 Market Report — countywide SDMLS context.
• Fannie Mae — October 2026 Housing Forecast — mortgage-rate, home-price and existing-home-sales projections.
• National Association of REALTORS® — June 2026 Housing Outlook — Lawrence Yun’s housing outlook.
• PropertyShark — San Diego County Housing Market Trends — second-quarter 2026 countywide statistics.

Local forecasts are my independent analysis, not forecasts issued by SDMLS, NAR or Fannie Mae. Median sale prices describe the properties sold during a period; they do not necessarily measure changes in an individual home’s value.