Current State of the San Diego Real Estate Market

As of September 2024, the San Diego real estate market presents a variety of trends that both buyers and sellers should be aware of. The local housing market continues to perform well, though key indicators exhibit a nuanced scenario.

Median Home Prices and Market Dynamics

The median list price for homes in San Diego stands at an impressive $1,399,000. This reflects a healthy demand and the high value placed on properties in the region. Meanwhile, the median sale price in San Diego County was recorded at $920,000 as of July 2024. These figures highlight the robust nature of the real estate sector but also indicate some market corrections.

One critical metric to consider is the Market Action Index (MAI), which is currently around 53. This index suggests a relatively balanced market. However, it has decreased compared to the previous month, which may signal a slight cooling in market activity.

Home Value Trends and Inventory Levels

The average home value in San Diego has surged, witnessing an 11.5% increase over the past year. As of June 30, 2024, the average home value reached $1,031,493. This steady growth underscores the attractiveness of San Diego as a prime real estate market.

Regarding new listings, there were 52 new single-family detached homes and 31 new condos listed on the market as of September 7, 2024. This brings the total number of new properties to 83. Currently, San Diego County has a total inventory of 2,733 single-family detached homes and 1,781 single-family attached condos and townhomes, amounting to 4,514 properties. This inventory level provides various options for potential buyers.

Regional Insights and Market Competitiveness

Examining price growth on a year-over-year basis, home prices in San Diego County have risen by 4.7%. The median sale price in July 2024 stood at $920,000, indicating sustained growth in property values across the county. This general upward trend reflects the ongoing demand and stable market conditions.

Another significant indicator is the time properties spend on the market. Homes in San Diego County are now selling after an average of 20 days, compared to just 13 days last year. While homes are taking slightly longer to sell, this does not appear to significantly impact overall market health.

Regional Market Disparities and Future Outlook

Regional differences within San Diego County reveal distinct market dynamics. For instance, Northern San Diego has experienced an 8.5% year-over-year increase in home prices, with a median price of $1.3 million. The region is marked by high competition, with homes receiving an average of five offers and selling in approximately 14 days.

Overall, the San Diego real estate market exhibits positive signs of rebounding after a slower period. Home sales are picking up again, and while price growth is moderating, the fundamentals remain strong. It’s expected that market conditions will continue to evolve in response to both local and broader economic factors.

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