San Diego Real Estate Market Update – August 2024

The real estate market in San Diego continues to thrive as of August 2024. With a substantial inventory of both single-family detached homes and condos, the region remains a competitive hub for buyers and sellers alike. Below we delve into the key metrics that define the current housing landscape in San Diego.

Current Inventory and New Listings

As of August 28, 2024, homebuyers in San Diego County have a choice among 2,677 single-family detached homes and 1,725 single-family attached condos and townhomes. On the same day, the market saw the addition of 30 new homes and 21 new condos. This steady influx of properties maintains the market’s dynamism, catering to various buyer preferences.

The median sale price for a home in June 2024 was around $1 million, marking a 10% increase from the previous year. Concurrently, the median price per square foot rose to approximately $712, a 4.4% increase from last year, highlighting the escalating property values within the county.

Market Competitiveness and Buyer Behavior

The San Diego real estate market remains predominantly a seller’s market characterized by high competitiveness. Homes typically receive multiple offers and often sell above the list price. On average, homes stay on the market for around 16 days, with particularly desirable properties selling in as few as 8 days. In fact, a notable 41% of homes are sold above the asking price, evidencing strong and sustained demand.

Migration trends in San Diego reveal significant attraction from other major metropolitan areas such as Los Angeles, San Francisco, and New York. Interestingly, a substantial majority of local homebuyers, approximately 71%, prefer to remain within the San Diego metropolitan area, driven by the city’s appealing lifestyle and economic opportunities.

Interest rates as of May 2024 stood at 7.06% for a 30-year fixed mortgage. While not specific to August, these rates undoubtedly impact buyer affordability and purchasing power. Looking ahead, analysts predict sustained growth in the market with a projected 1.1% increase in the median sale price over the next year. This forecast underscores the persistent demand and limited inventory that continue to define San Diego’s real estate market.

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