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San Diego Housing Market Update May 2024
San Diego continues to be one of the hottest housing markets in California. While most markets in the US are seeing a decline in sales, San Diego was up 2% in homes sales in May. Pending Sales increased 8.0 percent for Detached homes and 2.4 percent for Attached homes.
Some San Diego markets having seen a decline, however homes located in desirable locations and good school districts continue to receive multiple offers.
San Diego County Market Numbers
San Diego County
Home prices in the entire San Diego County are up 9.6% to $915,000 receiving 100.2% of the listed price. Homes for sale in San Diego are on the market for an average of 21, a 5.0% increase. Total homes for sale in San Diego County are down 3.7% to 2,187.
North County
North San Diego County home prices are up 15% to $1,070,000 receiving 100.1% of list price. Days on Market increased 4% to 23.
East San Diego County home prices are up 5.8% to $772,500 + receiving 99.8% of list price. Days on market increased 2.3% to 20.
South San Diego County home prices are up 2% to $793,000 receiving 100.3% of list price. Days on market are up 0.8% to 20 days.
Metro San Diego County home prices are up 7.9% to $949,500 receiving 100.5% of list price. Days on market are up 0.9% to 19 days.
Where have home prices gone down in San Diego? Most of the areas home prices have declined in San Diego are expensive areas such as Point Loma, Rancho Santa and some areas of the coast.
Will Prices Go Down in San Diego
While I do not have a crystal ball, experts agree home prices are a reflection of inventory and demand. As mortgage rates continue to fluxuate, demand has cooled off which leads me to believe we will start to see a flattening out of home prices in San Diego over the next few months. There is nothing to indicate a significant drop in home prices in the next 6 months. However, you can still find some affordable homes if you are willing to look in East County or South County.
