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San Diego Monthly Housing Market Update
San Diego's housing market is HOT. We are talking multiple offers well over asking hot. Let's take a look at the numbers for the month to see what's going on in the San Diego real estate market.
The San Diego Housing Market is UP 13.9% year over year with the South Bay the hottest market right now with a 15.3% rise in home prices.
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Why is the housing market so competitive in San Diego? The supply of homes for sale in San Diego simply can't keep up. Inventory shortages have become a significant challenge, further intensifying the competition among buyers. Limited housing stock, coupled with high demand, has created a perfect storm for sellers to command top dollar for their properties.
What can buyers do to get a house?
Home buyers are getting outbid on homes and are frustrated. What can you do as a home buyer in San Diego? Get prepared. Be ready to take action when you find the home you love. Listen to your agent's recommendation about writing a competitive offer. A good agent knows the market and knows what kind of offer will win the home you love.
Will this continue?
Experts think this will continue for much of 2024. However there are many home sellers who have been waiting to sell. If many of those home owners decide to sell this can increase inventory and options and start to keep prices in check.
