San Diego Housing Market Update — August 2024

• Home Sales Slow, Condo Sales Rise •

Heading into the final stretch of summer, San Diego home sales slowed in August, while condo & townhouse sales rose slightly.

San Diego home sales fell by 8 percent in August, compared to July. That’s in contrast to condo & townhouse sales which rose 3.5 percent from the previous month. The one-year change in closed sales for all properties in San Diego amounts to a drop of just over 2 percent.

August 2024 San Diego Housing Market Update

Median home sale prices have increased slightly over recent months.

The average price of a house in San Diego was $1,626,000 during August, up from a month earlier during July. The median price of condos & townhomes in August was $699,000, slightly lower than the prior month. For the 2024 year-to-date, San Diego home prices are still almost 8 percent higher than they were at this point in 2023.

San Diego’s latest market activity is driven by Buyers anticipating a drop in interest rates by the Federal Reserve later this month, which would lead to lower mortgage rates.

Slower markets like this have a slight upside for home Buyers to make less competitive Offers, as there is typically less bidding pressure and more wiggle room for negotiation. This means you can secure homes at potentially better prices or with more favorable terms. Any confirmed interest rate cuts could quickly reignite competition and drive up prices again.

San Diego Zip Codes with Most Homes Sold August 2024

In August, the zip codes in San Diego County with the most home sales were:

• 92028 (Fallbrook) with 45
• 92064 (Poway) with 38
• 92071 (Santee) with 35
• 92057 (Oceanside North) with 33
• 92117 (Clairemont) with 32

Most Expensive House Sold in San Diego August 2024

The most expensive property sold during August 2024 in San Diego County tied La Jolla’s largest-ever home sale price for $35 million. This 4.5 acre hilltop estate on La Jolla Shores Drive was previously owned by the Mosier family who, along with the Kellogg family, owned most of The Shores including Avenida De La Playa commercial strip in the 1940s and ’50s.

The property and existing 3,304 square foot house, built in 1948, will be redeveloped to subdivide the lot into six parcels, each with it’s own house and shared access to Calle del Cielo. The planned development, named Cielo Del Mar, is actively moving through planning, zoning, and permitting. Listed by Brett Dickinson & Ross Clark at Compass.

San Diego Housing Market Real Estate Data

This snapshot of the latest San Diego real estate stats from last month in August 2024 shows the percentage change year-over-year compared to August 2023. Limited inventory of homes for sale has fueled a sharp uptick in prices. Read on for a detailed analysis of this historical data and what impact these metrics have on Sellers, Buyers, and real estate trends around your neighborhood in San Diego.

Data on the current housing market in San Diego is compiled by the Greater San Diego Association of REALTORS® (SDAR) through the San Diego Multiple Listing Service (SDMLS).

Sources: 

https://sdar.stats.10kresearch.com/docs/mmi/x/report?src=page

https://media.sdar.com/media/20240912_SDAR_August_Housing_Stats_Release.pdf

https://media.sdar.com/media/CurrentStats.pdf