San Diego Housing Market Update — September 2024

• Sales Fall, Prices Unphased •

San Diego home sales pulled back in September, while median prices barely moved.

Detached home sales in San Diego fell by nearly 14 percent month-over-month in September, but were more than 8 percent higher than a year ago in September 2023. Condos & townhomes saw a deeper drop of 22 percent in September compared to the previous month and were nearly 5 percent less than a year ago. Sales across all properties closed escrow in an average of 34 days during September 2024, compared to 25 median days on market a year ago in 2023.

September 2024 San Diego Housing Market Update

As the inventory of homes for sale in San Diego continues to rise, median home sale prices have not shifted significantly. September detached home sale prices were unchanged, but remain at the $1 million mark. Condos & townhomes saw a dip in prices of 4 percent month-over-month, and are slightly lower than a year ago, standing at a median of $699,000. Collectively, San Diego home sale prices in September were about 4.3 percent higher than last September.

The rising inventory of homes for sale on the market in San Diego continues on a positive trend as many would-be Buyers patiently await the prospect of lower mortgage rates, despite rising since the Federal fund rate cuts in September. Homeowners realize there are more listings to choose from now, as they evaluate the housing inventory around San Diego neighborhoods to gauge what’s available in this shifting market.

San Diego Zip Codes with Most Homes Sold September 2024

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

• 92028 (Fallbrook) with 38
• 91977 (Spring Valley) with 32
• 92057 (Oceanside North) with 31
• 92071 (Santee) with 30
• 92065 (Ramona) with 29

Most Expensive House Sold in San Diego September 2024

The most expensive house sold last month during September 2024 in San Diego County was a storybook oceanfront home on Cuchara Drive in Del Mar built in 2003. This Hamptons-style cottage in Olde Del Mar spans over 5,000 square feet with 5 bedrooms and 5 bathrooms. The open-concept living space includes 150-year-old vintage wood floors, a large pool and spa, and a generous lawn overlooking Pacific Ocean views. It sold on September 19th for $15.5 million. Listed by Laura Barry & Jim Graves at Barry Estates.

San Diego Housing Market Real Estate Data

This snapshot of the latest San Diego real estate stats from last month in September 2024 shows the percentage change year-over-year compared to September 2023. Increased inventory of homes for sale is leveling out San Diego home 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/20241016_SDAR_September_Housing_Stats_Release.pdf

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