San Diego Housing Market Update — April 2024

• Homes Sales & Prices Surge •

More houses hit the market in April 2024, but as housing inventory increases, so are San Diego home prices. San Diego homes are selling faster as more Sellers list their properties for sale during the spring homebuying season.

April was a very healthy month for real estate in San Diego. Sale prices have increased for the third straight month after three months of decline over the winter. There’s a lot of demand in the spring market, and homes are selling quickly as they go on the market.

April San Diego Housing Market Update

April is one of the busiest months of the year in real estate and San Diego posted big gains. Currently, the average price for a detached house in San Diego sits at $1,696,000 while condos & townhomes average at $893,000. Data from the April 2024 market report shows a very strong, fast-paced market around San Diego. New listings are still on the rise, but fierce competition to snatch up limited homes for sale is driving fewer days on market and puts upward pressure on prices during peak real estate season this spring as summer approaches.

Year-over-year, San Diego home sales continued to rise in April while condo sales dipped. In April, the market of homes for sale grew by more than 5 percent compared to March, and nearly 6 percent over April of 2023. Condos and townhomes, on the other hand, dipped slightly by 2 percent month-over-month, and were down about 1 percent from a year ago.

For the year-to-date, home sales are up only about a percent; however, the supply of homes on the market in San Diego County is up about 50 percent from last year. The median price of detached homes in April increased by almost 5 percent over March, landing at $1.1 million. That’s a 16 percent increase over April 2023. Condos and townhomes hit a median price of $685,000, about a 2 percent increase month-over-month, and a 6.6 percent rise from a year ago.

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

• 92028 (Fallbrook) with 50
• 9064 (Poway) with 39
• 92009 (Carlsbad SE) and 92057 (Oceanside North), both with 32
• 92026 (Oceanside East) and 92021 (El Cajon), both with 30
• 29026 (Escondido North) and 92040 (Lakeside), both with 26

The most expensive single-family property sold during April 2024 in San Diego County was the Foxhill Estate in La Jolla, one of San Diego’s largest and most historic properties.

Set on 30 coastal acres, the gated property features a 17,000-square-foot home, an eight-car garage and a putting green. Built in 1959 by James Copley, former publisher of the San Diego Union-Tribune, the estate listed by Ross Clark at Compass sold on April 30 for $35 million.

San Diego Housing Market Real Estate Data

This snapshot of the latest San Diego real estate stats from last month in April 2024 shows the percentage change year-over-year compared to April 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).