San Diego Housing Market Update — June 2024

• Home Sales Pull Back •

At the start of summer in during June 2024, San Diego home sales slowed after rising since the beginning of the year.

An increase in available listings is giving more opportunities for Buyers and could influence San Diego home price trends over the coming months. The median home price in San Diego County crossed $1 million for the first time in June, proving San Diego’s real estate market is still competitive despite fewer sales.

Median sale prices around San Diego have skyrocketed in the past few months. The average price of a detached house in San Diego during June settled at $1.64 million, up almost 3 percent from May of this year and 16.5% from June 2023.

Condos & townhomes sold for a median price of $698,500 last month during June, a slight increase of 2 percent since the previous month in May. Compared to a year ago, San Diego County home prices are up nearly 20 percent despite higher interest rates & commission changes.

“It’s promising to see that home supply has nearly doubled since 2023, as this indicates increased construction & housing options for home Buyers to meet the ever-growing demand for living in San Diego. With anticipated rate decreases by the end of the year, expect San Diego home sales to increase over the coming months,” said SDAR President Spencer Lugash.

“While home sales have slowed, view this as the market beginning to correct itself and adapt to high interest rates.”

June San Diego Housing Market Update

Detached home sales were down 11 percent around San Diego in June over May of this year, and down about 5 percent from June of 2023.

Condo & townhome sales in San Diego saw a deeper drop of 16 percent month over month. The supply of homes for sale continues to improve from a year ago, up more than 44 percent. This jump in available listings gives Buyers more options to choose from and could shake up prices down the line.

In June, the zip codes in San Diego County with the most single-family home sales were:

• 92028 (Fallbrook) with 50
• 92128 (Rancho Bernardo East) with 37
• 92128 (Rancho Bernardo West) with 36
• 91977 (Spring Valley) with 32
• 92056 (Oceanside East) and 92078 (San Marcos) both with 29

Most Expensive House Sold in San Diego June 2024

The most expensive single-family property sold during June 2024 in San Diego County was a custom-built home in Coronado less than a block from Coronado Beach. Located on Pine Street in Coronado Village, the 4 bedroom, 5 bath property built in 2020 has a gourmet kitchen, a butler’s pantry, and a rooftop terrace to enjoy the beach and sunsets. It sold on June 21 for $9,825,000. Listed by Carrie O’Brien and Serena Bleam at Flagship Properties, Inc.

San Diego Housing Market Real Estate Data

This snapshot of the latest San Diego real estate stats from last month in June 2024 shows the percentage change year-over-year compared to June 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/20240715_SDAR_June_Housing_Stats_Release.pdf