San Diego Housing Market Update — May 2024

By in News

• Market Gains Momentum •

In May, San Diego home sales saw more gains in total count and median prices were nearly unchanged, while inventory of homes for sale increased by over fifty percent.

San Diego’s real estate market is still holding strong despite higher interest rates and commission changes. San Diego home sales saw gains in total count for May and median sale prices nearly remained flat. Even more exciting is the over fifty percent inventory increase of homes on the market this May in 2024 compared to 2023. This jump in available homes gives Buyers more choices and could shake up prices down the line.

May San Diego Housing Market Update

Detached home sales last month increased by 4.4 percent, and condo & townhome sales jumped more than 7 percent month-over-month. Compared to last year, home sales dipped somewhat; however, the supply of homes for sale on the market is more than 50 percent higher than last year at this same time.

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

• 92028 (Fallbrook) with 49
• 92009 (Carlsbad SE) with 41
• 92026 (Escondido North) and 92075 (Solana Beach), both with 38
• 92064 (Poway) and 92128 (Rancho Bernardo East), both with 37
• 92056 (Oceanside East) with 36

Most Expensive House Sold in San Diego May 2024

The most expensive house sold during May 2024 in San Diego County was an oceanfront residence at Little Point, one of La Jolla’s premier beaches. The property on Neptune Place has mostly single-story living and is designed around a seaside courtyard. Built in 2007, the 3,600-square-foot home has 3 bedrooms, 5 baths, and sold on May 20 for $17 million after only 19 days on market. Listed by Drew & Timothy Nelson at Willis Allen Real Estate.

San Diego Housing Market Real Estate Data

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

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About The Author
Portia Green, REALTOR®

Portia’s clients all have a similar story. Most likely, you met her huddled around a tablet at the dinner table yet she feels like a friend. Her personable nature and easy going approach attract Sellers and Buyers alike, in what can be a stressful and emotionally charged event. A talented REALTOR® with 16 years experience, Portia is just as excited about real estate today as she was with her first transaction. She remains ever-committed to helping her clients find their place in the world and helping busy people navigate this crazy real estate market like a pro.