November 2022 San Diego County Market Report

• November 2022 Update on San Diego Real Estate Trends in Late Fall •

The median home price in San Diego reflects that properties are holding their value, despite a drop in the number of homes sold in November compared to a year ago, according to the Greater San Diego Association of REALTORS® (SDAR). SDAR compiles housing statistics through the San Diego Multiple Listing Service.

As the holiday season commenced, the median price of a single-family home in the county was unchanged month-over-month, while the price of attached properties (condominiums and townhomes) dipped by a modest 2 percent. The price of single-family homes in November stood at
$885,000 and attached properties settled just under $600,000. Prices of sold homes are still 12 percent higher year-to-date than in 2021.

Home sales, on the other hand, saw a dramatic drop of 47 percent last month compared to November of 2021, and cumulatively for the year, sales are down 27 percent. Yet the inventory of homes on the market continues to edge up, with approximately 60 percent more properties on the market in November than a year ago.

“It is common to see a slowdown in real estate activity around the holidays, but it is encouraging that homes in San Diego are holding their value and that inventory has increased over last year,” said SDAR President Chris Anderson. To address our region’s dire housing needs and improve affordability, we must continue to focus on the supply of homes and new construction – at both affordable and market rates,” she added. “Our elected leaders are progressively seeking ways to spur growth and development, and as REALTORS® and community partners, we strive to work with them to create more opportunities for home ownership.”

Home Prices Mainly Unchanged, Sales Dropped 47%

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

• 92028 (Fallbrook) with 33
• 91977 (Spring Valley) with 31
• 92021 (El Cajon) with 28
• 92027 (Escondido East) and 92078 (San Marcos South), both with 24
• 92020 (El Cajon), 92040 (Lakeside), 92057 (Oceanside North), 92064 (Poway), and
92082 (Valley Center), all with 23

The most expensive single-family property sold in November in San Diego County was an estate in the prestigious La Jolla Farms neighborhood boasting nearly 3 acres of gated grounds. Built in 1996, the main residence and guest house combined offer 9 bedrooms, 14 baths, and over 14,200 square feet. Featuring a grand atrium, game room, disco room, and home theater, the home sold on November 18th for $17 million.

SDAR’s housing statistics are compiled monthly from the Multiple Listing Service (MLS). Click here for a detailed look at the numbers. The following is a summary of the latest results:

TOTAL SOLD LISTINGS Comparing November 2022 to October 2022 (month over month)
Single-Family: 13.9 percent DECREASE
November 2022 = 1,051
October 2022 = 1,220

Condos/Townhomes: 12.4 percent DECREASE
November 2022 = 556
October 2022 = 646

TOTAL SOLD LISTINGS Comparing November 2022 to November 2021 (year over year)
Single-Family: 46.8 percent DECREASE
November 2022 = 1,051
November 2021 = 1,977

Condos/Townhomes: 46.7percent DECREASE
November 2022 = 556
November 2021 = 1,061

MEDIAN SALES PRICE Comparing November 2022 to October 2022 (month over month)
Single-Family: 0.2 percent INCREASE
November 2022 = $885,000
October 2022 = $883,500

Condos/Townhomes: 1.9 percent DECREASE
November 2022 = $599,500
October 2022 = $611,000

MEDIAN SALES PRICE Comparing November 2022 to November 2021 (year over year)
Single-Family: 3.4 percent INCREASE
November 2022 = $885,000
November 2021 = $856,000

Condos/Townhomes: 1.6 percent INCREASE
November 2022 = $599,500
November 2021 = $590,000