San Diego Coastal Real Estate Market Update September 2024

Transcript:

San Diego Coastal Real Estate Update – September

Prices came down again, guys. You know the drill—90 seconds or less to get you caught up on San Diego coastal real estate!

Detached home prices dropped, with the median falling from $1.8 million to just under $1.65 million. This is a trend we've been tracking for months. It puts us right back where we were this time last year. But if you look at the long-term trends and roll those averages, you’ll see the upward trajectory over time. Like they say, don’t wait to buy real estate—buy real estate and wait!

Condos dropped as well, landing at about $750,000. Active time on the market ticked up a bit. Detached homes are sitting at 26 days, while condos are just over a month at 31 days. The percentage of asking price to close price came down slightly, too. Detached homes are sitting at 98.5%, and condos are at 97.3%.

Despite these slight shifts favoring buyers, inventory hasn’t changed much. We’re still looking at around 1,550 listings, split almost evenly between detached homes and condos. Interest rates are holding in the mid to lower half of the 6% range. Stay tuned to Fed announcements because if rates drop further, we’ll likely see more buyers jump into the market.

Remember, every home is different, every neighborhood is different, and your goals are specific to you. Reach out to me, and let’s talk about how we can achieve your real estate goals. I look forward to connecting with you!

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• San Diego property inventory
• San Diego real estate interest rates
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