San Diego County Real Estate Market Update: December 2024 Trends and Insights
As we close out 2024, the San Diego County real estate market has displayed notable growth and some shifting dynamics. Here’s an overview of the key trends that defined December 2024, using data provided by North San Diego County REALTORS®.
Market Highlights for December 2024
- New Listings: Increased by 3.7%, totaling 892, compared to 860 in December 2023.
- Pending Sales: Rose by 5.5%, reaching 889, compared to 843 the previous year.
- Closed Sales: A remarkable 22.6% jump, from 928 in December 2023 to 1,138 in December 2024.
- Median Sales Price: Increased by 7.4% year-over-year, reaching $999,000.
- Average Sales Price: Up 4.3%, now at $1,297,268.
- Days on Market: Increased from 25 to 34 days, a 36% rise, reflecting a slightly slower pace of sales.
- Inventory of Homes for Sale: Decreased by 7.5%, with 2,052 homes available.
- Months Supply of Inventory: Dropped to 1.6 months, reflecting an 11.1% decline, indicating a persistently tight market.
Rolling 12-Month Metrics (2023 vs. 2024)
- New Listings: Jumped by 18.9%, from 18,480 to 21,978.
- Closed Sales: Increased by 5.5%, from 14,534 to 15,333.
- Median Sales Price: Grew 8.7%, from $943,000 to $1,025,000.
Detached vs. Attached Homes
The market for detached single-family homes outpaced that for attached homes in several areas, but both sectors showed strong growth:
- Detached Homes Median Price: Reached $999,000 in December 2024.
- Attached Homes Median Price: Recorded at $660,000, a 1.7% year-over-year increase.
- Average Sales Price for Attached Homes: Rose by 4.8% to $769,331.
Key Takeaways for Buyers and Sellers
- For Sellers: A rising median sales price and a high percentage of original list price received (97.2%) suggest favorable conditions for selling.
- For Buyers: Inventory remains tight with a 1.6-month supply, but slightly longer days on market provide a window to negotiate.
Looking Ahead to 2025
San Diego County’s real estate market remains vibrant, with robust demand driving up prices despite limited inventory. As we move into 2025, trends point to continued competition among buyers, especially in higher-end properties.
Stay informed on the latest San Diego County real estate trends with DreamWell Homes Realty. Whether you’re buying or selling, our team is here to guide you through the dynamic market.
For detailed updates, visit our blog or contact Jean and Ken Tritle, Realtor®, at DreamWell Homes Realty today!
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