San Diego County Real Estate Market Update: November 2024 Trends and Insights

San Diego County Local Market Update: November 2024

The San Diego County real estate market for November 2024 displayed notable trends, reflecting both resilience and evolving buyer behaviors in a dynamic market. Here’s a detailed look at key metrics and changes compared to last year.

Data Source

San Diego County Local Market Update from North County San Diego Realtors HOMEDEX Report

Key Highlights for November 2024

Overall Market Performance

New Listings: 1,257 (down 3.3% from 1,300 in November 2023)
Pending Sales: 1,096 (up 16.0% from 945)
Closed Sales: 1,110 (up 11.1% from 999)
Days on Market: Increased to 30 days (from 23 days in 2023, a 30.4% rise).
Inventory of Homes: 2,727 homes, showing a modest 1.1% increase over 2023.

Pricing Trends

Median Sales Price: $1,005,694 (up 4.9% from $959,000 in 2023).
Average Sales Price: $1,337,382 (a 3.5% increase from $1,291,542).
Percent of List Price Received: 99.2%, a slight dip compared to 99.5% in 2023.

Attached vs. Detached Homes

Detached Single-Family Homes

New Listings: 712 (-2.9% from 733 in November 2023).
Closed Sales: 581 (+6.2% from 547).
Median Sales Price: $675,000 (+2.3%).
Days on Market: 33 days, a 57.1% increase (from 21 days).

Attached Single-Family Homes

Pending Sales: Increased by 12.2% (597 compared to 532 in 2023).
Average Sales Price: $795,643, reflecting a modest 0.7% increase.
Months Supply of Inventory: Rose to 2.4 months (+9.1%).

Market Insights

The San Diego County real estate market remains active, driven by:

Strong Demand: Pending and closed sales increased significantly despite fewer new listings.
Stable Pricing: Median and average prices continue to trend upward, with modest gains.
Longer Time on Market: Homes are taking slightly longer to sell, suggesting a more balanced market.

Year-to-Date Summary (Thru November 2024)

New Listings: 21,842 (+18.0%)
Closed Sales: 15,071 (+2.3%)
Median Sales Price: $1,020,000 (+9.1%)

Conclusion

San Diego County’s market remains resilient with rising sales activity and steady pricing despite longer days on market. For both buyers and sellers, the current conditions offer opportunities in a market that continues to balance demand and inventory.

If you’re considering buying or selling in San Diego County, contact Jean and Ken Tritle at DreamWell Homes Realty for expert insights and guidance.