Recent news is that nationally the housing market is cooling off. That’s true in the North County and San Diego real estate markets, but they are still very strong. Homes continue to sell quickly and often over their asking prices, but not to the extent they were earlier this year.
Year-over sales are down, but unlike some parts of the country, we aren’t getting enough new listings to replace those that are selling. This is keeping inventory very low. It’s still under one month. (A balanced market will have 4 to 6 months of inventory for sale.)
Experts predict that our market will continue to slow down. They are forecasting that appreciation, which has been at approximately 20 percent this year, will drop to 5-6 percent statewide in 2022.
North County and San Diego Real Estate Markets
Year-over sales, pending sales and new listings were all down in September. New listings fell the most, but due to COVID we saw an unusual number of new listings at this time last year. The median sales price increased 16.2 percent in North County and 15.2 percent countywide. This is less than earlier in the year, but still a significant price gain.
It’s still a strong seller’s market, but pressure on interest rales is increasing. Higher interest rates will push more buyers out of the market and slow the rate of price increases.
See below for this month’s statistics and daily interest rate updates.
Interest Rates
Market Updates
Click on the links below to read the San Diego real estate market reports.
- NORTH COUNTY MONTHLY INDICATORS
- METRO SAN DIEGO COUNTY MARKET UPDATE
- EAST SAN DIEGO COUNTY MARKET UPDATE
- SOUTH SAN DIEGO COUNTY MARKET UPDATE
- SAN DIEGO COUNTY MONTHLY INDICATORS
- 2020 NORTH COUNTY MARKET REPORT
North County Real Estate Summary
- The median price for all North County home sales increased 16.2 percent in September 2021 compared to September 2020.
- Detached homes saw a median price increase of 20.7 percent in North County, moving from $758,990 in September 2020 to $916,250 in September 2021.
- The number of sold units in North San Diego County decreased 17.9 percent compared to the previous September. Pending sales dropped 24.2 percent in the same period.
- Median days on market for North San Diego County properties was 16. This is a 33.3 percent decrease from the previous September.
- Inventory supply in North San Diego County dropped from 1.9 months in September 2020 to 0.9 months.
San Diego County Real Estate Summary
- The median price for all San Diego County home sales in September 2021 was $760,000. This is a 15.2 percent increase compared to September 2020.
- Detached homes saw a median price increase of 15.9 percent in San Diego County, moving from $742,000 in September 2020 to $860,000 in September 2021.
- Attached homes in San Diego County had an 16.5 percent median price increase compared to the previous year. They moved up to $565,000 in September 2021.
- Inventory supply countywide in September 2021 decreased from 1.8 months a year earlier to 0.8 months.