It’s been a year since we saw home prices reach their peak in the North County and San Diego housing markets. If you look at annual statistics, you’ll see that home prices have dropped compared to the same time last year. But that’s not the whole picture. Prices have actually been climbing since they hit a low point last winter. And not only are we seeing prices climb, homes are also selling more quickly with many sellers receiving multiple offers and a very high percentage of their asking prices.
This is all due to high demand and short supply of homes in San Diego County. Supply is still at only 1.2 months which is far below an average housing supply of 4-5 months. Will this continue as we head farther into the year? It’s doubtful if the U.S. defaults on its debt. But, as long as that doesn’t happen, experts predict, that the worst may be over, and prices may only decline minimally between now and 2025.
North County and San Diego Housing Markets
The year-over median price dropped 4.4 percent countywide and 6.3 percent in North County. Homes sold at 99.9 percent of their asking prices countywide and 99.2 in North County. They stayed on the market for less than 30 days. Year-over, closed sales dropped by approximately 38.5 percent, while new listings were almost 50 percent lower.
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
- 2022 SAN DIEGO COUNTY MARKET REPORT
North County Housing Summary
- The median price for all North County home sales decreased 6.3 percent in April 2023 compared to April 2022.
- Detached homes saw a median price decrease of 6.3 percent in North County, moving from $1,120,000 in April 2022 to $1,050,000 in April 2023.
- The number of sold units in North San Diego County decreased 38.3 percent compared to the previous April. Pending sales dropped 31.4 percent in the same period.
- Median days on market for North San Diego County properties was 25. This is a 127.3 percent increase from the previous April.
- Inventory supply in North San Diego County was the same as it was in April 2022 at 1.2 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in April 2023 was $832,250. This is a 4.4 percent decrease from April 2022.
- Detached homes saw a median price decrease of 4.7 percent in San Diego County, moving from $1,000,000 in April 2022 to $952,600 in April 2023.
- Attached homes in San Diego County had a 3.0 percent median price decrease compared to the previous year. They moved down to $640,000 in April 2023.
- Inventory supply countywide in April 2023 increased from 1.0 months a year earlier to 1.2 months.