Although year-over prices in the North County and San Diego housing markets are still up, month-over prices continue to drop. That’s not unusual this time of year, and interest rates have been high. Luckily, those rates have been dropping since mid-October, and they’re now at the lowest point they’ve been in almost three months. They are almost a full percentage point below their peak on October 19.
If you’re looking to buy a home, this is a good time. Not only will you see lower mortgage rates and home prices, you’ll also find fewer homes selling over their asking prices. But, if you wait until spring or early summer, prices are usually stronger, homes sell more quickly, and mortgage rates are often higher during that busy season.
North County and San Diego Housing Markets
San Diego home prices gained 9.6 percent year-over while prices in North County rose 6.2 percent. Homes were on the market for 27 days countywide and just 24 days in North County. Inventory of homes for sale has been increasing and is up to 3.2 months in San Diego County, but stuck at just 1.7 months in North County. Homes are selling for just under 100 percent of their asking price in both markets.
If you want to know what homes in your neighborhood are selling for, just let me know. I’m happy to provide you with a home valuation.
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 increased 6.2 percent in October 2023 compared to October 2022.
- Detached homes saw a median price increase of 18.6 percent in North County, moving from $970,000 in October 2022 to $1,150,000 in October 2023.
- The number of sold units in North San Diego County decreased 2.2 percent compared to the previous October. Pending sales dropped 0.4 percent in the same period.
- Median days on market for North San Diego County properties was 24. This is a 20.0 percent decrease from the previous October.
- Inventory supply in North San Diego County decreased from 2.4 months to 1.7 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in October 2023 was $860,000. This is a 9.6 percent increase from October 2022.
- Detached homes saw a median price increase of 9.3 percent in San Diego County, moving from $882,000 in October 2022 to $964,000 in October 2023.
- Attached homes in San Diego County had a 10.2 percent median price increase compared to the previous year. They moved up to $667,500 in October 2023.
- Inventory supply countywide in October 2023 increased from 1.8 months a year earlier to 3.2 months.