As is typical during the holiday season, the North County and San Diego housing markets are seeing fewer sales. But, the ongoing shortage of available homes for sales is still keeping pressure on home prices. The San Diego market is continuing to appreciate more quickly than the nation as a whole. The U.S. saw a 4 percent year-over increase in median home prices in November, while prices in the North County market rose 8.2 percent, and, countywide, the median price jumped 12.1 percent.
Some home buyers are waiting for prices to drop, but with our continued shortage of properties for sale, it may be a long time coming. Although, if you are looking for opportunities, now is a good time to buy. Home prices tend to be softer toward the end of the year, and mortgage rates are close to one full percent lower than they were in October.
So, while you won’t see as many new listings coming available this time of year, you also aren’t competing with nearly as many buyers as you will be after the holidays. This less competitive market is allowing homes to now sell for around 98 percent of asking price compared to approximately 101 percent back in May, June and July.
North County and San Diego Housing Markets
Countywide, home supply has doubled compared to last year and is at 3.5 months, but it’s still very tight in North County with only 1.7 months’ supply of homes. Homes are selling for 98.6 percent of their asking price countywide and for 97.9 percent in North County. Closed sales have dropped approximately 14 percent year-over, while days on market remains tight at 28 days countywide and just 25 days in North County.
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 8.2 percent in November 2023 compared to November 2022.
- Detached homes saw a median price increase of 18.5 percent in North County, moving from $935,000 in November 2022 to $1,107,650 in November 2023.
- The number of sold units in North San Diego County decreased 14.1 percent compared to the previous November. Pending sales dropped 11.1 percent in the same period.
- Median days on market for North San Diego County properties was 25. This is a 19.4 percent decrease from the previous November.
- Inventory supply in North San Diego County decreased from 2.3 months to 1.7 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in November 2023 was $863,500. This is a 12.1 percent increase from November 2022.
- Detached homes saw a median price increase of 11.4 percent in San Diego County, moving from $880,000 in November 2022 to $980,000 in November 2023.
- Attached homes in San Diego County had a 11.3 percent median price increase compared to the previous year. They moved up to $667,500 in November 2023.
- Inventory supply countywide in November 2023 increased from 1.7 months a year earlier to 3.5 months.