Both the North County and San Diego housing markets saw strong year-over and month-over price increases in February. This is because demand continues to exceed supply even with today’s higher interest rates.
With inflation taking longer to drop than the Feds and markets had hoped, mortgage rates are still fluctuating between approximately 6.5 and 7 percent. Experts predict that rates will decline later this year. But if you’re looking to purchase a home, waiting for lower rates might not be the best option.
Since we’re seeing prices continue to increase with a year-over median price jump of 14.3 percent, it may make more sense to buy now and refinance if rates drop in the future. If you’re not sure which option makes the most sense financially, reach out to me. I’ll crunch the numbers with you so you can decide which choice is best for you.
North County and San Diego Housing Markets
February’s market was competitive for home buyers, with supply remaining at just 1.4 months countywide and homes selling for between 99 and 100 percent of asking price. Homes sold in an average of 26 days in North County and 31 days countywide with median prices of $950,000 and $890,000 respectively.
See below for this month’s statistics and daily interest rate updates, and if you’d like to know the value of your home, just let me know. I’ll send you a free home valuation.
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
- 2023 SAN DIEGO COUNTY MARKET REPORT
North County Housing Summary
- The median price for all North County home sales increased 11.0 percent in February 2024 compared to February 2023.
- Detached homes saw a median price increase of 18.2 percent in North County, moving from $950,000 in February 2023 to $1,122,500 in February 2024.
- The number of sold units in North San Diego County increased 14.5 percent compared to the previous February. Pending sales dropped 8.1 percent in the same period.
- Median days on market for North San Diego County properties was 26. This is a 36.6 percent decrease from the previous February.
- Inventory supply in North San Diego County decreased from 1.6 months to 1.5 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in February 2024 was $890,000. This is a 14.3 percent increase from February 2023.
- Detached homes saw a median price increase of 16.1 percent in San Diego County, moving from $899,000 in February 2023 to $1,043,900 in February 2024.
- Attached homes in San Diego County had a 7.0 percent median price increase compared to the previous year. They moved up to $662,000 in February 2024.
- Inventory supply countywide in February 2024 increased from 1.2 months a year earlier to 1.4 months.