North County and San Diego Housing Markets:
The Effect of Higher Mortgage Rates

North County and San Diego Housing Markets April 2024, Pam Fraser. Chart of resale housing statistics for North San Diego County.

The North County and San Diego housing markets continued to stay strong in March despite mortgage rates hovering at approximately 7 percent. Tuesday saw rates reaching their highest point since November which may cause some softening in the April numbers. They are now above 7 percent.

Strong job growth along with stubborn inflation data from March pushed mortgage rates upward. It also caused the Fed to announce that they were no longer in a rush to lower central bank rates.

Countering higher mortgage rates is the continued shortage of homes for sale in San Diego County. The supply is still sitting at only 1.6 months. This helped push up the sales prices of homes to approximately 100.5 percent of their asking prices in March, and allowed them to sell in an average of less than one month.

Many home buyers are sitting on the fence waiting for mortgage rates to soften. But this might not be the best choice if the supply of homes remains as low as it currently is. This shortage is keeping San Diego County in a strong seller’s market, and if rates drop, we will most likely see home prices move up even more quickly.

North County and San Diego Housing Markets

Homes sold at a median price of $890,000 in San Diego County with a year-over increase of 7.9 percent. North County saw a 9.0 percent increase with a median price of $981,000. Inventory in March grew marginally to 1.6 months with new listings, pending sales and closed sales all up slightly compared to February.

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 Housing Summary

  • The median price for all North County home sales increased 9.0 percent in March 2024 compared to March 2023.
  • Detached homes saw a median price increase of 18.0 percent in North County, moving from $1,000,000 in March 2023 to $1,180,351 in March 2024.
  • The number of sold units in North San Diego County decreased 14.8 percent compared to the previous March. Pending sales grew 0.3 percent in the same period.
  • Median days on market for North San Diego County properties was 24. This is a 29.4 percent decrease from the previous March.
  • Inventory supply in North San Diego County stayed at 1.6 months.


San Diego County Housing Summary

  • The median price for all San Diego County home sales in March 2024 was $890,000. This is a 7.9 percent increase from March 2023.
  • Detached homes saw a median price increase of 12.1 percent in San Diego County, moving from $937,000 in March 2023 to $1,050,000 in March 2024.
  • Attached homes in San Diego County had a 5.2 percent median price increase compared to the previous year. They moved up to $670,000 in March 2024.
  • Inventory supply countywide in March 2024 increased from 1.2 months a year earlier to 1.6 months.

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