North County and San Diego housing markets showed strong year-over and month-over price growth in April. As is typical in spring, the number of new listings coming on the market also increased, easing inventory shortages slightly. But the higher number of homes for sale didn’t stop them from selling even more quickly than they did in March.
Pending sales in April did show some weakening compared to March’s numbers. This was likely due to higher mortgage rates which peaked at 7.52 percent.
Will this slow down price growth? Given the strong demand, limited supply and favorable economic conditions we’re currently experiencing, this is unlikely. The Union-Tribune asked this same question of their panel of experts and the majority agreed.
Unless we see a big jump in mortgage rates, which are at 7.18 percent today, a very large increase in the number of homes for sale, or a weakening economy, home prices will most likely continue to rise. And, if mortgage rates do drop later this year, prices could increase even more quickly.
North County and San Diego Housing Markets
April’s San Diego County median price was $925,000 and hit $1,060,000 in North County. Countywide, it took an average of 27 days for homes to sell, and only 19 days in North County. Homes sold at approximately 100.5 percent of their asking prices. Inventory supply is increasing, but is still below two months, keeping us in a strong seller’s market.
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 15.8 percent in April 2024 compared to April 2023.
- Detached homes saw a median price increase of 21.2 percent in North County, moving from $1,040,000 in April 2023 to $1,260,000 in April 2024.
- The number of sold units in North San Diego County increased 9.8 percent compared to the previous April. Pending sales grew 1.9 percent in the same period.
- Median days on market for North San Diego County properties was 19. This is a 24.0 percent decrease from the previous April.
- Inventory supply in North San Diego County increased from 1.7 months in April 2023 to 1.9 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in April 2024 was $925,000. This is a 11.4 percent increase from April 2023.
- Detached homes saw a median price increase of 15.8 percent in San Diego County, moving from $950,000 in April 2023 to $1,100,000 in April 2024.
- Attached homes in San Diego County had a 6.6 percent median price increase compared to the previous year. They moved up to $685,000 in April 2024.
- Inventory supply countywide in April 2024 increased from 1.2 months a year earlier to 1.8 months.