Even with higher mortgage rates, North County and San Diego housing markets continued to show strong price gains in May. The median price countywide did see a slight drop month-over, but still grew by 9.1 percent year-over. The median price in North County increased $10,000 monthly, and gained 15.1 percent compared to the previous May.
Inventory grew slightly, and is now at 2.1 months, which is still very low. And with mortgage rates dipping below 7 percent due to this week’s economic reports, I expect the market to continue to stay strong for home sellers and remain challenging for home buyers.
North County and San Diego Housing Markets
The median sales price for San Diego County in May was $922,068. It hit $1,070,000 in North County. Homes sold for slightly over 100 percent of their original asking price, and inventory crept up to just over 2 months. The number of closed sales saw little change from last year, and homes sold in just under one month, on average.
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 15.1 percent in May 2024 compared to May 2023.
- Detached homes saw a median price increase of 14.3 percent in North County, moving from $1,050,000 in May 2023 to $1,200,000 in May 2024.
- The number of sold units in North San Diego County increased 1.4 percent compared to the previous May. Pending sales grew 6.1 percent in the same period.
- Median days on market for North San Diego County properties was 23. This is a 4.2 percent decrease from the previous May.
- Inventory supply in North San Diego County increased from 1.9 months in May 2023 to 2.1 months.
San Diego County Housing Summary
- The median price for all San Diego County home sales in May 2024 was $922,068. This is a 9.1 percent increase from May 2023.
- Detached homes saw a median price increase of 14.3 percent in San Diego County, moving from $955,000 in May 2023 to $1,091,750 in May 2024.
- Attached homes in San Diego County had a 7.5 percent median price increase compared to the previous year. They moved up to $685,000 in May 2024.
- Inventory supply countywide in May 2024 increased from 1.4 months a year earlier to 2.1 months.