San Diego Real Estate Market Update – September 2024: The Key Numbers You Need to Know!

If you’re buying or selling in San Diego, the September 2024 real estate market insights could be a game-changer. Here’s what you need to know to make smart moves in today’s evolving market.

Inventory is Up, Giving Buyers More Choices

San Diego’s real estate market saw a notable increase in inventory this September. The months’ supply of homes climbed to 2.4 months for single-family homes and 2.8 months for condos and townhomes—a 48.7% increase in overall inventory compared to last year (Source: SDAR). This shift brings more balance, allowing buyers greater choice and potentially easing competitive pressures.

For Sellers: This changing landscape emphasizes the importance of strategic pricing and marketing. With more listings available, attracting buyers in a less constrained environment will require positioning your property effectively.

List to Sold Price Percentage Holds Strong

Despite the inventory increase, sellers in San Diego are still receiving an impressive 97.5% of their list price on average. This reflects ongoing demand, meaning buyers need to act fast if they find the right home and come prepared with competitive offers. For sellers, this number suggests that with the right pricing and approach, you can still expect to capture strong offers in today’s market.

Homes Taking Longer to Sell

Homes spent an average of 25 days on the market this September, up from 14 days last year (Source: Rocket Homes, Redfin). This 32.3% increase in days on market highlights a gradual shift toward longer selling times, giving buyers a bit more breathing room to make decisions. For sellers, though, it underscores the value of presenting homes attractively to stand out in a competitive landscape.

Prices Continue to Climb

San Diego real estate remains a solid investment, with the median sales price for single-family homes hitting $1,050,000—a 5.8% increase year-over-year (Source: SDAR Media). The median sale price across all home types reached $900,000, reflecting a 3.7% rise (Source: Redfin). This steady appreciation signals ongoing confidence in San Diego’s real estate market. Whether you're a first-time buyer or looking to upgrade, these figures offer a valuable baseline for making informed decisions.

What These Numbers Mean for Buyers and Sellers

  • Buyers: With more homes available and a slight extension in selling times, there’s room for strategic moves. Be ready to act quickly on the right property, but know that you have more options than in previous years.

  • Sellers: Although competition has increased, the high List to Sold Price percentage shows there’s still strong demand. Pricing your property accurately and presenting it well will be key to securing favorable offers.

Why Market Insights Matter

In real estate, every detail counts. These trends offer a snapshot of where San Diego’s market is heading, allowing you to strategize effectively rather than simply reacting. My job as your REALTOR® is to provide the insights you need to navigate this journey confidently and stress-free.

Whether you’re planning your next steps or just beginning, staying informed is essential. Got questions? Let’s connect to discuss how these trends impact your specific situation and make your next move count.

Thanks for tuning in to the September market update! If you found this helpful, be sure to subscribe and tap the bell for more monthly insights on San Diego real estate. Feel free to drop a comment, reach out, and let’s make smart, strategic moves together. See you in the next update!

Melina Rissone

Having sold properties for more than 19 years and earning various prestigious awards throughout the course of her career, Melina Rissone has more than earned her reputation as one of San Diego's most skilled and trustworthy real estate brokers selling homes and luxury condominiums. Her loyal clientele would share that Melina brings structure and planning to chaos. She specializes in supporting her clients and their referrals; families and individuals going thru divorce and seniors and active adults planning their moves and financial decisions during their retirement years..

  • Coldwell Banker Global Luxury and Institute of Luxury Home Marketing certified.
  • Cartus Network Inventory Specialist and Cartus Network Marketing Specialist since 2015.
  • RCS-D Designation, a Real Estate Collaboration Specialist for Divorce.
  • SRES Certification through NAR is a Seniors Real Estate Specialist certification.
  • Melina is bilingual in English and German.
  • Recognized as the Top 4% of all real estate brokers in San Diego County in 2021 and the Top 3% of Coldwell Banker International.
  • Coldwell Banker Presidents Elite Award.
  • Recognize as the To 2% of Coldwell Banker West in 2024.
  • Coldwell Banker Global Luxury and Institute of Luxury Home Marketing Certified.