Thinking about jumping into the housing market and curious about what’s in store for the year ahead? Here’s what experts are saying the real estate market in San Diego is heading in 2024.
First, here’s the latest data from the California Association of Realtors®
- $440 is the current price/sq. Ft., the highest level since May 2022.
- 6.99% mortgage rates continue rising and are expected to remain elevated.
- 275,540 properties were sold as the buying season kicked off.
- California median home price jumped above $900k, a new all-time high.
- New listings grow to 27.0%, above last year’s level by double digits.
Based on the data, there is an upward trend in prices and overall real estate activities in California. This upward trend in prices adds weight to the argument that homeownership is a solid investment and people moving to the state. Projections also indicate that home sales are set to rise in 2024.
Now, here’s some info on San Diego’s housing scene:
- As of March 2024, we’ve got 1,796 homes up for sale. That might not seem like a lot, but it speaks volumes about how tight the market is here. It’s like a double-edged sword: great news if you’re selling because there’s tons of demand, but if you’re buying, brace yourself for some serious competition
- $875,833 is the median sale price for a home, which is pretty high. This tells us a couple of things: 1) San Diego is a hot spot and people are willing to pay top dollar to live here. 2) But for folks looking to buy their first home or move up the ladder, it also means they might have to roll up their sleeves and get strategic about their finances.
Why the steep price? It’s no secret that San Diego’s got a lot going for it – the weather’s great, the economy’s booming, and there’s never a dull moment with all the cultural stuff happening. That kind of lifestyle comes with a price tag.
For those dreaming of homeownership, it’s all about planning ahead and being smart with your money. And if you’re thinking about selling, now’s the time to cash in on that high median sale price. For investors, don’t count yourselves out – with property values on the rise, there’s still plenty of opportunity to make some serious bank, especially in the rental market where demand is through the roof.
- About 3% of homebuyer searches were folks from all over the country wanting to set up shop right here! And guess who topped the list — Los Angeles were leading the charge, followed by San Francisco and Dallas. Seems like San Diego is drawing in folks from big cities who are after new adventures or just craving that sunny SoCal lifestyle, all while staying close to home.
- 71% were staying within the metro area. Looks like they’re keen on staying connected to the vibe of San Diego but just want to explore new neighborhoods!
So, looking ahead to 2024, we’re expecting prices to inch up a bit, fueled by strong demand, especially in those hot neighborhoods everyone’s talking about. With fewer properties up for grabs, the competition among buyers could get pretty fierce, possibly sparking bidding wars for those dream homes.
For sellers, this could mean cashing in big time, but for buyers, it’s all about making quick decisions to snag the home they want before someone else beats them to it.
So, if you’re gearing up to buy or sell, it’s smart to stay informed about where the market is headed. Reach out to a local real estate agent to chat about the latest forecasts and devise a winning game plan together.
Sources:
