San Diego Housing Market Report – December 2024
Prepared by Howard Smith Real Estate
December 2024 Home Prices in San Diego County
In December 2024, the San Diego housing market continued its upward trend in home prices:
• Detached Homes: The median sales price increased by 6.9% year-over-year to $1,010,000.
• Attached Homes: The median sales price rose by 1.5% year-over-year to $660,000.
Chart Courtesy of San Diego Association of Realtors: https://sdar.stats.10kresearch.com/docs/mmi/x/report?src=page
This consistent appreciation reflects sustained demand and limited inventory in the region.
December 2024 Days on Market Until Sale in San Diego County
The time properties spent on the market before sale has increased, indicating a potential shift towards a more balanced market:
• Detached Homes: Days on market increased by 29.0% to an average of 40 days.
• Attached Homes: Days on market rose by 32.3% to an average of 41 days.
While homes are still selling relatively quickly, this increase suggests buyers may have more negotiation leverage than in previous months.
Mortgage Rate Expectations for December in San Diego
As of early January 2025, mortgage rates have seen a slight uptick:
• 30-Year Fixed-Rate Mortgage: The average rate is 6.93%, up from 6.91% the previous week.
• 15-Year Fixed-Rate Mortgage: The average rate is 6.14%, a marginal increase from 6.13% the prior week.
These rates are the highest since July 2024, influenced by rising bond yields and ongoing economic factors.
Chart Courtesy of Freddie Mac: https://www.freddiemac.com/pmms
For Home Sellers in San Diego
The San Diego real estate market remains robust, with rising home prices and sustained buyer interest. However, the increase in days on market suggests a slight cooling, offering buyers more options and time to make decisions.
If you’re considering selling your home, it’s essential to:
• Price Competitively: Ensure your listing price reflects current market conditions to attract serious buyers.
• Enhance Property Appeal: Invest in necessary repairs and consider staging to make your home more appealing.
• Market Strategically: Utilize professional marketing services to reach a broader audience.
For a personalized home valuation and tailored selling strategy, contact Howard Smith Real Estate at 619-417-0774 or via email. We’re here to guide you through the selling process and help maximize your property’s value.
Note: Data and charts are courtesy of the San Diego Association of Realtors and Freddie Mac.
