San Diego County Real Estate Market Update - December 2024

The San Diego County real estate market closed out 2024 on a steady note, showcasing a mix of opportunities and challenges for buyers and sellers alike. Known for its stunning coastal cities, vibrant neighborhoods, and desirable lifestyle, San Diego remains a prime destination for real estate activity. Here’s an in-depth look at how the market performed in December 2024.

New and Active Listings

December saw 1,447 new listings enter the market, giving buyers a chance to explore fresh inventory during one of the slower seasons in real estate. This addition brought the total number of active listings to 3,456. While not the highest inventory levels we’ve seen this year, the availability of homes reflects a healthy balance between supply and demand as we transition into 2025. Buyers likely found a fair variety of options, from charming beachside condos to larger suburban properties.

For sellers, the moderate inventory levels mean there is enough competition to keep pricing competitive while still maintaining serious attention on well-prepared, appropriately priced homes.

Pending and Closed Sales

December’s market activity remained strong, with 1,387 pending sales signaling a continued appetite among hopeful homeowners and investors. More notably, 1,781 closed sales were recorded during the month, demonstrating that year-end transactions remained robust despite the quieter pace typical of the winter holiday season.

This level of sales activity suggests solid buyer confidence and continued interest in the San Diego market, supported by the city’s unique draw of lifestyle, climate, and job opportunities.

Closed Transaction Volume

The closed transaction volume came in at an impressive $3,952,924,962. This significant figure solidifies San Diego County’s role as one of California’s most lucrative real estate markets. The nearly $4 billion exchanged in December underscores both the demand for properties in the region and the high value of homes moving through the market.

Average Days on Market

Homes in San Diego spent an average of 35 days on the market before being sold in December, slightly longer than earlier months this year. This extended timeline is typical for the holidays, as buyers and sellers often balance real estate decisions with holiday commitments. However, it’s essential for sellers to remain patient and understand that homes are still selling at a strong pace compared to historical norms.

Median Sales Price

The median sales price in San Diego for December 2024 rested at $875,000. While slightly lower than earlier highs seen in 2024, this price point remains a testament to the value and competitiveness of the local market. For buyers, this represents an opportunity to enter the San Diego real estate market at a solid price as 2025 approaches. Sellers can take pride in holding strong property values, even amid seasonal fluctuations.

Market Insights and Implications

The San Diego market in December 2024 reflects a balanced scenario for both buyers and sellers. With new listings bolstering inventory and demand remaining steady, there’s opportunity on both sides of the table:

• For Buyers: With the average days on market slightly higher, buyers may find themselves with more time and leverage to evaluate their options. The consistent median price offers a reassuring baseline for those stepping into the market.

• For Sellers: While competition among listings has grown, motivated buyers are still closing deals, and the high closed transaction volume should reassure sellers of the market's vitality. Proper pricing, preparation, and presentation remain key to securing a quick and profitable sale.

Ultimately, December 2024 presented a real estate market with stable activity, fair inventory levels, competitive pricing, and strong opportunities. Whether buying or selling, working with local experts remains critical for navigating this dynamic market while positioning yourself for success in the year ahead.