The San Diego housing market continues to sizzle, especially as we enter the peak selling season. This trend is particularly noticeable along the 56 Freeway corridor and its surrounding areas.
After several slow months, home sales in San Diego County have surged. February saw 2,132 homes sold, a significant 27.1% jump from January, matching the record low sales month since 1988, according to CoreLogic. This uptick marks the highest sales volume since August. Meanwhile, the median price for single-family homes climbed to $1,025,000 from $980,000 the month before, reflecting a 13% yearly growth.
However, certain neighborhoods are outpacing the average. For example, the 92129 zip code remains a particularly hot spot, where the median price for single-family homes shot up by 30% from last year to $1,497,000, based on a three-month rolling average.
Neighboring areas like Carmel Valley are experiencing similar trends. Here, the median home price for single-family homes escalated from $2,090,000 in March 2023 to $2,540,000 in March 2024, marking a 21% increase.
In the 92127 area, which includes Del Sur, 4S Ranch, and parts of Rancho Bernardo, home prices are also on the rise, albeit slightly less dramatically, with a 14% increase from $1,800,000 to $2,068,000.
If you are looking at Condos/Townhomes, the median home prices have risen but at a steadier pace.
- 92127, Median Townhome/Condo Price is up 8% $892,000
- 92129, Median Townhome/Condo Price is up 17% to $676,000
- 92130, Median Townhome/Condo Price is up 16% to $1,065,000
Expect the market to remain strong for the next few months. We typically see a bit of a slow down in the second half of the summer especially in North County San Diego so if you are thinking about selling now is probably a good time to get your home on the market.
Curious to know what your home is worth? Check out our Home Valuation Tool HERE
