Bidding Wars Return to San Diego

The San Diego Housing was recently ranked #2 Hottest Real Estate Market by for 2024. I know it may seem like home prices are destined to drop at some point but the San Diego Real Estate Market remains robust especially the area around the 56 Freeway. Low Inventory remains which continues to drive prices up with multiple offers returning in full force in 2024. Our Latest listing in Torrey highlands received 15 Offers and sold to an all cash buyer for $1,500,000 over asking. In Pacific Highlands Ranch a home sold for $200,000 over asking price. Other areas of San Diego are also in high demand. The 56 corridor seems to be one the hottest areas for home buyers and that trend will likely continue until Inventory can catch up with demand. More and more people are deciding to stay out in their homes rather than to upgrade/downgrade their home and with limited building in the area inventory will remain constrained.

San Diego’s housing market has been spotlighted as the second hottest real estate market in 2024 by, second only to Detroit, Michigan.  The market’s strength is particularly pronounced around the area surrounding the 56 Freeway, where low inventory levels have sparked a resurgence of multiple offers, pushing prices even higher.

A recent example of the market’s strength is our latest listing in Torrey Highlands, which attracted 15 offers and eventually sold for $1,850,000 which was $150,000 above the list price. Similarly, in Pacific Highlands Ranch, a property on Blazing Star went for $200,000 more than its listed price. While these instances highlight the buoyancy across various San Diego locales, the vicinity of the 56 corridor has emerged as a prime hotspot for homebuyers looking for a central location with highly rated schools. With the lack of available land in the area to build, expect home prices to remain strong, a trend that is expected to persist until the supply of homes can meet buyer demand which will likely not be anytime soon.

The reluctance of homeowners to sell or change their living situations, coupled with limited new construction, suggests that inventory levels will remain tight. This scarcity of available homes is a significant factor underpinning the continued upswing in the San Diego real estate market, making it a standout performer in the national housing landscape. But unfortunately for homebuyers, they will continue to have to battle other potential buyers to secure a home in their desired neighborhood

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