San Diego Housing Market 2024 Year in Review

Updated Oct 14, 2026: the numbers below are recomputed from 2024 closed sales (CRMLS), Freddie Mac's weekly rate survey and Realtor.com's county listing counts. The first version understated prices and sales.

2024: The Year the Market Found Its Footing

After the whiplash of 2020-2023, from pandemic-driven bidding wars to the sharpest rate hikes in decades, 2024 was the year the San Diego housing market settled into a new normal.

Here is what defined the year.

The Numbers

• Median Home Price: $900,000 (up 5.9% from $850,000 in 2023, all closed residential sales)
• Total Homes Sold: Up 5.8% year over year (22,440 closings vs 21,205 in 2023)
• Average Days on Market: 25 days
• Mortgage Rates: Freddie Mac's 30-year average ranged from 6.08% to 7.22% through the year

Key Trends

1. Rates Stayed Higher for Longer

The Fed held rates steady through the first eight months of 2024, then cut by half a point on September 18, followed by quarter-point cuts in November and December. Mortgage rates rose again after the first cut and ended the year at 6.85%, which kept affordability tight and sidelined many first-time buyers.

2. Inventory Slowly Improved

Active listings averaged about 3,670 a month in 2024, up roughly 50% from about 2,430 in 2023 (Realtor.com, San Diego County). Sellers who had been holding onto their low-rate mortgages started to list, some due to life changes (job relocations, divorces, growing families), others because they saw prices stabilizing.

3. Luxury Market Stayed Strong

Homes above $2M in La Jolla, Rancho Santa Fe, and Del Mar continued to sell well. Cash buyers and relocating tech/biotech professionals kept the high end moving.

4. First-Time Buyers Got Creative

With median prices near $900K, many first-time buyers looked to:

• East County (El Cajon, La Mesa) for sub-$700K options
• Condos in Mission Valley and Mira Mesa
• ADU/house-hack strategies
• Down payment assistance programs

5. North County Outperformed

Carlsbad, Encinitas, and Oceanside saw consistent demand. The combination of lifestyle appeal, school quality, and relative affordability (compared to La Jolla or Del Mar) made North County the sweet spot for many buyers.

What It Means Going into 2025

The market is healthier than it has been since pre-pandemic. Prices are stable, inventory is improving, and the frenzy-driven mistakes of 2021-2022 are behind us. Buyers have more power to negotiate, and sellers need to price accurately.

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