San Diego Coastal Real Estate Market Update: December 2024 Trends & Insights

​​​​​​​San Diego Coastal Real Estate Update: December Numbers Are In!

Happy New Year, everyone! With 2025 officially underway, the December real estate stats for San Diego’s coastal neighborhoods have arrived, and there’s a lot to unpack. Let’s dive into the trends that wrapped up 2024 and set the stage for the new year.

Median Prices: A Notable Drop

The median price for detached homes in San Diego’s coastal neighborhoods saw a significant decline. At the end of November, the median was over $1.6 million. By the close of December, it had dropped to $1.55 million.

While that’s a noticeable change, it’s important to consider the context: inventory also took a sharp drop. Available homes went from around 1,500 units to just over 1,000.

Is It Seasonal or Market-Driven?

The dip in inventory could largely be attributed to seasonality. Many homeowners pull their listings during the holiday season when they expect less buyer activity, only to relist in January. It will be interesting to see if this trend reverses and we see a bounce in inventory and prices in next month’s report.

Homes Are Taking Longer to Sell

Another standout metric was the time on market. In November, homes averaged about 4–5 weeks from listing to close. By December, this increased to about a month and a half.

Sellers Still Getting Close to Asking Price

Despite these shifts, sellers continue to secure a strong percentage of their asking price. The list-to-close percentage saw only a slight decline, holding steady at 97%. This shows buyers remain motivated, even in a fluctuating market.

Mortgage Rates: A Slight Rise

Interest rates also played a role in shaping December’s market. Rates edged up from just under 7% in November to a little over 7% in December. While this may impact affordability for some buyers, it’s another reminder that the market is highly dynamic.

What Does This Mean for You?

Every home is unique, and even within the coastal neighborhoods, trends can vary significantly by location. Whether you’re thinking about buying, selling, or simply planning your next steps in 2025, your goals are what matter most.

Let’s Talk About Your 2025 Real Estate Goals!

The new year is a perfect time to strategize and take action. Whether you're considering a move or looking to invest, let’s connect and discuss how we can make your real estate goals a reality this year.

Reach out today, and let’s make 2025 your best year yet in San Diego real estate!