GITNUX MARKETDATA REPORT 2024

The Most Surprising San Diego Real Estate Market Statistics And Trends in 2024

In this post, we will explore the current landscape of the San Diego real estate market through a compilation of key statistics that shed light on various aspects such as sales trends, pricing dynamics, housing supply, affordability, and more. From the rise in home sales and luxury property transactions to the average rental rates and homeownership statistics, these numbers provide valuable insights into the state of real estate in San Diego. Let’s dive into the data to gain a comprehensive understanding of the market trends shaping the housing industry in this vibrant Californian city.

Statistic 1

"San Diego's real estate market is predicted to grow by 6% in 2024."

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Statistic 2

"About 24% of San Diego properties are investment properties or second homes."

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Statistic 3

"The San Diego real estate market had a total sales volume of $16 billion in 2022."

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Statistic 4

"San Diego's housing inventory has decreased by 5% compared to the previous year."

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Statistic 5

"Approximately 30% of homes in San Diego sold above the listing price in 2022."

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Statistic 6

"About 60% of homebuyers in San Diego are first-time buyers."

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Statistic 7

"The average time a property stays on the market in San Diego is 30 days as of 2023."

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Statistic 8

"Over 50% of San Diego homes receive multiple offers."

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Statistic 9

"Nearly 70% of San Diego's population growth contributes to housing demand."

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Statistic 10

"San Diego new home construction permits fell by 8% in 2022."

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Statistic 11

"San Diego saw a 15% increase in the number of luxury homes sold in 2022 compared to 2021."

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Statistic 12

"Homeownership rate in San Diego was around 55% in 2023."

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Statistic 13

"The median home price in San Diego reached $750,000 in early 2023."

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Statistic 14

"The condo market in San Diego experienced a 7% price increase in 2022."

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Statistic 15

"The average rent for a one-bedroom apartment in San Diego is around $2,400 as of 2023."

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Statistic 16

"The average down payment for homes in San Diego is approximately $100,000."

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Statistic 17

"The forecasted annual appreciation rate for San Diego homes is estimated to be 5% through 2023."

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Statistic 18

"San Diego's real estate market saw a 10% year-over-year increase in home prices in 2022."

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Statistic 19

"San Diego's real estate market ranks among the top 10 most competitive in the U.S."

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Statistic 20

"Mortgage rates in San Diego averaged 4.5% for a 30-year fixed loan in 2022."

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In conclusion, the San Diego real estate market is characterized by a tight rental market, high demand driving up home prices, steady sales growth, and a strong outlook for future expansion. The city’s luxury market and average price per square foot reflect a buoyant market, while low mortgage rates and decreasing housing supply suggest continued competitiveness for buyers. Despite high living costs, the market is projected to grow further, with increasing construction permits indicating a drive to meet housing demand. Nonetheless, challenges such as affordability, limited inventory, and high living expenses must be considered by both buyers and sellers in navigating the dynamic San Diego real estate landscape.

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