2024 San Diego Real Estate Forecast
If you live in San Diego, you know our real estate market has been bananas for quite a while now. High demand, low supply, and high interest rates have created a perfect storm for inflated prices.
So, where are we going from here? What’s the San Diego real estate forecast for 2024?
There's a buzz in the air about the new year, and I'm here to break down what this means for buyers, sellers, and the overall housing landscape in our beloved city.
Climbing Property Values for San Diego Real Estate
Predictions are in, and they're pointing towards an upward trend in property values across San Diego.
What does this mean for buyers?
Affordability remains a significant concern – but there's a silver lining. If interest rates drop, we could witness a significant shift in the market dynamics.
Lower Interest Rates on the Horizon
Lower interest rates can be a game-changer. They open the doors for more buyers to enter the market, potentially increasing homeownership.
However, this influx of buyers might lead to an increase in demand, outpacing the still-limited supply of homes in San Diego. We're talking about a market that's still recovering from near-record low levels of supply, here.
Market Predictions from the San Diego Union Tribune
A recent article in the San Diego Union Tribune paints a vivid picture of what's to come.
Experts are predicting an 11% increase in total sales and a 5.4% rise in home prices.
These figures align with the county's historical averages and indicate a robust year for real estate in San Diego.
The Persistent Challenge of Affordability
San Diego is a sought-after location, making affordability an ongoing issue.
Even with slightly more affordable options, the demand is likely to remain high, pushing prices upwards and continuing to challenge affordability. It's a tough pill to swallow, but those hoping for a significant ease in affordability might need to temper their expectations.
Overview: 2024 San Diego Real Estate Forecast
As interest rates potentially decrease, we expect a surge in buyer confidence and capability.
This could lead to increased demand, further straining our already low supply. The result? A likely increase in property prices. 2024 is poised to be an eventful year in the San Diego real estate market for sure.
The San Diego real estate market is always full of surprises, and 2024 is shaping up to be no different.
For those looking to buy or sell, staying informed and prepared is key. As your local real estate expert, I'm here to help you navigate these changes and make the most of the opportunities that come your way. Let's talk about how we can make 2024 a year of smart, informed real estate decisions in San Diego!
Brent Edwards (aka Brent the Broker) is a residential real estate agent and Realtor in San Diego, CA who helps clients buy and sell homes in San Diego, California and all surrounding areas. Brent is a highly-recommended Realtor in San Diego by family, friends and past clients. Call Brent today at 619-550-8070 if you have any questions about real estate in San Diego or you'd like to buy or sell a home.