Luxury housing continues to stand apart from the rest of the market. While many buyers across different price points remain mindful of interest rates and affordability, activity above $3M has remained consistent. Well-presented properties are still attracting qualified buyers, and pricing has largely held firm despite slightly longer marketing times.
That same patience is showing up throughout San Diego County, though not always in the same way. In the detached market, pricing has continued to trend upward year-to-date, with the median sales price increasing 1.7% to $1.09 million and the average sales price rising 2.7% to $1.45 million. Closed sales have also improved slightly, up 0.6% year over year. Days on market increased by just one day, from 34 to 35, suggesting that buyers remain engaged even if they’re taking a little more time before making a decision.
The attached market continues to face a different set of dynamics. The median sales price declined 1.5% year over year to $665,000, while the average sales price fell 1.9% to $805,000. At the same time, closed sales increased 3.0%, indicating that demand has not disappeared. Instead, buyers in this segment appear to be placing greater emphasis on value, resulting in longer marketing times and more negotiation throughout the transaction process.
One of the more encouraging signs this year is that transaction activity has remained relatively stable despite ongoing economic uncertainty. Buyers are still purchasing homes, sellers are still achieving strong results when properties are priced correctly, and the market continues to adjust in a measured and healthy way. While conditions vary by price point, San Diego real estate continues to demonstrate the resilience that has defined it for years.
Curious how these trends might impact your plans this year? I’m always happy to connect!
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