San Diego home prices climb nearly 5% amid national rise
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San Diego County's median home sale price was $880,000 to close out 2024 — the most expensive year for homes locally, according to Redfin data.
- That's more than double the cost nationwide.
Why it matters: Home prices climbed in every one of the 50 largest U.S. metro areas in December from a year earlier — a first since May 2022, per Redfin's analysis.
Zoom in: San Diego saw a 4.8% jump in December from the year before, and the income needed to afford a home keeps rising as million-dollar listings become the norm.
Yes, but: Prices have steadily dropped since peaking in June 2024 at $950,000, according to Redfin.
- Nearly half of home listings in 2024 saw price cuts as they sat on the market last summer.
The big picture: A persistent shortage of homes is keeping prices high, though inventory rose recently.
- U.S. inventory jumped nearly 17% in January from a year earlier, National Association of Realtors data shows.
The latest: Areas long seen as more affordable, such as Cleveland and Milwaukee, are seeing prices soar, according to Redfin senior economist Elijah de la Campa.
- Prices are on the rise in parts of Texas and Florida, where a homebuilding boom has helped to slow price growth.
The bottom line: "Affordable housing havens have become harder and harder to come by," de la Campa wrote in the report, though San Diego hasn't been considered a member of that group for a while.