Realtor.com, the website licensed by the National Association of Realtors, expects San Diego to be the fourth strongest residential real estate market in 2024, with more homes sold and higher prices than this year.
The forecast released earlier this month predicts 11.0% more homes will be sold in San Diego next year, with the median sales price rising by 5.4%.
The ranking was based on each U.S. metropolitan area’s expected combined growth in home prices and sales volume and showed an unusual pattern.
“Affordable markets in the Northeast and Midwest are joined by Southern California markets expected to rebound from significant sales declines in 2023,” according to the forecast.
Toledo, OH, ranked first with an expected 14% more homes sold and the median price rising by 8.3%. Ventura County was second and Rochester, NY, third.
Los Angeles ranked 10th, but the San Francisco Bay Area came in at 66th, with both sales and prices expected to decline.
Tempering the good news for San Diego and other parts of Southern California, Realtor.com warned that these markets “are still predicted to have historically low sales levels despite large improvement over depressed 2023 numbers.”