University Heights Real Estate Market Update – August 2024
Hey there, neighbors! It’s time to dive into our monthly University Heights real estate market update. Whether you’re considering selling, buying, or just love keeping tabs on what’s happening in the neighborhood, this update will give you a clear picture of the local market and what it could mean for you.
As we cruise through 2024, we’ve seen some interesting shifts in the University Heights real estate scene. From a jump in new listings to a slight dip in median home prices, the market is buzzing with activity. So let’s break it down—here’s your in-depth look at what’s been going on in our corner of San Diego.
1. New Listings Are on the Rise
First up, let’s talk about listings. If you’ve been thinking about putting your home on the market, now could be the perfect time to make your move. New listings in University Heights have surged by 50% compared to last year! We went from 14 new listings in 2023 to 21 in 2024—an impressive jump.
Why is this important? Well, when more homes hit the market, it signals that sellers are feeling confident about the market conditions. A higher number of listings gives buyers more options to choose from, which can help balance out supply and demand. If you’re a seller, this could mean a little more competition—but don’t sweat it. More listings can also bring more buyers into the area as they see a wider range of options available.
On the flip side, if you’re a buyer, this rise in new listings is great news for you. More inventory means less pressure to jump on the first home you see. You’ve got room to browse, compare, and find the house that fits your needs. But with that said, it’s still a competitive market out there, so don’t wait too long to make your move.
2. Pending Sales Are Skyrocketing
Now, here’s where things get even more interesting: pending sales have doubled compared to last year! We saw pending sales jump from 7 in 2023 to 14 in 2024, representing a 100% increase.
What does this mean for you? Simply put, homes are still moving—buyers are out there, and they’re serious. Despite the increase in new listings, properties aren’t sitting on the market for long before they get scooped up. This is a clear signal that demand is still strong, even if it’s taking a little longer for deals to close (more on that later).
For sellers, the message is clear: if your home is priced right and presented well, you’re still in a good position to attract buyers. Homes are going under contract quickly, so if you’ve been on the fence about selling, now’s a great time to test the waters. With more buyers actively making offers, you could be looking at a quicker sale than you might expect.
For buyers, this is a sign that competition is heating up again. Even with more listings available, homes are getting snatched up at a faster pace. If you’ve found a home you love, it’s essential to act swiftly, get your financing in order, and make a strong offer to stand out.
3. What’s Happening with Prices?
Here’s where we start to see some mixed signals. The median sales price in University Heights has dropped by nearly 30%, from $1.46 million in 2023 to $1.025 million in 2024. That’s a pretty significant decrease, but it’s important to understand what’s behind it.
Before you panic, let’s break this down: median sales price doesn’t always tell the full story. In some cases, a big change in median price can be due to the types of homes selling, not necessarily the overall market value. For example, if more smaller, lower-priced homes are selling this year compared to last year, that could pull the median price down, even though the value of larger homes might not have changed much at all.
In other words, don’t assume your home’s value has dropped by 30%. If you’re curious about what your property is worth in today’s market, let’s connect, and I’ll give you a more accurate assessment based on comparable sales and market trends specific to your home.
For buyers, this price shift might seem like good news—but it’s important to approach it with caution. Lower median prices could make it look like homes are more affordable, but the reality is that we’re still in a competitive market. Prices might be down in some areas, but you’ll still need to move quickly and be prepared to negotiate if you want to land the home of your dreams.
4. Days on Market Are Increasing
Now let’s talk about days on market (DOM). This metric tells us how long it takes for homes to sell after they’re listed. In University Heights, the average DOM has doubled from 11 days in 2023 to 22 days in 2024—a 100% increase.
At first glance, this might seem like a bad sign for sellers. After all, a longer time on the market could suggest that homes aren’t selling as quickly as they used to. But let’s look at the bigger picture. In a more balanced market, homes typically take a little longer to sell compared to the frenzied pace we saw over the past couple of years. Buyers are being more thoughtful, taking their time to view multiple properties and make informed decisions. That’s not necessarily a bad thing—it just means that we’re moving back toward a more normal, sustainable market.
For sellers, this means you might need to adjust your expectations. Homes might not fly off the market in a matter of days, but that doesn’t mean there’s anything wrong with your property. Pricing your home correctly and making sure it’s in great showing condition will still get you solid offers—it might just take a bit more patience.
For buyers, this could work in your favor. With homes staying on the market a little longer, you’ve got more time to weigh your options and negotiate. But don’t get too comfortable—remember, those pending sales are still moving fast, so be prepared to jump when the right opportunity comes along.
5. Inventory Is Growing
The number of homes for sale in University Heights is also on the rise, with inventory increasing by 29.4% year-over-year. That means there are more homes available for buyers to choose from, which is a welcome change after the ultra-tight inventory we’ve seen over the past few years.
With more options on the market, buyers have the chance to be a little pickier, which could explain why we’re seeing homes take a bit longer to sell. But this increase in inventory doesn’t mean the market is flooded—University Heights is still a desirable neighborhood with plenty of demand, so homes that are priced right and show well are still going to move quickly.
If you’re a seller, the growing inventory could mean a bit more competition, but it’s not time to worry. With more buyers looking for homes and sales still happening at a steady pace, you’re still in a great position to sell. The key is making sure your home stands out—whether it’s with fresh landscaping, updated finishes, or even a small staging investment, the little details can make all the difference in attracting serious buyers.
6. Final Thoughts: Is Now the Time to Make a Move?
So, what’s the bottom line for University Heights real estate in 2024? It’s a dynamic market, with rising inventory, steady demand, and some price fluctuations that could benefit both buyers and sellers—depending on how you approach it.
For sellers, the increase in new listings and inventory means you’ll need to be strategic about how you position your home. But with pending sales on the rise, there are still plenty of motivated buyers out there. If your home is priced competitively and looks its best, you should have no trouble attracting offers—even if it takes a little longer to close the deal.
For buyers, the growing inventory and slight dip in median prices could give you an edge, but don’t expect to coast through the process. Homes are still moving quickly, and competition is still strong. Be prepared to act fast when you find the right property, and make sure your financing is lined up so you can make a compelling offer.
If you’re thinking about buying or selling in University Heights, now’s the time to make a move. The market is constantly changing, and having an experienced guide (hint, hint!) by your side can make all the difference in navigating the ups and downs.
As always, I’m here to answer any questions you’ve got about the local market or help you get started with your next real estate journey. Whether you’re looking to sell, buy, or just stay informed, I’ve got you covered. Let’s chat and make sure you’re set up for success!