This is a question I am constantly getting from clients.  What can we expect in 2024?  Rates are still high coming into the first quarter of the year but we have already heard rumblings that the Fed plans to slowly cut interest rates this year (.)  We had below-average sales activity in 2023 for Del Cerro, San Carlos, and Allied Gardens, however, buyer demand remains high which pushed values higher in 2023 compared to 2022 (.)

Sellers were on the fence for the majority of 2023 due to interest rates.  They either had loans with low-interest rates or were worried they would have to purchase their next house with a high interest rate loan. Sellers are now realizing that these rates are here to stay and we may never get back down to the historically low interest rates we experienced in 2021 and 2022 and are ready to finally make the jump and sell their homes here in 2024.  With pent-up buyer demand for homes and sellers still needing to sell their homes and move, where do you think the market will end up in 2024? Although it’s a small sample size, our market areas of Del Cerro, San Carlos, and Allied Gardens, have already had many new active and coming soon properties to start the year.

Data for this blog post was pulled from San Diego MLS and created by Michael Willis.  Michael Willis is a San Diego-based Realtor who serves Del Cerro, San Carlos, and Allied Gardens.