Point Loma Real Estate Market Update: Trends for 2024
The Point Loma peninsula in San Diego has long been a desirable and expensive part of Southern California’s red-hot real estate market. Point Loma CA real estate agent Diane Sullivan says this small, hilly area on a peninsula between San Diego Bay and the Pacific Ocean offers stunning coastal views, ocean breezes, and a quieter lifestyle than downtown San Diego. In 2024, the question on the minds of buyers, sellers, investors, and real estate professionals is – what direction is Point Loma’s housing market heading this year?
Buying a home in Point Loma: Home prices and sales expected to cool slightly
After hitting new highs in 2022 and 2023, experts predict the Point Loma real estate market will cool off slightly in 2024 while remaining strong and relatively stable. Home sales may dip by 5-10% while price appreciation should come down to the 5-7% range – still intense but not as blisteringly hot as the double-digit annual gains seen over the past few years when bidding wars were common and homes routinely sold far above asking price. Mortgage rates are expected to stabilize or decline, making affordability less of a concern than last year, but Point Loma remains out of reach for many entry-level buyers. Expect less frenzy but a tight housing supply and relatively quick sales for the best listings priced appropriately. The cooling should benefit buyers, while sellers may need to adjust asking prices more realistically.
Point Loma real estate: In-demand neighborhoods
Coastal subdivisions like Sunset Cliffs, Ocean Beach Park, and La Playa remain the most coveted and expensive pockets of Point Loma. New construction here can still fetch well over $2,000 per square foot. Shelter Island and West Point Loma offer better value for luxury single-family homes but still run $1.5 million plus for newer construction with bay views. Mid-century homes are abundant and famous in the wooded residential areas of Point Loma Heights and Loma Portal, away from the water. First-time home buyers should target more affordable pockets like Talbot Terrace, Roseville, or Fleetridge, where older homes needing some TLC can potentially still be had for under $800,000.
New construction is still strong
Unlike other cooling markets nationwide, new housing construction will continue at a stable pace in Point Loma in 2024. However, rising construction costs are being passed onto buyers, with new homes coming onto the market at price points 10-15% higher than comparable resales. The past few years have also seen Point Loma transition with more condos, townhomes, and multi-family housing built instead of strictly single-family homes. Buyers who are downsizing or desire lock-and-leave low-maintenance living have appealing brand-new options, though supply is still limited.
Homes for sale in Point Loma
Point Loma is a seaside neighborhood in San Diego known for its rolling hills and charming homes. Point Loma houses range from 1920s bungalows to modern multi-million dollar properties with outdoor spaces, multiple bedrooms, gourmet kitchens, and pools on cliffs overlooking the Pacific Ocean. Though prices tend to be high due to the prime location, Point Loma offers some of Southern California’s most desirable real estate for those seeking a coastal lifestyle.
