San Diego’s luxury market remains stable, with most communities carrying more inventory than during the pandemic lows but still well below historical averages. Rancho Santa Fe has tightened again, moving into balanced conditions, while La Jolla, Del Mar, and Encinitas now reflect a more normalized 4–5 months of supply.

This year also produced all-time record sales in Rancho Santa Fe, Del Mar, and La Jolla, highlighting strong demand at the highest price points despite shifting inventory patterns.

Meanwhile, Carmel Valley, Poway, Carlsbad SE, and Rancho Bernardo remain firmly in seller’s market territory due to persistent supply shortages. Overall, the market is now divided: balanced along the coast and seller-favored inland.