Is Otay Ranch, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Otay Ranch has remained a Seller's Market.
Housing Prices in Otay Ranch, CA
How much do homes in Otay Ranch, CA cost?
Median Sold Price
$780,000
$441/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Otay Ranch was $780,000 in May 2024, up 3.8% from last year, and the median price per square foot was $441.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $435K | $500K | +14.9% |
2 Bedrooms | $575K | $600K | +4.3% |
3 Bedrooms | $685K | $707.9K | +3.4% |
4 Bedrooms | $822.5K | $940K | +14.3% |
5+ Bedrooms | $1.0M | $1.1M | +6.8% |
Summary: Otay Ranch housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.9%, 2 bedroom homes increased by 4.3%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 6.8%.
Median Sold Price Compared To Nearby Neighborhoods
EastLake | $720K | $810K | +12.5% |
Otay Ranch | $751.2K | $780K | +3.8% |
Housing Supply in Otay Ranch, CA
How many homes are available in Otay Ranch, CA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
106 | 115 | +8.5% |
Summary: The Otay Ranch real estate market had 115 homes for sale in May 2024, a 8.5% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 11 | 9 | -18.2% |
3 Bedrooms | 46 | 49 | +6.5% |
4 Bedrooms | 34 | 43 | +26.5% |
5+ Bedrooms | 15 | 14 | -6.7% |
Summary: The Otay Ranch housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 18.2%, 3 bedroom homes increased by 6.5%, 4 bedroom homes increased by 26.5%, and 5+ bedroom homes decreased by 6.7%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
38 | 24 | -36.8% |
Asking Price vs. Sold Price
4 Homes Were Sold
Under Asking
4 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Summary: A total of 24 homes were sold or pending in Otay Ranch in May 2024, down by 36.8% month-over-month. Of the 24 sold homes, 17% were sold under asking, 17% were sold at asking, and 67% were sold over asking.
Days on Market for Otay Ranch, CA
How long does it take to sell a home in Otay Ranch, CA?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
10 Days | 15 Days | +48.2% |
Summary: Homes in Otay Ranch had an average of 15 days on market in May 2024, up by 48.2% compared to last year.
Breakdown of Home Sale Times
20 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During May 2024, 24 homes were sold in Otay Ranch; 83% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.