San Diego, CA 92104 Real Estate Market Report

ZIP Code: 92104
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on single-family residential (SFR) properties. Metrics are calculated from recent sales and active listings within the past 90 days.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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Property Taxes

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Liquidity & Velocity

Note: A Sale-to-List Ratio near 100% can occur when properties sell at or near their final listing price after price adjustments during the listing period, even when initial listing prices differ significantly from sale prices.

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

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Key Findings

1. 1,100,000 is the primary indicator of recent market value — the median sold price suggests transaction-level strength even as the market temperature is reported as neutral, implying pricing is firm but not aggressively appreciating.

2. 1,100,000 versus the 899,500 median listing price highlights a meaningful gap between asking and achieved sale prices; this pricing friction, combined with a reported median days on market of 282, suggests slower sales velocity and that sellers may need more time or pricing flexibility to close transactions.

3. 1,100,000 alongside the reported up price year-over-year trend indicates modest appreciation is underway, but persistent elevated interest rate pressure and a down rent year-over-year trend create headwinds that may cap near-term upside.

4. 1,100,000 with a high median price per square foot of 1,005 and a median market rent of 2,395 points to premium pricing relative to rental income; investors and owner-occupiers should be cautious and model cashflow under current rent weakness and interest rate pressure, while sellers should expect negotiations given the relatively constrained active supply and slower transaction tempo.

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.

San Diego, CA 92104 Real Estate Market Report

ZIP Code: 92104
Report Date: May 2026
Market Temperature: NEUTRAL
Scope: This ZIP code analysis focuses on condominium properties. Metrics are calculated from recent condo sales and active listings within the past 90 days.

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Market Overview

This analysis is based on a sample of properties from this ZIP code (up to 200 sold properties and up to 100 active properties). The median prices below are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Market Metrics

Note: The property counts shown above represent only the properties analyzed in this report sample, not the total inventory for this ZIP code. Median prices are calculated from all available properties in the sample, while trend analysis uses properties from the selected analysis window.

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Rental Market

Note: The relationship between property values and rental rates reflects different market dynamics. Higher-priced properties may have lower rental yields due to factors such as luxury market positioning, owner-occupancy preferences, or long-term appreciation strategies rather than immediate rental income maximization.

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Property Taxes

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Liquidity & Velocity

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Market Trends & Context

Understanding Market Temperature

A Neutral market indicates balanced conditions where neither buyers nor sellers have a strong advantage, typically characterized by flat price trends, extended but stable days on market, and moderate inventory relative to sales.

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Key Findings

1. The primary indicator of market value is the median sold price of $549,250, which represents the most reliable reflection of recent transaction activity in 92104 and suggests realized pricing is stronger than asking in some cases (up price trend).

2. There is notable pricing friction between the median listing price of $500,000 and the median sold price of $549,250, which may indicate that representative recent sales cleared above typical asking levels and suggests sellers who price to market can still achieve premiums (pricing gap).

3. Market liquidity appears slower when contextualized with a median days on market of 318, consistent with reduced velocity despite realized sold prices; this longer market exposure suggests a more deliberate buyer pool and potential need for staged marketing or price adjustments (slower sales velocity).

4. Rental dynamics and financing pressure are a mixed signal for investors: the median market rent is $2,695 while broader data show rent momentum is down and interest rate pressure is elevated, which may compress near-term investor returns and tighten buyer affordability despite a neutral market temperature (neutral market temperature).

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Notable Properties

The following 8 properties represent notable market examples and recent transactions that illustrate key market dynamics. These are illustrative examples selected for their significance (top sales, market benchmarks, quick sales) and are not the basis for the statistical calculations shown above.