Is Otay Ranch, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Otay Ranch has remained a Seller's Market.
Key Takeaway
Otay Ranch is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Otay Ranch, CA
How much do homes in Otay Ranch, CA cost?
Median Sold Price
$779,113
$432/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Otay Ranch have sold for 3.9% more than they did a year ago.
Summary: The median home sold price in Otay Ranch was $779,113 in March 2024, up 3.9% from last year, and the median price per square foot was $432.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $418K | $500K | +19.6% |
| 2 Bedrooms | $575K | $599.5K | +4.3% |
| 3 Bedrooms | $690K | $710K | +2.9% |
| 4 Bedrooms | $845K | $900K | +6.5% |
| 5+ Bedrooms | $1.0M | $1.0M | -0.5% |
Summary: Otay Ranch housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.6%, 2 bedroom homes increased by 4.3%, 3 bedroom homes increased by 2.9%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes decreased by 0.5%.
Median Sold Price Compared To Nearby Neighborhoods
| EastLake | $721.6K | $801.6K | +11.1% |
| EastLake Vistas | $667.5K | $721K | +8.0% |
| Otay Ranch | $750K | $779.1K | +3.9% |
| Greystone | $615K | $635K | +3.3% |
Housing Supply in Otay Ranch, CA
How many homes are available in Otay Ranch, CA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 122 | 101 | -17.2% |
Summary: The Otay Ranch real estate market had 101 homes for sale in March 2024, a 17.2% decrease compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 16 | 14 | -12.5% |
| 3 Bedrooms | 45 | 35 | -22.2% |
| 4 Bedrooms | 45 | 40 | -11.1% |
| 5+ Bedrooms | 16 | 12 | -25.0% |
Summary: The Otay Ranch housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 12.5%, 3 bedroom homes decreased by 22.2%, 4 bedroom homes decreased by 11.1%, and 5+ bedroom homes decreased by 25%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 33 | 46 | +39.4% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
32 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Otay Ranch, you could pay more than the asking price. 69.6% of homes here sold above asking price last month.
Summary: A total of 46 homes were sold or pending in Otay Ranch in March 2024, up by 39.4% month-over-month. Of the 46 sold homes, 20% were sold under asking, 11% were sold at asking, and 70% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 20 Days | 17 Days | -14.1% |
Summary: Homes in Otay Ranch had an average of 17 days on market in Mar 2024, down by 14.1% compared to last year.
Breakdown of Home Sale Times
41 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Otay Ranch are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 46 homes were sold in Otay Ranch; 89% of homes were sold within 30 days, 4% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.