On average, sellers in San Diego typically come down between 1% and 5% from their asking price, depending on market conditions, how long the home has been listed, and buyer demand.
In a strong seller’s market, price reductions are minimal. We often just 1% to 2%, if any at all. In a balanced or buyer’s market, sellers may negotiate more, sometimes dropping 3% to 5% or more. Homes that have been on the market for 60 days or more tend to receive larger price cuts. Overpriced homes may require even steeper reductions to attract offers.
Factors like the home’s condition, comparable sales data, inspection results, and the seller’s motivation all play a role in how much
wiggle room exists.
What We Are Seeing Right Now in North Park
Here is where many buyers get confused. The media will tell you that home prices are dropping Nationwide, and you’ll even hear this from our local media. That may be true in some parts of San Diego. But in North Park, homes that are priced right, in good condition, and in great locations are still receiving multiple offers and selling above list price. We just put a home on the market on Dale Street in North Park and priced it where we thought we might get maybe 2-3 offers.
The home itself is special, and we made sure to create a video that showcased the home and highlighted the neighborhood and its amenities, creating a story that was engaging for buyers looking for a home with historic features in a quiet, walkable area. We were able to get approximately 150 people through our open house, received 8 offers, and a couple of hundred thousand over list price.
Buyers new to the market who expect big discounts in 92104 are often surprised. The competition for well-positioned North Park homes is still real. If you are waiting for sellers to drop significantly in this neighborhood, you may be waiting a long time and missing good homes in the process.
What Actually Affects How Much a Seller Will Come Down
- Days on market: The longer a home sits, the more negotiating power a buyer has. A fresh listing with multiple offers
gives sellers the upper hand. - Home condition: A home that needs work gives buyers a reason to negotiate unless it’s priced accordingly. A move-in-ready home does not.
- Inspection results: After inspections, buyers often submit repair requests or ask for credits. This is where a lot of the real negotiation happens, and not always on the purchase price itself.
- Seller motivation: A seller who needs to move quickly may be more flexible. A seller with no urgency has little reason to budge.
- Comparable sales: If the data support a lower price, a good agent will use it. If the data supports the list price, expect
the seller to hold firm.
What This Means if You Are Buying in North Park
Coming in with a lowball offer on a well-priced North Park home can backfire. It can signal to the seller that you are not a serious buyer and put you at the back of the line if multiple offers come in. A better strategy is to understand the data for that specific street, condition, and micro-location before you make an offer. That’s exactly what we do for our buyers.
What This Means if You Are Selling in North Park
Pricing your home correctly from day one matters more than most sellers realize. A home that is priced right attracts more buyers, creates competition, and often sells at or above list price. A home that is overpriced sits, gets stale, and ends up selling for less than it would have if priced correctly from the start.
See what your North Park home is worth with a free home valuation from the McT Real Estate Group.