Published October 1, 2026 in Market Update

Downtown has more choices, but sellers are still getting paid

By Steve Brant

Real estate, Downtown Market

Here is the one thing that should change how you think about selling in Downtown right now. More homes are sitting on the market. The National Association of Realtors put U.S. supply at 4.9 months, the highest in over ten years. Downtown's own number, from the Real Estate Data Aggregator, was 7.3 months for the three months ending July 31, 2026. That is a lot of competition. And yet prices did not fall apart.

The Real Estate Data Aggregator counted a $719,000 median sale price in ZIP 92101 for that period, up 2.8% from the same three months in 2025. So you are telling me supply hit a decade high and prices still went up? Yes. That is exactly what happened. It does not mean every home sold fast or over asking. It means the well-priced ones held their value.

What the numbers actually show

The Real Estate Data Aggregator counted 327 homes for sale in ZIP 92101, up 13.9% from a year before. More choices for buyers. The Real Estate Data Aggregator also shows 272 new listings came onto the market in those three months, up 3.4%. That is a lot of fresh competition for any seller sitting on the market.

Buyers have options. Most are still paying close to asking.

The Real Estate Data Aggregator put the average sale-to-list ratio at 97.6% for the three months ending July 31, 2026. That number was unchanged from the same period in 2025. Sellers are not giving away the store. But only 8% of homes sold above list price, down 3.1 points from a year before. That slice shrank. Bidding wars are not the story here.

Speed is another honest admission. The Real Estate Data Aggregator shows 58 median days on market. That is one day shorter than a year ago, which is basically flat. If your home is priced right, 58 days is the pace. If it is priced wrong, it sits longer. Downtown buyers right now have 327 other options to look at while they wait you out.

The national picture is making buyers cautious

Freddie Mac put the 30-year fixed mortgage rate at 7.03% as of September 24, 2026. That is the first reading above 7% since January 2025, according to Realtor.com. The National Association of Realtors reported existing-home sales dropped 2.0% month over month in August 2026. Buyers are not rushing. A 7% rate on a $719,000 home is a real number. It changes monthly payments and it changes who can qualify.

Here is the other side of that. The National Association of Realtors also reported existing-home sales were up 1.6% year-to-date through the first eight months of 2026. The market is slower month to month but still ahead of last year overall. Downtown's pending sales tell a similar story: the Real Estate Data Aggregator counted 147 pending sales, down 7% from a year before. Fewer buyers moving, but buyers still moving.

What this means if you own in Downtown

More supply does not mean prices collapsed. The Real Estate Data Aggregator is clear on that: $719,000 median, up 2.8%. But it does mean buyers have real choices now. Only 13.6% of homes went under contract within two weeks of listing, according to the Real Estate Data Aggregator. That is down 6 points from a year before. The quick-sale window is smaller. Pricing and presentation carry more weight when a buyer can walk down the hall and look at the next unit.

A 97.6% sale-to-list ratio means the homes that sold, sold close to asking. The ones priced to the market got paid. The ones priced to hope sat for 58 days or more, then faced a price cut or a longer wait. Downtown is a specific market with specific buildings. Little Italy, East Village, Marina, Gaslamp, each one reads a little differently. One block's data is not another block's story.