San Diego County’s ultra‑luxury real estate market—defined as single‑family homes priced at $5 million and above—showed notable shifts in November 2025. From declining inventory to evolving pricing dynamics, the segment continues to tighten, creating opportunities and challenges for buyers and sellers navigating this elite tier.
Below is a full breakdown of the latest trends shaping San Diego’s highest‑end housing market.
New Ultra‑Luxury Listings Fell Sharply in November
In November, only 21 new listings priced at $5M+ hit the San Diego market. This marks:
- 15 fewer listings than October 2025
- 17 fewer listings than November 2024
This dramatic month‑over‑month and year‑over‑year drop highlights a continued contraction in fresh inventory, contributing to increased scarcity across the ultra‑luxury segment.
Active $5M+ Inventory Hits Its Lowest Point Since Early 2024
Active listings at this price point have now fallen five months in a row, reaching their lowest level since February 2024, when inventory dipped to 124 homes.
As of December 19, 2025, there are: 181 active homes priced at $5 million or more
This tightening supply, combined with shifting buyer activity, continues to reshape the negotiation landscape for high‑end buyers and sellers.
Ultra‑Luxury Homes Are Selling Below Original List Price
A notable trend emerged in November: ultra‑luxury homes are selling at about 92% of their original asking price.
This is significant because, in the $5M+ category, homes typically require price adjustments before selling—and it’s uncommon to see properties close at full asking price. The 92% average underscores:
- Increasing buyer selectivity
- A slight correction after aggressive pricing earlier in 2025
- A more balanced negotiation environment heading into the new year
Average Sold Price Normalizes After October’s Record Spike
October’s historic jump in average sale price—driven by two landmark transactions—set an unusually high benchmark. In November, the market returned to its typical five‑year range:
Average Sold Price: $7M–$9M
Even with a Top‑10 all‑time sale recorded last month, the market is stabilizing into familiar territory.
Ultra‑Luxury Months Supply Drops to Its Lowest Level in Nearly Two Years
Months Supply for homes $5M+ currently sits at:
7 Months of Inventory
This is below the segment’s typical range and marks the lowest supply seen in almost two years—another indicator of tightening conditions.
Average Days on Market Spiked—Here’s Why
Despite the lower supply, Average Days on Market (DOM) rose noticeably in November. This may seem counterintuitive, but there’s a logical explanation:
- Many newer listings that didn’t immediately sell were temporarily removed for the holidays
- Long‑listed luxury homes continued to sit on the market, pushing DOM upward
This seasonal adjustment is common in the ultra‑luxury space, where sellers often pause marketing efforts to avoid the slower holiday season.
Top Ultra‑Luxury Sale in San Diego County – November 2025
The highest‑priced home sold last month was an exceptional estate in Rancho Santa Fe, closing at:
$28,000,000
$901 per square foot
This sale reinforces Rancho Santa Fe’s position as one of Southern California’s premier luxury enclaves and a consistent leader in $10M+ and $20M+ transactions.
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San Diego Ultra‑Luxury Real Estate Market ($5M+) Sees Sharp Drop
San Diego County’s ultra‑luxury real estate market—defined as single‑family homes priced at $5 million and above—showed notable shifts in November 2025. From declining inventory to evolving pricing dynamics, the segment continues to tighten, creating opportunities and challenges for buyers and sellers navigating this elite tier.
Below is a full breakdown of the latest trends shaping San Diego’s highest‑end housing market.
New Ultra‑Luxury Listings Fell Sharply in November
In November, only 21 new listings priced at $5M+ hit the San Diego market. This marks:
This dramatic month‑over‑month and year‑over‑year drop highlights a continued contraction in fresh inventory, contributing to increased scarcity across the ultra‑luxury segment.
Active $5M+ Inventory Hits Its Lowest Point Since Early 2024
Active listings at this price point have now fallen five months in a row, reaching their lowest level since February 2024, when inventory dipped to 124 homes.
As of December 19, 2025, there are: 181 active homes priced at $5 million or more
This tightening supply, combined with shifting buyer activity, continues to reshape the negotiation landscape for high‑end buyers and sellers.
Ultra‑Luxury Homes Are Selling Below Original List Price
A notable trend emerged in November: ultra‑luxury homes are selling at about 92% of their original asking price.
This is significant because, in the $5M+ category, homes typically require price adjustments before selling—and it’s uncommon to see properties close at full asking price. The 92% average underscores:
Average Sold Price Normalizes After October’s Record Spike
October’s historic jump in average sale price—driven by two landmark transactions—set an unusually high benchmark. In November, the market returned to its typical five‑year range:
Average Sold Price: $7M–$9M
Even with a Top‑10 all‑time sale recorded last month, the market is stabilizing into familiar territory.
Ultra‑Luxury Months Supply Drops to Its Lowest Level in Nearly Two Years
Months Supply for homes $5M+ currently sits at:
7 Months of Inventory
This is below the segment’s typical range and marks the lowest supply seen in almost two years—another indicator of tightening conditions.
Average Days on Market Spiked—Here’s Why
Despite the lower supply, Average Days on Market (DOM) rose noticeably in November. This may seem counterintuitive, but there’s a logical explanation:
This seasonal adjustment is common in the ultra‑luxury space, where sellers often pause marketing efforts to avoid the slower holiday season.
Top Ultra‑Luxury Sale in San Diego County – November 2025
The highest‑priced home sold last month was an exceptional estate in Rancho Santa Fe, closing at:
$28,000,000
$901 per square foot
This sale reinforces Rancho Santa Fe’s position as one of Southern California’s premier luxury enclaves and a consistent leader in $10M+ and $20M+ transactions.