What Is Currently on the Market? San Diego 2–4 Unit Active Inventory Update

What Is Currently on the Market? San Diego 2–4 Unit Active Inventory Update (5/28/2026)

San Diego’s 2–4 unit market remains more liquid than the 5+ unit space, largely because of residential financing, owner-user demand, ADU potential, and a broader buyer pool.

But current active inventory shows that even the 2–4 unit market is not immune to pricing discipline. Buyers are still paying premiums for the right locations and property profiles, but listings that stretch too far on price, GRM, or cap rate are taking longer to move.

Current 2–4 Unit Active Inventory Snapshot

Metric	Current Active 2–4 Unit Market
Active listings	299
Total units for sale	826
Approx. asking volume	$533.7M
Median days on market	50 days
Average days on market	64 days
Median asking cap rate	4.57%
Median asking GRM	16.76
Median asking price per unit	~$563K

Investor insight: The 2–4 unit market is still more liquid than the 5+ unit space, but the asking GRM is much higher. This reflects residential financing, owner-user demand, coastal premiums, and ADU/development potential.

Active Inventory by Unit Count

Unit Count	Active Listings	% of Listings	Units for Sale	% of Units	Median Price/Unit	Median DOM	Median Cap.	Median GRM
2 units	144	48.2%	288	34.9%	~$641K	51	4.10%	17.82
3 units	82	27.4%	246	29.8%	~$533K	46	4.80%	16.10
4 units	73	24.4%	292	35.4%	~$474K	57	4.60%	15.57

Investor insight: Duplexes are commanding the highest price per unit and highest GRMs, which is typical when owner-users, residential financing, and ADU potential are part of the buyer pool.

Days on Market: 2–4 Unit Inventory Is Moving Faster Than 5+ Units

Days on Market Threshold.	Active Listings	% of Active Market
30+ days	216	72.2%
60+ days	123	41.1%
90+ days	65	21.7%
120+ days	41	13.7%
150+ days	19	6.4%
180+ days	11	3.7%
365+ days	1	0.3%

Investor insight: Compared with the 5+ unit market, 2–4 unit inventory is moving more efficiently. Only about 22% of active 2–4 unit listings have been on the market for 90+ days, compared with roughly 45% of active 5+ unit listings.

Active 2–4 Unit Inventory by ZIP Code

ZIP Code	Active Listings	Units for Sale	Median DOM	90+ DOM	120+ DOM.	Median Cap.	Median GRM.	Median Price/Unit
92109	29	73	48	8	3	3.47%	19.00	~$950K
92102	19	56	44	5	4	4.81%	15.29	~$417K
92116	19	60	52	3	2	3.97%	18.36	~$575K
92104	17	46	56	2	0	3.96%	16.79	~$638K
92105	17	44	48	4	4	5.19%	15.11	~$488K
91932	16	41	58	0	0	5.00%	15.87	~$550K
92113	16	46	31	5	3	5.14%	14.00	~$431K
92103	15	39	56	3	2	3.04%	19.21	~$763K
92107	15	43	79	6	5	4.38%	18.04	~$840K
91910	10	28	63	3	1	4.95%	14.30	~$500K
92115	10	29	23	2	1	5.45%	14.28	~$786K
92025	9	27	44	1	1	5.21%	16.73	~$349K
92110	9	32	32	2	1	4.00%	21.33	~$469K
92114	7	22	76	3	2	6.43%	14.77	~$319K
92024	6	14	36	0	0	4.25%	20.35	~$990K

Investor insight: 92109, 92107, 92103, and 92024 show premium price-per-unit expectations. Yield-oriented buyers are more likely to focus on areas like 92105, 92113, 92114, 91910, and 92025.

ZIP Codes with the Most Stale 2–4 Unit Inventory

ZIP Code.	Active Listings.	Listings 90+ DOM.	Listings 120+ DOM.	Median DOM
92109	29	8	3	48	Most active coastal 2–4 inventory
92107	15	6	5	79	Premium coastal pricing is being tested
92102	19	5	4	44	Active urban market, some stale inventory
92113	16	5	3	31	Yield-focused inventory with selectivity
92105	17	4	4	48	Higher cap rates, but pricing still matters
92116	19	3	2	52	Strong demand, but elevated GRMs require support
92103	15	3	2	56	High-price market with thinner cap rates
91910	10	3	1	63	More yield-driven buyer pool
92114	7	3	2	76	Higher cap rate market, but longer timelines

Investor insight: The 2–4 unit market is more liquid overall, but coastal and urban-core pricing can still push buyers away if the income does not support the value.

Lot Size Snapshot

Lot Size Range.	Active Listings
4,000–7,499 SF	158
1–3,999 SF	49
7,500–10,889 SF	41
Not reported	23
.25 to .5 AC	14
.5 AC+	14

Investor insight: Lot size matters in the 2–4 unit space because buyers are not only buying income. They are often underwriting ADU potential, future development flexibility, parking, outdoor space, and owner-user functionality.

2–4 Units vs. 5+ Units: The Biggest Difference

Metric.	2–4 Units.	5+ Units
Active listings	299	212
Median DOM	50	78
Listings 90+ DOM.	21.7%	45.3%
Median cap rate	4.57%	4.75%
Median GRM	16.76	13.87
Median price/unit	~$563K	~$369K

Investor insight: The 2–4 unit market trades differently because buyers are not only looking at income. Residential financing, owner-user appeal, ADU potential, and location premiums all support higher GRMs and higher price-per-unit metrics. The 5+ unit market is more purely underwriting-driven.

Bottom Line

The San Diego 2–4 unit market remains one of the most liquid segments of multifamily, but the current active inventory still shows signs of buyer discipline.

Duplexes and coastal properties continue to command the strongest price-per-unit premiums, while yield-oriented ZIP codes are trading on income, condition, and financing. Sellers can still achieve strong pricing, but the listing needs to be positioned correctly by ZIP code, buyer profile, unit mix, lot utility, and realistic income assumptions.

The best-performing listings are not just “on the market.” They are priced and positioned for how today’s buyers actually underwrite.