Is Montecito Heights, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Montecito Heights is a buyer's market

Buyer's
Market

Difference Since November 2023

At the same time last year, Montecito Heights was a Seller's Market.

Key Takeaway

Montecito Heights is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Montecito Heights, CA

How much do homes in Montecito Heights, CA cost?

Median Sold Price

$813,000

$616/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$115,250(+16.5%)

Key Takeaway

Homes in Montecito Heights have sold for 16.5% more than they did a year ago.

Summary: The median home sold price in Montecito Heights was $813,000 in November 2024, up 16.5% from last year, and the median price per square foot was $616.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $515K$487.7K
-5.3%
2 $641.1K$722K
+12.6%
3 $930K$889K
-4.4%
4 $1.1M$1.0M
-12.1%
5+ -$850K
N/A

Summary: Montecito Heights housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 5.3%, 2 bedroom homes increased by 12.6%, 3 bedroom homes decreased by 4.4%, 4 bedroom homes decreased by 12.1%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Neighborhoods

Montecito Heights
+16.5%
Highland Park
+9.1%
El Sereno
+4.3%
Northeast LA
+3.2%

Housing Supply in Montecito Heights, CA

How many homes are available in Montecito Heights, CA?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
4041+2.5%

Summary: The Montecito Heights real estate market had 41 homes for sale in November 2024, a 2.5% increase compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 35
+66.7%
2 1516
+6.7%
3 1411
-21.4%
4 66
0.0%
5+ 23
+50.0%

Summary: The Montecito Heights housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes increased by 6.7%, 3 bedroom homes decreased by 21.4%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 50%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
105-50.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

1 Home Was Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Montecito Heights, you could pay more than the asking price. 60% of homes here sold above asking price last month.

Summary: A total of 5 homes were sold or pending in Montecito Heights in November 2024, down by 50.0% month-over-month. Of the 5 sold homes, 20% were sold under asking, 20% were sold at asking, and 60% were sold over asking.

Days on Market for Montecito Heights, CA

How long does it take to sell a home in Montecito Heights, CA?

Average Sale Time

Nov 2023Nov 2024CHANGE
58 Days23 Days-60.5%

Summary: Homes in Montecito Heights had an average of 23 days on market in Nov 2024, down by 60.5% compared to last year.

Breakdown of Home Sale Times

4 Homes Were Sold
Under 30 Days

1 Home Was Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Montecito Heights are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 5 homes were sold in Montecito Heights; 80% of homes were sold within 30 days, 20% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 5 Days Ago

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