Is Santa Monica, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Santa Monica is a buyer's market

Buyer's
Market

Difference Since March 2023

At the same time last year, Santa Monica was a Seller's Market.

Key Takeaway

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

Housing Prices in Santa Monica, CA

How much do homes in Santa Monica, CA cost?

Median Sold Price

$1,790,666

$1,109/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$190,666(+11.9%)

Key Takeaway

Homes in Santa Monica have sold for 11.9% more than they did a year ago.

Summary: The median home sold price in Santa Monica was $1,790,666 in March 2024, up 11.9% from last year, and the median price per square foot was $1,109.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $745K$751K
+0.8%
2 $1.3M$1.5M
+8.9%
3 $1.9M$2.0M
+4.7%
4 $3.8M$3.4M
-11.6%
5+ $5.6M$4.3M
-23.0%

Summary: Santa Monica housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.8%, 2 bedroom homes increased by 8.9%, 3 bedroom homes increased by 4.7%, 4 bedroom homes decreased by 11.6%, and 5+ bedroom homes decreased by 23%.

Median Sold Price Compared To Nearby Cities

Santa Monica
+11.9%
Los Angeles
-1.3%

Housing Supply in Santa Monica, CA

How many homes are available in Santa Monica, CA?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
206252+22.3%

Summary: The Santa Monica real estate market had 252 homes for sale in March 2024, a 22.3% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 2330
+30.4%
2 7583
+10.7%
3 4349
+14.0%
4 2027
+35.0%
5+ 4563
+40.0%

Summary: The Santa Monica housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 30.4%, 2 bedroom homes increased by 10.7%, 3 bedroom homes increased by 14%, 4 bedroom homes increased by 35%, and 5+ bedroom homes increased by 40%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
2835+25.0%

Asking Price vs. Sold Price

19 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

13 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Santa Monica, you may be able to get a good deal. 54.3% of homes here sold below asking price last month.

Summary: A total of 35 homes were sold or pending in Santa Monica in March 2024, up by 25.0% month-over-month. Of the 35 sold homes, 54% were sold under asking, 9% were sold at asking, and 37% were sold over asking.

Days on Market for Santa Monica, CA

How long does it take to sell a home in Santa Monica, CA?

Average Sale Time

Mar 2023Mar 2024CHANGE
46 Days45 Days-1.8%

Summary: Homes in Santa Monica had an average of 45 days on market in Mar 2024, down by 1.8% compared to last year.

Breakdown of Home Sale Times

16 Homes Were Sold
Under 30 Days

15 Homes Were Sold
In 30 - 90 Days

4 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 35 homes were sold in Santa Monica; 46% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 11% 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 11 Days Ago

Newest Listings in Santa Monica, CA

Nearby Markets to Santa Monica, CA

What housing markets are near Santa Monica, CA?