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 November 2021

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.

How much do homes in Santa Monica, CA cost?

Median Sold Price

$1,605,000

$1,088/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2021

+$141,250(+9.6%)

Key Takeaway

Homes in Santa Monica have sold for 9.6% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSNov 2021Nov 2022%
1 $683.6K$750K
+9.7%
2 $1.1M$1.4M
+18.0%
3 $1.9M$1.9M
+2.6%
4 $3.4M$3.8M
+13.5%
5+ $5.3M$6.1M
+15.1%

Median Sold Price Compared To Nearby Cities

Santa Monica
+9.6%
Los Angeles
+9.5%

How many homes are available in Santa Monica, CA?

Number of Homes For Sale

Oct 2022Nov 2022%
243258+6.2%

Homes For Sale By Bedroom Count

# BEDSOct 2022Nov 2022%
1 2630
+15.4%
2 8789
+2.3%
3 6063
+5.0%
4 2120
-4.8%
5+ 4956
+14.3%

Number of Homes Sold

Oct 2022Nov 2022%
4032-20.0%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

3 Homes Were Sold
At Asking

11 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. 56.3% of homes here sold below asking price last month.

Average Sale Time

Nov 2021Nov 2022%
33 Days42 Days+26.8%

Breakdown of Home Sale Times

12 Homes Were Sold
Under 30 Days

19 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Santa Monica has remained consistent over time.

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

About Santa Monica, CA

There are 258 homes are for sale in Santa Monica, CA real estate market. In November 2022 in Santa Monica, CA there were 6.2% more homes for sale than in October 2022. In November 2022 median list price was $1,605,000 and the average listing age was 42 days. This housing market listing prices have changed between October 2022 and November 2022: prices of 1 bedroom properties went up by 9.7%, 2 bedrooms properties became 18% more expensive, 3 bedrooms properties became 2.6% more expensive, prices of 4 bedrooms properties went up by 13.5%, the cost of 5 bedrooms properties went up by 15.1%. Housing inventory have changed in this real estate market: volume of 1 bedroom homes went up by 15.4%, number of 2 bedrooms homes increased by 2.3%, 3 bedrooms homes became 5% more available, number of 4 bedrooms homes decreased by 4.8%, number of 5 bedrooms homes increased by 14.3%. In November 2022 more than 11 listings in Santa Monica, CA were sold above the asking price. During the same period more than 3 listings were sold at asking price, while more than 18 were sold below.

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