Is Santa Monica, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 2023
Since last year, Santa Monica has remained a Seller's Market.
Housing Prices in Santa Monica, CA
How much do homes in Santa Monica, CA cost?
Median Sold Price
$1,845,000
$1,122/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Summary: The median home sold price in Santa Monica was $1,845,000 in June 2024, up 15.1% from last year, and the median price per square foot was $1,122.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $749K | $750K | 0.1% |
2 Bedrooms | $1.3M | $1.5M | +12.1% |
3 Bedrooms | $2.0M | $2.0M | +4.7% |
4 Bedrooms | $3.7M | $3.5M | -3.4% |
5+ Bedrooms | $5.1M | $4.2M | -17.5% |
Summary: Santa Monica housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.1%, 2 bedroom homes increased by 12.1%, 3 bedroom homes increased by 4.7%, 4 bedroom homes decreased by 3.4%, and 5+ bedroom homes decreased by 17.5%.
Median Sold Price Compared To Nearby Cities
Santa Monica | $1.6M | $1.8M | +15.1% |
Los Angeles | $957.5K | $1.0M | +4.7% |
Housing Supply in Santa Monica, CA
How many homes are available in Santa Monica, CA?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
290 | 302 | +4.1% |
Summary: The Santa Monica real estate market had 302 homes for sale in June 2024, a 4.1% increase compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 26 | 30 | +15.4% |
2 Bedrooms | 99 | 102 | +3.0% |
3 Bedrooms | 69 | 73 | +5.8% |
4 Bedrooms | 28 | 29 | +3.6% |
5+ Bedrooms | 68 | 68 | 0.0% |
Summary: The Santa Monica housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 15.4%, 2 bedroom homes increased by 3%, 3 bedroom homes increased by 5.8%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes remained the same.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
60 | 57 | -5.0% |
Asking Price vs. Sold Price
32 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Summary: A total of 57 homes were sold or pending in Santa Monica in June 2024, down by 5.0% month-over-month. Of the 57 sold homes, 56% were sold under asking, 14% were sold at asking, and 30% 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
Jun 2023 | Jun 2024 | CHANGE |
---|---|---|
33 Days | 28 Days | -15.2% |
Summary: Homes in Santa Monica had an average of 28 days on market in Jun 2024, down by 15.2% compared to last year.
Breakdown of Home Sale Times
34 Homes Were Sold
Under 30 Days
20 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Summary: During June 2024, 57 homes were sold in Santa Monica; 60% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.