2024 Santa Barbara Real Estate: A Year in Review
What a remarkable year 2024 was. Let's dive into the numbers that tell the story of our dynamic market and help us prepare for this next year ahead.
Strong Market Performance
The South Santa Barbara County market showed impressive resilience and growth in 2024:
- Total sales volume increased by 7% year-over-year (824 vs 773 in 2023)
- Median sales price rose to $2,200,000 (+5% from 2023)
- Average sales price climbed to $3,559,886 (+11% from 2023)
Area-by-Area Analysis
Montecito
- Average price: $7,329,961 (+17% YoY)
- Median price: $5,455,365 (+9% YoY)
- Notable trend: 132 total sales in 2024, showing continued strong demand in the luxury market
Santa Barbara
- Average price: $2,524,602 (+9% YoY)
- Median price: $2,150,000 (+8% YoY)
- Highest volume: 397 sales in 2024, representing the most active market segment
Goleta
- Average price: $1,842,310 (+2% YoY)
- Median price: $1,625,000 (+9% YoY)
- Strong performance: 223 sales, showing a 22% increase from 2023
Cash Buyers & Market Dynamics
The market saw significant cash activity in 2024:
- 44% of all transactions were cash purchases (!!!)
- Average days on market: 37 days for single-family homes
- Current inventory: 2.17 months of supply, indicating a seller's market
Market Insights & Looking Ahead
- The luxury market segment ($5M+) showed particular strength, with Montecito leading the charge
- Entry-level properties ($1-2M) remained highly competitive with multiple offers common
- Interest rates, while higher than historical lows, didn't dampen buyer enthusiasm as evidenced by increased sales volume
Key Takeaway: Despite national economic discussions, Santa Barbara's real estate market demonstrated remarkable resilience and growth in 2024. The combination of limited inventory, strong buyer demand, and our area's enduring appeal continued to drive market appreciation.
Whether you're considering selling your home or looking to buy, understanding these market dynamics is crucial for making informed decisions. I'm here to help you navigate our unique market with expertise and personalized service.
Looking to discuss your specific real estate goals this year? Let's connect and explore how these market trends align with your plans.
