Santa Barbara Real Estate & Homes for Sale

In May 2024, Santa Barbara experienced a significant increase in home prices, with a 43.7% rise compared to the previous year, resulting in a median sale price of $2.2 million. Homes in the area now typically sell after 37 days on the market, slightly longer than the 31-day average recorded last year. The number of homes sold also saw a notable increase, with 53 homes changing hands this May compared to 39 in the same month last year. This uptick in sales activity and rising prices indicate a robust demand for real estate in Santa Barbara, reflecting its continued appeal and the competitive nature of the housing market in this desirable coastal city.

Santa Barbara's real estate market is highly competitive, with homes typically selling in about 28 days. Many properties receive multiple offers, often with some buyers waiving contingencies to secure a purchase. On average, homes sell for approximately the list price and go under contract within 28 days. However, "hot homes"—those in particularly high demand—can sell for about 4% above the list price and go pending in as little as 8 days. This dynamic market reflects the strong demand and limited supply in Santa Barbara, driving rapid sales and competitive bidding.

Nationwide, 0.32% of homebuyers looked to move to Santa Barbara from other metropolitan areas. Los Angeles homebuyers led this interest, searching for homes in Santa Barbara more than those from any other metro area. Following Los Angeles, potential buyers from New York and Washington showed the most interest in relocating to Santa Barbara. This influx from major cities underscores Santa Barbara's appeal as a desirable destination for those seeking a change of scenery.