Is Lower Village Montecito, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lower Village Montecito is a buyer's market

Buyer's
Market

Difference Since November 2023

At the same time last year, Lower Village Montecito was a Seller's Market.

Key Takeaway

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

Housing Prices in Lower Village Montecito, CA

How much do homes in Lower Village Montecito, CA cost?

Median Sold Price

$5,600,000

$2,084/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$300,000(+5.7%)

Key Takeaway

Homes in Lower Village Montecito have sold for 5.7% more than they did a year ago.

Summary: The median home sold price in Lower Village Montecito was $5,600,000 in November 2024, up 5.7% from last year, and the median price per square foot was $2,084.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 --
N/A
2 $1.3M$1.5M
+13.4%
3 $4.4M$5.1M
+16.3%
4 $5.4M$5.5M
+0.9%
5+ $6.2M$8.4M
+36.0%

Summary: Lower Village Montecito housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 13.4%, 3 bedroom homes increased by 16.3%, 4 bedroom homes increased by 0.9%, and 5+ bedroom homes increased by 36%.

Median Sold Price Compared To Nearby Neighborhoods

Lower Village Montecito
+5.7%
Montecito
+5.4%

Housing Supply in Lower Village Montecito, CA

How many homes are available in Lower Village Montecito, CA?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
1817-5.6%

Summary: The Lower Village Montecito real estate market had 17 homes for sale in November 2024, a 5.6% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 00
0.0%
2 33
0.0%
3 86
-25.0%
4 33
0.0%
5+ 45
+25.0%

Summary: The Lower Village Montecito housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 25%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 25%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
41-75.0%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

0 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lower Village Montecito, you may be able to get a good deal. 100% of homes here sold below asking price last month.

Summary: A total of 1 homes were sold or pending in Lower Village Montecito in November 2024, down by 75.0% month-over-month. Of the 1 sold homes, 100% were sold under asking, 0% were sold at asking, and 0% were sold over asking.

Days on Market for Lower Village Montecito, CA

How long does it take to sell a home in Lower Village Montecito, CA?

Average Sale Time

Nov 2023Nov 2024CHANGE
36 Days18 Days-50.0%

Summary: Homes in Lower Village Montecito had an average of 18 days on market in Nov 2024, down by 50% compared to last year.

Breakdown of Home Sale Times

1 Home Was Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Lower Village Montecito are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 1 homes were sold in Lower Village Montecito; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% 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 21 Days Ago

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