2 Real Estate

2.1 Zillow Home Value Index

One of the hallmarks of the Great Recession was its profound effect on housing markets nationwide. Since then the health of these markets have garnered significant attention and has been used as an indicator of potential future downturns. Since the downturn, most housing markets in the Western United States have, in fact, recovered. Colorado has seen exceptional growth and is now 60% higher than its pre-recession peak.

The recovery of the California housing market is reflected across much of the state. Overall, Californian homes are worth $547,400, roughly 1% above their pre-recession peaks. Over the metropolitan areas shown below, Los Angeles, San Francisco, and San Diego have seen the largest recovery.

Within Santa Barbara County, Santa Barbara City and Montecito have both more than recovered from the Great Recession. Many of the others, however, remain below.

The slowdown in growth of the California housing market has also been felt by Santa Barbara County’s cities. Save for recent trends in Goleta, many other cities have seen a slow decline in the growth of home values.


2.2 Santa Barbara County Recorder’s Data

South Santa Barbara County
Month Count Avg Sales Price Avg Price Change Median Price Median Price Change
Apr 2020 100 $1,418,670 5.4% $1,012,500 -3.6%
Apr 2021 237 $2,260,669 59.4% $1,447,000 42.9%
Apr 2022 149 $2,869,923 27% $1,950,000 34.8%
Apr 2024 116 $2,975,062 3.7% $1,866,500 -4.3%
South Santa Barbara County
Month Count Avg Sales Price Avg Price Change Median Price Median Price Change
Jan-Apr 2020 511 $1,401,588 5.6% $1,060,000 6%
Jan-Apr 2021 833 $2,268,533 61.9% $1,345,000 26.9%
Jan-Apr 2022 594 $2,685,884 18.4% $1,711,500 27.2%
Jan-Apr 2023 251 $2,454,558 8.6% $1,500,000 -12.4%
Jan-Apr 2024 409 $2,678,856 9.1% $1,675,000 11.7%
North Santa Barbara County
Month Count Avg Sales Price Avg Price Change Median Price Median Price Change
Apr 2020 340 $479,535 5.1% $428,500 8.5%
Apr 2021 522 $632,021 31.8% $500,000 16.7%
Apr 2022 500 $738,490 16.8% $584,500 16.9%
Apr 2024 137 $679,507 8% $610,000 4.4%
North Santa Barbara County
Month Count Avg Sales Price Avg Price Change Median Price Median Price Change
Jan-Apr 2020 1841 $521,652 10.5% $420,500 7.8%
Jan-Apr 2021 1768 $599,759 15% $480,000 14.1%
Jan-Apr 2022 1718 $688,252 14.8% $565,000 17.7%
Jan-Apr 2023 336 $703,712 2.2% $565,000 0%
Jan-Apr 2024 504 $692,898 1.5% $620,000 9.7%