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
Jun 2020 172 $1,707,096 7% $1,044,750 4.5%
Jun 2021 217 $2,080,801 21.9% $1,361,500 30.3%
Jun 2022 162 $2,482,858 19.3% $1,692,500 24.3%
Jun 2024 124 $3,652,317 47.1% $1,700,000 0.4%
South Santa Barbara County
Month Count Avg Sales Price Avg Price Change Median Price Median Price Change
Jan-Jun 2020 769 $1,515,873 0.5% $1,055,000 3.2%
Jan-Jun 2021 1274 $2,324,131 53.3% $1,400,000 32.7%
Jan-Jun 2022 907 $2,574,064 10.8% $1,675,000 19.6%
Jan-Jun 2023 371 $2,447,693 4.9% $1,516,000 -9.5%
Jan-Jun 2024 658 $2,861,388 16.9% $1,700,000 12.1%
North Santa Barbara County
Month Count Avg Sales Price Avg Price Change Median Price Median Price Change
Jun 2020 426 $581,516 24.1% $426,000 3.9%
Jun 2021 500 $655,402 12.7% $520,000 22.1%
Jun 2022 410 $728,078 11.1% $576,000 10.8%
Jun 2024 153 $782,585 7.5% $612,500 6.3%
North Santa Barbara County
Month Count Avg Sales Price Avg Price Change Median Price Median Price Change
Jan-Jun 2020 2777 $543,473 16.4% $425,500 8.1%
Jan-Jun 2021 2756 $615,407 13.2% $495,000 16.3%
Jan-Jun 2022 2548 $698,665 13.5% $565,500 14.2%
Jan-Jun 2023 480 $720,747 3.2% $565,000 -0.1%
Jan-Jun 2024 803 $724,420 0.5% $620,000 9.7%