{"id":52763,"date":"2024-05-09T01:21:03","date_gmt":"2024-05-09T08:21:03","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=52763"},"modified":"2024-05-10T12:44:08","modified_gmt":"2024-05-10T19:44:08","slug":"santa-monica-real-estate-market","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/santa-monica-real-estate-market\/","title":{"rendered":"Santa Monica Real Estate Market: Current State & Trends for 2024"},"content":{"rendered":"\n

If you have the means and the desire to live in one of the most desirable areas in the US, the Santa Monica real estate market is one to watch.<\/strong><\/p>\n\n\n\n

Santa Monica, California real estate has historically been a competitive hotbed – a trend that will likely continue well into the future. In the following, we\u2019ll examine several pieces of information to help inform you about current conditions and what to expect when buying or selling a Santa Monica home<\/a>.<\/p>\n\n\n\n

How Much Does it Cost to Live in Santa Monica?<\/h2>\n\n\n\n
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While not all areas in the US require a close examination of living expenses, the cost of living in Santa Monica is worth considering for those not relocating from other notoriously high-priced areas.<\/p>\n\n\n\n

What is the Average Home Price in Santa Monica?<\/h3>\n\n\n\n

Being in Santa Monica puts residents close to endless entertainment and a beautiful oceanfront at the cost of being one of the least affordable cities in the country<\/a>. The average monthly mortgage payment is around $3,637, compared to a regional average of $1,321. And the<\/strong> Santa Monica median home price<\/strong><\/a> averaged $1.99 million throughout 2023, with recent sales climbing to $2.19 million in 2024.<\/strong><\/p>\n\n\n\n

The Santa Monica real estate market has softened since last year when sale-to-listing averages shot above 100%<\/a>. Still, based on an average income for the area of $76,710, households should expect to pay around 40% of their annual pay on household bills.<\/strong><\/p>\n\n\n\n

On the flip side, not everything in Santa Monica is quite so costly as the town embraces its identity as a popular tourist destination that\u2019s otherwise affordable with a nominal income. Santa Monica may not be a good fit for everyone \u2013 but part of the appeal for some! \u2013 and simply means moving to Santa Monica from out of state<\/strong><\/a>, which might mean adjusting your budgeting and spending.<\/strong><\/p>\n\n\n\n

Buying and Selling Real Estate in Santa Monica, California<\/h2>\n\n\n\n
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Between charming west-coast neighborhoods and stunning condominium living, there are a variety of choices to suit your lifestyle.<\/p>\n\n\n\n

Let\u2019s quickly look at a few of the most sought-after facts most folks seek when searching the Santa Monica real estate market for homes.<\/p>\n\n\n\n