Mid-Year Santa Cruz Real Estate Market Update

Exterior of luxury home in Santa Cruz, CA

All of a sudden, it seems as though the first half of 2024 has passed us by. During this time, many buyers have purchased property in and around the city, and have been enjoying the summer fun and sunny skies. However, for those considering buying or selling a home in Santa Cruz, CA, you may want to know how the real estate market is faring this year.

When is the best time to buy? When is the best time to sell? What will the market look like in the future? These are questions that many people are asking. While there is some level of speculation based off of current market statistics (and getting in touch with an expert Santa Cruz area realtor can help provide interested buyers/sellers with a more accurate analysis!), this summary might help you make an informed decision.

What’s The Real Estate Market in Santa Cruz, CA Like?

As a general overview, the real estate market in Santa Cruz, CA is considered to be competitive—with homes in high-demand and properties listed for higher prices than most cities (almost all!) across the state. This is, of course, largely because of the area’s wide appeal, with a vibrant downtown, a beautiful beach, and ample opportunities for outdoor recreation—not limited to surfing, hiking, and beach volleyball. As a result, Santa Cruz (and Santa Cruz County) attracts a diverse selection of prospective buyers.

With data sourced from the Santa Cruz County Association of Realtors, the following real estate statistics have been reported (all of Santa Cruz County) for June 2024:

The average price of a single-family home is currently $1,584,224
The average price of a multi-family home (condo or townhouse) is currently $851,651
170 single-family homes were listed in the month of June. This is in comparison to 93 in January and 216 in May of this year

According to data collected by Redfin, the following Santa Cruz (city only) statistics are also of interest, true of June 2024:

The median sale price of a property sits at around $1,300,000
The median time a property spends on the market is 24 days
Single-family homes spend a median of 38 days on the market

To further compare, the median sale price of a property in San Francisco is $1.43M, while Monterey is $1.09M. Both of these sale prices have increased since last year. A property in San Francisco also spends a median of 22 days on the market, 30 for Monterey.

Santa Cruz Real Estate: This Time Last Year

In order to gain better insight into market performance, it is important to look at the data collected from previous years. As an overview, when comparing the market from the same time last year, a few conclusions can be made:

The number of total single-family home sales has decreased
The average time a property spends on the market has risen
The average sales price has risen, though single-family homes tend to be purchased closer to the listing price than last year

Once again, according to the Santa Cruz County Association of Realtors, the number of sold single-family homes has dropped 26%, while the average day a single-family home spends on the market has gone up 16%. These figures are in comparison to the statistics collected from June 2023.

In contrast, condos and townhouses in the area have seen an increase in listings, with June 2024 having the highest amount of inventory and new listings of any month this year—the latter showing an increase of 63% from last year.

Future Predictions: What Does This Mean For Buyers & Sellers?

While single-family detached homes do make up a significant portion of the real estate market (the majority, actually!), condos and townhouses seem to be rising in popularity, especially with a number of new and proposed developments popping up around the city. Those searching for either of these property types might find that now is the time to buy—or at least this is the time to keep an eye out for new listings.

Sellers concerned about time on the market or lowering average sale prices likely do not have to worry, as Santa Cruz real estate continues to hold its value. Additionally, buyers hoping for significant price decreases might not see these any time soon—so this season might be the best time to put in an offer on a single-family home!