Luxury homes along the Santa Cruz waterfront

For the past few years, the real estate market in the Santa Cruz metro area has seen some changes—most significantly that housing prices continue to rise, despite a number of external factors (i.e. a pandemic, a rising cost of living) that would typically cause average prices to stagnate or even fall. Of course, this is true of most areas across the state, but it can be a bit disheartening, particularly for first-time homebuyers.

 

If you’re considering buying or selling a home in and around Santa Cruz, the following information may help you better understand the market before you make your decision.

What’s The Santa Cruz Real Estate Market Like?

Comparing data from both the state of California and the metro area of Santa Cruz, there are a few statistics of note. According to active realtors, the number of sales closed fell almost 9% from January, with the number of listings dropping slightly (though much less, at about 1%). 


However, as we move into the spring season (generally considered the best time to buy or sell a home!), many are optimistic that these numbers will rise exponentially in the coming months. March to May is generally the busiest time to buy/sell a property.

Current Housing Prices In Santa Cruz

According to the Santa Cruz Association of Realtors, the median price for a single-family home in January 2024 was $1,160,000. Taking into account market trends, home prices in February tend to rise slightly, and this month seems to be following in the footsteps of other years.

 

In the second week of February 2024, Redfin reported an average sale price of $1,032,708, though it is important to note that this includes not only single-family homes, but condos and townhomes in the Santa Cruz metro area, as well. We can also compare the monthly sale data (average sale price) of single-family homes in the city of Santa Cruz from previous years, as collected by the Santa Cruz Association of Realtors:

  • February 2023: $1,597,322
  • February 2022: $1,989,629
  • February 2021: $1,296,120
  • February 2020: $1,144,246

 

As a whole, housing prices seem to closely reflect the trends of the previous year. Comparing the average sale prices from 2023, January saw a 0.6% increase from this time last year. 

 


On the other hand, the average listing price is not the same as the actual selling price. In some locations, these figures can vary quite a bit, illustrating a gap between what sellers think the property is worth and what homebuyers are willing to pay.


According to Redfin, the average selling price of a property in the Santa Cruz metro area at this point in time is $1,020,000. In comparison, 2022 and 2023 had differing numbers: $1,109,000 and $1,067,000, respectively.


While this may not be a considerable difference, it’s interesting to note that properties sell, on average, at their listed price or a little bit less—and this goes back to supply and demand of homes on the Santa Cruz real estate market.

A Buyer’s or Seller’s Market?

It is currently a seller's market, as is true of almost every single region in the state of California. All this means is that buyers are usually competing with each other to purchase a home, and that there is low inventory and high demand. This directly reflects the figures above, particularly the number of sales closed and the number of listings dropping. However, this could even out in the future.

Santa Cruz Real Estate Market: The Future

According to collected data, the number of homes sold around this time of the year is significantly less than the years 2020 and 2021. 


What does that mean? Ultimately, it means that this is a favorable time for sellers to list their property, and buyers may want to hold out, or take the plunge now before housing prices rise further.

 

Browse Homes For Sale In Santa Cruz, CA

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100 Lions Field Dr, SANTA CRUZ

$2,300,000

100 Lions Field Dr, SANTA CRUZ

5 Beds 5 Baths 5,500 SqFt Single Family Residential MLS® # ML81960670

Room Real Estate 310.344.0072MLSListings Inc Logo

New
139 Scenic St, SANTA CRUZ

$2,299,995

139 Scenic St, SANTA CRUZ

3 Beds 3 Baths 1,860 SqFt Single Family Residential MLS® # ML81965565

MBI Real Estate 831-688-2258MLSListings Inc Logo

New
700 Monarch Way, SANTA CRUZ

$2,295,000

700 Monarch Way, SANTA CRUZ

5 Beds 4 Baths 2,900 SqFt Single Family Residential MLS® # ML81964376

eXp Realty of California Inc 408-891-4663MLSListings Inc Logo

752 Glen Canyon Rd, SANTA CRUZ

$2,295,000

752 Glen Canyon Rd, SANTA CRUZ

3 Beds 2 Baths 2,381 SqFt Single Family Residential MLS® # ML81964415

Raymond Douglas Realty 831-645-1000MLSListings Inc Logo

2895 Capitola Rd, SANTA CRUZ

$2,250,000

2895 Capitola Rd, SANTA CRUZ

0 Beds 0 Baths 3,284 SqFt Multi-Residential MLS® # ML81963478

eXp Realty of California Inc 831-239-9002MLSListings Inc Logo

2080 Redwood Dr, SANTA CRUZ

$2,250,000

2080 Redwood Dr, SANTA CRUZ

6 Beds 5 Baths 4,700 SqFt Single Family Residential MLS® # ML81962247

eXp Realty of California Inc 831-688-9800MLSListings Inc Logo

200 Panetta Ave, SANTA CRUZ

$2,200,000

200 Panetta Ave, SANTA CRUZ

2 Beds 3 Baths 1,982 SqFt Condo / Townhome MLS® # ML81954978

JR Parrish Inc. 831-247-2610MLSListings Inc Logo

311 6th Ave, Santa Cruz

$2,195,000

311 6th Ave, Santa Cruz

3 Beds 3 Baths 2,268 SqFt Single Family Residential MLS® # ML81953025

Keller Williams Realty Santa Cruz 831-247-0477MLSListings Inc Logo

242 2nd Ave, SANTA CRUZ

$2,195,000

↓ $255,000

242 2nd Ave, SANTA CRUZ

3 Beds 2 Baths 1,592 SqFt Single Family Residential MLS® # ML81954028

Miritz Real Estate, Inc. 831-818-1944MLSListings Inc Logo

3702 Tiffani Ct, SANTA CRUZ

$2,150,000

3702 Tiffani Ct, SANTA CRUZ

4 Beds 3 Baths 2,750 SqFt Single Family Residential MLS® # ML81963032

Bailey Properties 831-424-7677MLSListings Inc Logo

200 Panetta Ave 2, SANTA CRUZ

$2,000,000

200 Panetta Ave 2, SANTA CRUZ

0 Beds 1 Bath 2,720 SqFt Condo / Townhome MLS® # ML81955488

JR Parrish Inc. 831-247-2610MLSListings Inc Logo

1129 E Cliff Dr, SANTA CRUZ

$1,999,900

↓ $195,100

1129 E Cliff Dr, SANTA CRUZ

0 Beds 0 Baths 1,440 SqFt Multi-Residential MLS® # ML81957738

California Homes Realty 831-464-1671MLSListings Inc Logo

 

All data was taken from Redfin, The Santa Cruz Association Of Realtors®, and the California Association of REALTORS®. Small discrepancies are expected.


Get answers to all of your real estate questions. If you're interested in learning more about the homes found in Santa Cruz, be sure to contact Lauren Spencer online or call 1.800.226.4717 to learn more about the area.

Posted by Lauren Spencer on
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