Santa Monica, CA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
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Highest Appreciating Santa Monica Neighborhoods Since 2000




Santa Monica, CA Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Santa Monica Housing Market Information

With a population of 93,220, 46,688 total housing units (homes and apartments), and a median house value of $1,125,271, Santa Monica house prices are not only among the most expensive in California, Santa Monica real estate also is some of the most expensive in all of America.

Large apartment complexes or high rise apartments are the single most common housing type in Santa Monica, accounting for 63.81% of the city's housing units. Other types of housing that are prevalent in Santa Monica include single-family detached homes ( 18.06%), duplexes, homes converted to apartments or other small apartment buildings ( 13.53%), and a few row houses and other attached homes ( 4.31%). This particular housing mix is relatively uncommon and characteristic of cities that are compact and walkable, and which often have a lively downtown.

Santa Monica is dominated by renter-occupied one, two, or no bedrooms apartments. 73.53% of Santa Monica's dwellings are rentals.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Santa Monica's housing was primarily built during this period, from the '40s through the '60s. A full 43.76% of the city's housing hails from this era. Other housing ages represented in Santa Monica include homes built between 1970-1999 ( 32.80%) and housing constructed before 1939 ( 15.54%). There's also some housing in Santa Monica built between 2000 and later ( 7.90%).

Santa Monica Home Appreciation Rates

In the last 10 years, Santa Monica has experienced some of the highest home appreciation rates of any community in the nation. Santa Monica real estate appreciated 22.58% over the last ten years, which is an average annual home appreciation rate of 2.06%, putting Santa Monica in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Santa Monica definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Santa Monica that despite a nationwide downturn in the housing market, Santa Monica real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Santa Monica appreciation rates continue to be some of the highest in America, at 9.49%, which is higher than appreciation rates in 92.29% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Santa Monica. Santa Monica appreciation rates in the latest quarter were at 1.99%, which equates to an annual appreciation rate of 8.20%.

Importantly, this makes Santa Monica one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to California, our data show that Santa Monica's latest annual appreciation rate is higher than 70% of the other cities and towns in California.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Santa Monica differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Santa Monica - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Santa Monica real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$1,125,271

Santa Monica, CA HOME PRICES

Value Range
> $1,291,000 40.8
$968,001 - $1,291,000 20.1
$646,001 - $968,000 26.5
$516,001 - $646,000 6.1
$387,001 - $516,000 3.1
$258,001 - $387,000 0.8
$129,001 - $258,000 1.0
$65,001 - $129,000 0.5
$0 - $65,000 1.1

Very High for CA
Very High for Nation

Value Relative to Nation Value Relative to State
0.820344544708778 8.73015873015873

Number Of Homes And Apartments:
46,688

Santa Monica Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
170.38% 5.94% 10 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,210 / per month

Homeownership Rate

Homeownership
Owners 26.47
Renters 73.53
Vacant 8.34

Housing Market Details

 

Age of Homes

AGE OF Santa Monica HOMES
2000 or Newer 7.9
1970 - 1999 32.8
1940 - 1969 43.8
1939 or Older 15.5

Types of Homes

TYPE OF Santa Monica HOMES
Single-Family 18.1
Townhomes 4.3
Small Apt. Buildings 13.5
Apt. Complexes 63.8
Mobile Homes 0.3
Other 0.0

Home Size

SIZE OF Santa Monica HOMES
No Bedroom 8.04
1 Bedroom 35.35
2 Bedrooms 36.59
3 Bedrooms 14.26
4 Bedrooms 3.67
5 or more bedrooms 2.09