SBAOR Housing Market Update – February 2025
Patterson Self Storage: Your Local Partner for Moving & Storage
At Patterson Self Storage, we were proud to be a major sponsor of the annual Housing Market Update hosted by the Santa Barbara Association of Realtors. Our team sponsored a food table, distributed gift certificates, handed out packing tape, and provided valuable information on self-storage solutions for both Realtors and their clients. Whether you’re moving, downsizing, or investing in Santa Barbara real estate, we’re here to help with secure and convenient self-storage units.
2024 Santa Barbara Housing Market Recap
Santa Barbara’s real estate market remained strong throughout 2024, with continued demand and steady home prices. Despite concerns about interest rates, the general consensus is that they will remain stable over the next few years.
Mortgage Rate Predictions: 2025–2028
Experts predict a gradual decline in 30-year fixed mortgage rates:
- 2025: 6.55%
- 2026: 6.4%
- 2027: 5.8%
- 2028: 5.7%
Santa Barbara Real Estate Trends
One surprising takeaway from the market update was the high percentage of cash sales, reflecting strong buyer confidence:
- Of Total sales: 41% were all cash
- Under $5 million: 42% of sales were cash purchases
- $2–$5 million range: 37% cash sales
- Under $2 million: 53% cash sales
The hottest segment in Santa Barbara’s real estate market was homes under $2 million, which made up 41% of all sales.
Factors Impacting Santa Barbara Real Estate in 2024
Whether you’re selling, buying, downsizing, or investing, Patterson Self Storage offers secure, affordable storage units to make your transition easier. Contact us today for temperature-controlled storage, interior vehicle & RV storage, and packing supplies in Santa Barbara.
Visit us at PattersonSelfStorage.com to learn more!
