Lance Hulsey | February 7, 2023
Santa Cruz County, located on the central coast of California, is known for its picturesque beaches, scenic mountains, and vibrant culture. The area has seen significant growth in recent years, with many new residents drawn to the region for its quality of life and proximity to Silicon Valley.
However, this growth has also put pressure on the housing market, leading to several notable trends in the area.
The median home price in Santa Cruz County has risen steadily in recent years, reaching over $1 million in some areas. This has made it difficult for many residents, especially those in lower-income brackets, to find affordable housing. This trend is expected to continue as demand for housing in the area remains high.
The limited supply of housing in Santa Cruz County has been a major contributing factor to the rising cost of housing. This is partly due to the area's geography and zoning laws that restrict the development of new housing units. As a result, many residents are struggling to find affordable places to live.
With high home prices and limited housing supply, many residents are turning to renting as a more affordable option. This has led to increased competition for rental properties, resulting in higher rental costs and longer waitlists.
In response to these challenges, the Santa Cruz County community has come together to find solutions. There have been efforts to build more affordable housing units, increase subsidies for low-income residents, and revise zoning laws to allow for more development.
In conclusion, the housing market in Santa Cruz County is facing significant challenges due to the high demand for housing and limited supply. However, the community is working together to find solutions and make housing more accessible for all residents. As the area continues to grow, it will be important to stay informed about these trends and take action to ensure that everyone has access to affordable, safe, and stable housing.
Some statistics as of the New Year.
The Santa Cruz housing market is very competitive. The average sale price of a home in Santa Cruz was $1.34M last month, up 2.9% since last year. The average sale price per square foot in Santa Cruz is $828, down 13.3% since last year.
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