The value of Prince Harry and Meghan Markle’s Montecito, California house has suddenly doubled
California: According to Zillow, the value of Prince Harry and Meghan Markle’s Montecito, California, home has doubled since they bought it in the summer of 2020. Today, the mansion with nine bedrooms is valued at about $29 million.
The Significance of It
Home prices in California have been increasing recently, and following a brief decline in 2023, the housing market is once again improving. Since the couple purchased their Montecito home in June 2020, the median price of homes in California has increased by almost 41%. According to Redfin, the median property price in Montecito has increased by almost 47% since June 2020.
In the same period, the value of Harry and Meghan’s property has increased by around 110 percent.
Things You Should Know
According to property records examined by Newsweek, the couple paid $14,099,456 million for the Montecito estate in June 2020. The house cost the couple about $14.7 million.
The 18,671-square-foot house is currently valued at $29,632,900, according to a Zillow assessment. This information coincides with reports that the home market in California is rebounding.
According to Zillow, the value of Harry and Meghan’s home has increased by 6.2 percent in the last 30 days.
Location, size, amenities, the state of the housing market, and the overall state of the economy are some of the elements that affect a home’s worth.
California’s median home price has increased by 29.7 percent over the last five years, according to Hannah Jones, a senior economic research analyst for Realtor.com, who spoke to the media report. With a 47.3 percent gain over the same period, Montecito surpassed California overall.
Redfin reports that while sales in Montecito fell 36.4 percent in November 2024, California saw an increase in home sales of 12.4% year over year. California saw its “largest yearly increase in existing home sales since June 2021” in the same month, according to a study from the California Association of Realtors (CAR).
What Individuals Are Saying
“A home doubling in value since 2020 is not typical, even in in-demand Montecito,” said Hannah Jones, senior economic research analyst for Realtor.com, in an interview with the media. Additions, renovations, and general popularity fueled by celebrity could all lead to excessive price increases.
In an interview with the media, Charlie Lankston, executive editor at Realtor.com, stated: “Montecito has solidified its reputation as one of California’s most coveted celebrity communities, housing not only Meghan and Harry but also celebrities like Oprah, Ellen DeGeneres, Katy Perry, and Orlando Bloom. The value of properties in that location will only increase as a result of all these variables.
“Home prices are expected to moderate further in the next couple of months if they follow the seasonal trend but should continue to grow in the first quarter of 2025 before the kick-off of the spring homebuying season,” stated Jordan Levine, senior vice president and chief economist for the California Association of Realtors (CAR), in a press release.
What Follows
The CAR projected that the median home price in California will rise by 4.6 percent in 2025 in its 2025 California Housing Market Forecast, which was published in September 2024.
The valuations of California homes, not only upscale ones like Harry and Meghan’s Montecito home, could rise in the coming year due to encouraging data from the state’s housing market.
