Montecito median home sale price rises 6.8% to $7 million in August
RKT•Montecito's median home sale price was approximately $7 million in August 2026, up 6.8% year over year, while the median sale price per square foot fell 24%.
1. Home prices and costs
Redfin analysis put Montecito's median home sale price at approximately $7 million in August 2026, up 6.8% year over year. The median sale price per square foot fell 24% over the same period, reflecting differences in property characteristics and homes sold.
2. Estimated ownership costs
Monthly ownership costs for a $7 million home could reach $48,800 to $56,800 or more, excluding closing costs or major renovations. Estimated monthly mortgage payments range from $33,600 to $39,300, assuming 20% down on a 30-year fixed mortgage at 6% to 7% interest. Luxury rentals range from roughly $20,000 to $85,000 monthly, depending on property size, location, amenities and lease terms.
