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By Claire Dickey
Senior Editor
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Prince Harry and Meghan Markle's home in Montecito, California, has doubled in value since they purchased the property in the summer of 2020, according to Zillow. The nine-bedroom mansion is now worth upwards of $29 million.
Why It Matters
California's home prices have been rising in recent years, and the housing market is once again on the incline after a temporary slide in 2023. The median home price in California is up about 41 percent since June 2020 when the couple bought their Montecito property. In Montecito, the median home price is up about 47 percent since June 2020, according to Redfin.
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Harry and Meghan's house has jumped about 110 percent in value in the same time frame.
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What To Know
The Montecito mansion was worth $14,099,456 million when the couple bought it in June 2020, according to property records reviewed by Newsweek. The pair purchased the home for around $14.7 million.
A Zillow estimate shows the 18,671-square-foot home is now worth $29,632,900, with a 6.2 percent increase in value over the past 30 days.
Meghan's new homemaking series on Netflix, which premieres on January 15, could also increase interest in the property, despite it taking place at a separate $8 million dollar property.
"The release of Meghan's new Netflix series, 'With Love, Meghan,' will undoubtedly only increase interest in the couple's home life—despite the fact that it wasn't actually filmed inside the couple's marital mansion, but rather at a borrowed property just a few minutes away," Charlie Lankston, executive editor at Realtor.com, told Newsweek.
Housing Market Trends in California
A home's value depends on several factors, including location, size, amenities, the current housing market and economy as a whole.
Hannah Jones, a senior economic research analyst for Realtor.com, told Newsweek the median home price in California has risen 29.7 percent in the past five years. Montecito eclipsed California as a whole with a 47.3 percent increase in the same time frame.
The number of homes sold in California was up 12.4 percent year over year in November 2024, according to Redfin, although sales in Montecito were down 36.4 percent. The California Association of Realtors (CAR) reported that California had its "largest yearly increase in existing home sales since June 2021" during the same month.
What People Are Saying
Hannah Jones, senior economic research analyst for Realtor.com, told Newsweek: "...Even in in-demand Montecito, a home doubling in value since 2020 is not typical. Renovations, additions and general fame-driven popularity all could contribute to outsized price growth."
Charlie Lankston, executive editor at Realtor.com, told Newsweek: "...Montecito itself has cemented its place on the map as one of California's most sought-after celebrity enclaves, having served as a home not only to Meghan and Harry, but to the likes of Oprah, Ellen DeGeneres, and Katy Perry and Orlando Bloom. All of these factors can only help to drive up the value of homes in that area."
Pila Jessie, realtor and owner of Khorr Realty, told Newsweek: "Montecito remains one of California's most exclusive and sought-after communities. While rising interest rates have kept property values flat in some areas, affluent buyers seeking private retreats or second homes are less affected by these financial shifts. As a result, they continue to invest in prestigious locations which therefore continue to appreciate at an accelerated rate."
Jordan Levine, California Association of Realtors (CAR) senior vice president and chief economist, said in a press release: "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."
What Happens Next
In its 2025 California Housing Market Forecast, released in September 2024, the CAR predicted California's median home price will increase 4.6 percent in 2025.
With promising data coming out of the California housing market, the values of California homes—not just luxury properties like Harry and Meghan's Montecito home—may increase in the new year.
Update 1/3/24 1:14 p.m. ET: This story has been updated with additional context and comment from Lankston.
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