Meghan Markle, Prince Harry’s Montecito, California, Home Doubles in Value

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.

Harry and Meghan’s property has jumped about 110 percent in value in the same time frame.

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. This update comes alongside news of a resurgence in California’s housing market.

Zillow’s estimate of Harry and Meghan’s house notes a 6.2 percent increase in value over the past 30 days.

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.”

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.