Banning, CA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA



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Banning, CA Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2018. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2016 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Banning Housing Market Information

With 31,026 people, 10,955 houses or apartments, and a median cost of homes of $240,083, Banning real estate values are some of the lowest in California, although compared to real estate around the nation, Banning homes are still considered rather expensive.

Single-family detached homes are the single most common housing type in Banning, accounting for 74.43% of the city's housing units. Other types of housing that are prevalent in Banning include mobile homes or trailers ( 8.74%), large apartment complexes or high rise apartments ( 6.47%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.35%).

People in Banning primarily live in small (one, two or no bedroom) single-family detached homes. Banning has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Banning built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Banning built between 1940-1969 ( 28.99%). A lesser amount of the housing stock also hails from between 2000 and later ( 18.02%). There's also some housing in Banning built before 1939 ( 5.08%).

Banning Home Appreciation Rates

In the last 10 years, Banning has experienced some of the highest home appreciation rates of any community in the nation. Banning real estate appreciated 46.13% over the last ten years, which is an average annual home appreciation rate of 3.87%, putting Banning in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Banning definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Banning that despite a nationwide downturn in the housing market, Banning real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Banning appreciation rates continue to be some of the highest in America, at 10.74%, which is higher than appreciation rates in 94.95% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Banning. Banning appreciation rates in the latest quarter were at 2.17%, which equates to an annual appreciation rate of 8.96%.

Relative to California, our data show that Banning's latest annual appreciation rate is higher than 80% of the other cities and towns in California.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Banning differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Banning - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Banning real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$240,083

Banning, CA HOME PRICES

Value Range
> $1,585,000 1.5
$1,189,001 - $1,585,000 0.3
$792,001 - $1,189,000 2.8
$633,001 - $792,000 0.6
$475,001 - $633,000 5.7
$317,001 - $475,000 21.9
$158,001 - $317,000 37.5
$79,001 - $158,000 16.1
$0 - $79,000 13.6

Very Low for CA
High for Nation

Value Relative to Nation Value Relative to State
28.1051094890511 83.7483617300131

Number Of Homes And Apartments:
10,955

Banning Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CA*
Compared To
America*
Latest Quarter:
2018 Q2 - 2018 Q3
Last 12 Months:
2017 Q3 - 2018 Q3
Last 2 Years:
2016 Q3 - 2018 Q3
Last 5 Years:
2013 Q3 - 2018 Q3
Last 10 Years:
2008 Q3 - 2018 Q3
Since 2000:
2000 Q1 - 2018 Q3
140.74% 4.80%
8
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,321 / per month

Homeownership Rate

Homeownership
Owners 62.26
Renters 37.74
Vacant 9.43

Housing Market Details

 

Age of Homes

AGE OF Banning HOMES
2000 or Newer 18.0
1970 - 1999 47.9
1940 - 1969 29.0
1939 or Older 5.1

Types of Homes

TYPE OF Banning HOMES
Single-Family 74.4
Townhomes 4.9
Small Apt. Buildings 5.3
Apt. Complexes 6.5
Mobile Homes 8.7
Other 0.1

Home Size

SIZE OF Banning HOMES
No Bedroom 0.60
1 Bedroom 7.78
2 Bedrooms 51.92
3 Bedrooms 29.45
4 Bedrooms 9.03
5 or more bedrooms 1.23