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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 3,897 people, 1,688 houses or apartments, and a median cost of homes of $1,372,213, Carmel house prices are not only among the most expensive in California, Carmel real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Carmel, accounting for 86.64% of the city's housing units. Other types of housing that are prevalent in Carmel include large apartment complexes or high rise apartments ( 6.74%), duplexes, homes converted to apartments or other small apartment buildings ( 2.63%), and a few row houses and other attached homes ( 2.41%).
People in Carmel primarily live in small (one, two or no bedroom) single-family detached homes. Carmel has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Carmel's housing was primarily built during this period, from the '40s through the '60s. A full 39.21% of the city's housing hails from this era. Other housing ages represented in Carmel include homes built before 1939 ( 33.32%) and housing constructed between 1970-1999 ( 20.72%). There's also some housing in Carmel built between 2000 and later ( 6.74%).
A decent proportion of the Carmel housing stock is seasonally occupied. That is, homes and condos in Carmel are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Carmel housing market speaks to its popularity as a vacation location of choice.
Carmel's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Carmel during the period has been just -1.11%, which is lower than 70% of US communities.
Appreciation rates are so strong in Carmel that despite a nationwide downturn in the housing market, Carmel real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Carmel appreciation rates continue to be some of the highest in America, at 9.89%, which is higher than appreciation rates in 93.60% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Carmel. Carmel appreciation rates in the latest quarter were at 2.53%, which equates to an annual appreciation rate of 10.52%.
Importantly, this makes Carmel one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to California, our data show that Carmel'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 Carmel differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Carmel - 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 Carmel real estate investment or home purchase decisions.
|$1,028,001 - $1,371,000||23.3|
|$685,001 - $1,028,000||6.9|
|$548,001 - $685,000||1.2|
|$411,001 - $548,000||2.0|
|$274,001 - $411,000||1.7|
|$137,001 - $274,000||0.0|
|$69,001 - $137,000||0.0|
|$0 - $69,000||0.9|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Carmel HOMES|
|2000 or Newer||6.7|
|1970 - 1999||20.7|
|1940 - 1969||39.2|
|1939 or Older||33.3|
|TYPE OF Carmel HOMES|
|Small Apt. Buildings||2.6|
|SIZE OF Carmel HOMES|
|5 or more bedrooms||3.23|