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Data on this report is based on areas within the legal city boundary, outlined in black on the map. Any additional neighborhoods shown on the map are associated with the city by name and are included for reference only.



Carmel, CA Real Estate Market

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 Q4 2023. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2022 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Carmel, CA Housing Market Trends

With a population of 11,208, 4,969 total housing units (homes and apartments), and a median house value of $2,081,666, 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 76.63% of the town's housing units. Other types of housing that are prevalent in Carmel include large apartment complexes or high rise apartments ( 8.52%), row houses and other attached homes ( 8.00%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 6.46%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Carmel. Owner-occupied housing accounts for 76.19% of Carmel's homes, and 53.90% have either three or four bedrooms, which is average sized relative to America.

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 46.47% of the town's housing hails from this era. Other housing ages represented in Carmel include homes built between 1970-1999 ( 38.73%) and housing constructed between 2000 and later ( 7.54%). There's also some housing in Carmel built before 1939 ( 7.25%).

Vacant housing appears to be an issue in Carmel. Fully 17.66% of the housing stock is classified as vacant. Left unchecked, vacant Carmel homes and apartments can be a drag on the real estate market, holding Carmel real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Carmel Home Appreciation Rates

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 5.06%, which is lower than 70% of US communities.

Over the last year, Carmel appreciation rates have trailed the rest of the nation. In the last twelve months, Carmel's appreciation rate has been 0.78%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Carmel were at -2.16%, which equates to an annual appreciation rate of -8.38%.

Notably, Carmel's appreciation rate in the latest quarter is one of the lowest in America.

Relative to California, our data show that Carmel's latest annual appreciation rate is lower than 50% of the other cities and towns in California.

Average Home Values

Median Home Value

$2,081,666

Carmel, CA Home Prices
> $1,107,000
$830,001 - $1,107,000
$554,001 - $830,000
$443,001 - $554,000
$332,001 - $443,000
$222,001 - $332,000
$111,001 - $222,000
$55,001 - $111,000
$0 - $55,000
73.8%
73.8%
15.4%
15.4%
7.2%
7.2%
1.6%
1.6%
0.9%
0.9%
0.0%
0.0%
0.2%
0.2%
0.0%
0.0%
0.9%
0.9%
0% 100.0%
% of Homes
Very High

for California

Very High

for nation

Number of Homes And Apartments:

4,969

Carmel Appreciation Rates

Rent & Ownership

Average Market Rent:

$4,383 / per month

Homeownership Rate

Owners
Renters
76.2%
76.2%
23.8%
23.8%
0% 100.0%
% of Homes

Vacancy Rate

Vacant
Occupied
17.7%
17.7%
82.3%
82.3%
0% 100.0%
% of Homes

Housing Market Details

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
7.5%
7.5%
38.7%
38.7%
46.5%
46.5%
7.3%
7.3%
0% 100.0%
% of Homes

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
76.6%
76.6%
8.0%
8.0%
6.5%
6.5%
8.5%
8.5%
0.4%
0.4%
0.0%
0.0%
0% 100.0%
% of Homes

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
3.4%
3.4%
11.9%
11.9%
22.7%
22.7%
33.0%
33.0%
20.9%
20.9%
8.1%
8.1%
0% 100.0%
% of Homes