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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (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 3,811 people, 1,927 houses or apartments, and a median cost of homes of $1,856,922, 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 86.61% of the city's housing units. Other types of housing that are prevalent in Carmel include large apartment complexes or high rise apartments ( 6.60%), duplexes, homes converted to apartments or other small apartment buildings ( 2.97%), and a few mobile homes or trailers ( 2.40%).

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 43.74% of the city's housing hails from this era. Other housing ages represented in Carmel include homes built before 1939 ( 28.08%) and housing constructed between 1970-1999 ( 22.57%). There's also some housing in Carmel built between 2000 and later ( 5.61%).

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 Home Appreciation Rates

In the last 10 years, Carmel has experienced some of the highest home appreciation rates of any community in the nation. Carmel real estate appreciated 128.90% over the last ten years, which is an average annual home appreciation rate of 8.63%, putting Carmel in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Carmel definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

NeighborhoodScout's data show that during the latest twelve months, Carmel's appreciation rate, at 5.25%, has been at or slightly above the national average. In the latest quarter, Carmel's appreciation rate has been 1.72%, which annualizes to a rate of 7.05%.

Relative to California, our data show that Carmel's latest annual appreciation rate is higher than 60% 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.

Average Home Values

 
info

Median Home Value:
$1,856,922

Carmel, CA HOME PRICES

> $1,251,000
74.3%
74.3%
$937,001 - $1,251,000
11.2%
11.2%
$625,001 - $937,000
6.0%
6.0%
$500,001 - $625,000
2.7%
2.7%
$375,001 - $500,000
1.3%
1.3%
$250,001 - $375,000
1.6%
1.6%
$125,001 - $250,000
3.0%
3.0%
$62,001 - $125,000
0.0%
0.0%
$0 - $62,000
0.0%
0.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for CA

Value Relative To Nation

Number Of Homes And Apartments:
1,927

Carmel Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
119.31% 3.81%
5
9
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$3,386 / per month

Homeownership Rate

Owners
56.7%
56.7%
Renters
43.3%
43.3%
Vacant
49.7%
49.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
5.6%
5.6%
1970 - 1999
22.6%
22.6%
1940 - 1969
43.7%
43.7%
1939 or Older
28.1%
28.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
86.6%
86.6%
Townhomes
1.4%
1.4%
Small Apt. Buildings
3.0%
3.0%
Apt. Complexes
6.6%
6.6%
Mobile Homes
2.4%
2.4%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
11.1%
11.1%
1 Bedroom
7.8%
7.8%
2 Bedrooms
39.2%
39.2%
3 Bedrooms
36.7%
36.7%
4 Bedrooms
4.6%
4.6%
5 or more bedrooms
0.5%
0.5%
0.0% 100.0%
% OF HOMES