Monterey Park, 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 Q2 2021. 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

Monterey Park, CA Housing Market Trends

With 59,669 people, 19,955 houses or apartments, and a median cost of homes of $744,601, real estate costs in Monterey Park are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive California communities.

Single-family detached homes are the single most common housing type in Monterey Park, accounting for 57.06% of the city's housing units. Other types of housing that are prevalent in Monterey Park include large apartment complexes or high rise apartments ( 23.43%), duplexes, homes converted to apartments or other small apartment buildings ( 9.71%), and a few row houses and other attached homes ( 9.47%).

The most prevalent building size and type in Monterey Park are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 51.90% owning and 48.10% renting.

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. Monterey Park's housing was primarily built during this period, from the '40s through the '60s. A full 56.13% of the city's housing hails from this era. Other housing ages represented in Monterey Park include homes built between 1970-1999 ( 29.30%) and housing constructed between 2000 and later ( 7.31%). There's also some housing in Monterey Park built before 1939 ( 7.25%).

Monterey Park Home Appreciation Rates

Appreciation rates for homes in Monterey Park have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 66.14%, which ranks in the top 30% nationwide. This equates to an annual average Monterey Park house appreciation rate of 5.21%.

Over the last year, Monterey Park appreciation rates have trailed the rest of the nation. In the last twelve months, Monterey Park's appreciation rate has been 7.38%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Monterey Park were at 3.12%, which equates to an annual appreciation rate of 13.08%.

Relative to California, our data show that Monterey Park's latest annual appreciation rate is lower than 70% 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 Monterey Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Monterey Park - 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 Monterey Park real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$744,601

Monterey Park, CA HOME PRICES

> $1,203,000
6.0%
6.0%
$902,001 - $1,203,000
17.3%
17.3%
$602,001 - $902,000
45.8%
45.8%
$481,001 - $602,000
17.8%
17.8%
$361,001 - $481,000
8.3%
8.3%
$241,001 - $361,000
2.1%
2.1%
$120,001 - $241,000
0.8%
0.8%
$60,001 - $120,000
0.9%
0.9%
$0 - $60,000
0.9%
0.9%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for CA

Value Relative To Nation

Number Of Homes And Apartments:
19,955

Monterey Park Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CA*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
209.31% 5.39%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,235 / per month

Homeownership Rate

Owners
51.9%
51.9%
Renters
48.1%
48.1%
Vacant
6.4%
6.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
7.3%
7.3%
1970 - 1999
29.3%
29.3%
1940 - 1969
56.1%
56.1%
1939 or Older
7.3%
7.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
57.1%
57.1%
Townhomes
9.5%
9.5%
Small Apt. Buildings
9.7%
9.7%
Apt. Complexes
23.4%
23.4%
Mobile Homes
0.3%
0.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.7%
1.7%
1 Bedroom
12.4%
12.4%
2 Bedrooms
28.8%
28.8%
3 Bedrooms
39.0%
39.0%
4 Bedrooms
15.4%
15.4%
5 or more bedrooms
2.6%
2.6%
0.0% 100.0%
% OF HOMES