Monterey, 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 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

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

Monterey Housing Market Information

With 28,178 people, 11,596 houses or apartments, and a median cost of homes of $1,018,419, Monterey house prices are not only among the most expensive in California, Monterey 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 Monterey, accounting for 47.00% of the city's housing units. Other types of housing that are prevalent in Monterey include large apartment complexes or high rise apartments ( 30.26%), duplexes, homes converted to apartments or other small apartment buildings ( 15.10%), and a few row houses and other attached homes ( 7.11%).

Monterey is dominated by renter-occupied one, two, or no bedrooms apartments. 65.22% of Monterey's dwellings are rentals.

There is a lot of housing in Monterey 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 Monterey built between 1940-1969 ( 38.25%). A lesser amount of the housing stock also hails from before 1939 ( 12.72%). There's also some housing in Monterey built between 2000 and later ( 7.28%).

Vacant housing appears to be an issue in Monterey. Fully 13.73% of the housing stock is classified as vacant. Left unchecked, vacant Monterey homes and apartments can be a drag on the real estate market, holding Monterey 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.

Monterey Home Appreciation Rates

In the last 10 years, Monterey has experienced some of the highest home appreciation rates of any community in the nation. Monterey real estate appreciated 54.49% over the last ten years, which is an average annual home appreciation rate of 4.45%, putting Monterey in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Monterey definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Over the last year, Monterey appreciation rates have trailed the rest of the nation. In the last twelve months, Monterey's appreciation rate has been 3.68%, 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 were at 1.65%, which equates to an annual appreciation rate of 6.78%.

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

Average Home Values

 
info

Median Home Value:
$1,018,419

Monterey, CA HOME PRICES

> $1,210,000
19.5%
19.5%
$908,001 - $1,210,000
27.4%
27.4%
$605,001 - $908,000
30.8%
30.8%
$484,001 - $605,000
8.8%
8.8%
$363,001 - $484,000
4.2%
4.2%
$242,001 - $363,000
5.1%
5.1%
$121,001 - $242,000
2.1%
2.1%
$61,001 - $121,000
0.5%
0.5%
$0 - $61,000
1.6%
1.6%
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:
11,596

Monterey Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CA*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
76.34% 2.77%
1
6
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$2,591 / per month

Homeownership Rate

Owners
34.8%
34.8%
Renters
65.2%
65.2%
Vacant
13.7%
13.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
7.3%
7.3%
1970 - 1999
41.7%
41.7%
1940 - 1969
38.2%
38.2%
1939 or Older
12.7%
12.7%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
47.0%
47.0%
Townhomes
7.1%
7.1%
Small Apt. Buildings
15.1%
15.1%
Apt. Complexes
30.3%
30.3%
Mobile Homes
0.5%
0.5%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
11.0%
11.0%
1 Bedroom
21.4%
21.4%
2 Bedrooms
29.0%
29.0%
3 Bedrooms
28.8%
28.8%
4 Bedrooms
7.3%
7.3%
5 or more bedrooms
2.5%
2.5%
0.0% 100.0%
% OF HOMES