Morro Bay, CA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Morro Bay, 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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Morro Bay Housing Market Information

With 10,639 people, 4,933 houses or apartments, and a median cost of homes of $689,919, real estate costs in Morro Bay 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 Morro Bay, accounting for 68.38% of the city's housing units. Other types of housing that are prevalent in Morro Bay include large apartment complexes or high rise apartments ( 10.48%), duplexes, homes converted to apartments or other small apartment buildings ( 8.43%), and a few mobile homes or trailers ( 7.97%).

People in Morro Bay primarily live in small (one, two or no bedroom) single-family detached homes. Morro Bay has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Morro Bay 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 Morro Bay built between 1940-1969 ( 37.03%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.46%). There's also some housing in Morro Bay built before 1939 ( 5.45%).

Vacant housing appears to be an issue in Morro Bay. Fully 23.17% of the housing stock is classified as vacant. Left unchecked, vacant Morro Bay homes and apartments can be a drag on the real estate market, holding Morro Bay 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.

Morro Bay Home Appreciation Rates

Appreciation rates for homes in Morro Bay have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 3.58%, which ranks in the top 50% nationwide. This equates to an annual average Morro Bay house appreciation rate of 0.35%.

Appreciation rates are so strong in Morro Bay that despite a nationwide downturn in the housing market, Morro Bay real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Morro Bay appreciation rates continue to be some of the highest in America, at 6.57%, which is higher than appreciation rates in 78.32% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Morro Bay. Morro Bay appreciation rates in the latest quarter were at 0.09%, which equates to an annual appreciation rate of 0.34%.

Relative to California, our data show that Morro Bay's latest annual appreciation rate is lower than 70% of the other cities and towns in California.

Average Home Values

 

Median Home Value:
$689,919

Morro Bay, CA HOME PRICES

Value Range
> $1,307,000 6.7
$980,001 - $1,307,000 9.2
$653,001 - $980,000 32.1
$523,001 - $653,000 14.9
$392,001 - $523,000 14.3
$262,001 - $392,000 9.3
$131,001 - $262,000 2.7
$65,001 - $131,000 4.2
$0 - $65,000 6.5

High for CA
Very High for Nation

Value Relative to Nation Value Relative to State
2.74229462088363 23.9417989417989

Number Of Homes And Apartments:
4,933

Morro Bay Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CA*
Compared To
America*
Latest Quarter:
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
Since 2000:
2000 Q1 - 2017 Q1
100.12% 4.10% 7 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,690 / per month

Homeownership Rate

Homeownership
Owners 46.31
Renters 53.69
Vacant 23.17

Housing Market Details

 

Age of Homes

AGE OF Morro Bay HOMES
2000 or Newer 12.5
1970 - 1999 45.1
1940 - 1969 37.0
1939 or Older 5.5

Types of Homes

TYPE OF Morro Bay HOMES
Single-Family 68.4
Townhomes 4.3
Small Apt. Buildings 8.4
Apt. Complexes 10.5
Mobile Homes 8.0
Other 0.5

Home Size

SIZE OF Morro Bay HOMES
No Bedroom 2.12
1 Bedroom 16.62
2 Bedrooms 40.24
3 Bedrooms 32.78
4 Bedrooms 7.76
5 or more bedrooms 0.48

Popular Neighborhoods in Morro Bay

Zip Codes in Morro Bay, CA