Morro Bay, 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 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2020 (latest available). Updated annually.

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

Morro Bay, CA Housing Market Trends

With a population of 10,757, 4,836 total housing units (homes and apartments), and a median house value of $824,027, 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 70.13% of the city's housing units. Other types of housing that are prevalent in Morro Bay include duplexes, homes converted to apartments or other small apartment buildings ( 10.11%), mobile homes or trailers ( 6.87%), and a few large apartment complexes or high rise apartments ( 6.85%).

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.

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. Morro Bay's housing was primarily built during this period, from the '40s through the '60s. A full 43.43% of the city's housing hails from this era. Other housing ages represented in Morro Bay include homes built between 1970-1999 ( 38.48%) and housing constructed between 2000 and later ( 14.22%). There's also some housing in Morro Bay built before 1939 ( 3.87%).

Vacant housing appears to be an issue in Morro Bay. Fully 22.75% 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

In the last 10 years, Morro Bay has experienced some of the highest home appreciation rates of any community in the nation. Morro Bay real estate appreciated 110.21% over the last ten years, which is an average annual home appreciation rate of 7.71%, putting Morro Bay in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Morro Bay 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, Morro Bay's appreciation rate, at 19.14%, has been at or slightly above the national average. In the latest quarter, Morro Bay's appreciation rate has been 8.05%, which annualizes to a rate of 36.31%.

Relative to California, our data show that Morro Bay's latest annual appreciation rate is lower than 60% of the other cities and towns in California.

Average Home Values

 

Median Home Value:
$824,027

Morro Bay, CA HOME PRICES

> $1,284,000
$963,001 - $1,284,000
$642,001 - $963,000
$513,001 - $642,000
$385,001 - $513,000
$257,001 - $385,000
$128,001 - $257,000
$64,001 - $128,000
$0 - $64,000
13.3%
13.3%
20.2%
20.2%
40.5%
40.5%
4.9%
4.9%
5.1%
5.1%
3.2%
3.2%
3.5%
3.5%
2.9%
2.9%
6.3%
6.3%
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:
4,836

Morro Bay Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CA*
Compared To
America*
Latest Quarter:
2021 Q3 - 2021 Q4
Last 12 Months:
2020 Q4 - 2021 Q4
Last 2 Years:
2019 Q4 - 2021 Q4
Last 5 Years:
2016 Q4 - 2021 Q4
Last 10 Years:
2011 Q4 - 2021 Q4
Since 2000:
2000 Q1 - 2021 Q4
184.32% 4.86%
7
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,521 / per month

Homeownership Rate

Owners
Renters
Vacant
60.5%
60.5%
39.5%
39.5%
22.7%
22.7%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
1970 - 1999
1940 - 1969
1939 or Older
14.2%
14.2%
38.5%
38.5%
43.4%
43.4%
3.9%
3.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
Townhomes
Small Apt. Buildings
Apt. Complexes
Mobile Homes
Other
70.1%
70.1%
4.6%
4.6%
10.1%
10.1%
6.9%
6.9%
6.9%
6.9%
1.4%
1.4%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1 Bedroom
2 Bedrooms
3 Bedrooms
4 Bedrooms
5 or more bedrooms
2.5%
2.5%
15.1%
15.1%
37.8%
37.8%
37.7%
37.7%
5.6%
5.6%
1.3%
1.3%
0.0% 100.0%
% OF HOMES