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.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 15,674 people, 6,812 houses or apartments, and a median cost of homes of $915,963, Pacific Grove house prices are not only among the most expensive in California, Pacific Grove 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 Pacific Grove, accounting for 64.30% of the city's housing units. Other types of housing that are prevalent in Pacific Grove include large apartment complexes or high rise apartments ( 18.46%), duplexes, homes converted to apartments or other small apartment buildings ( 9.12%), and a few row houses and other attached homes ( 6.94%).
People in Pacific Grove primarily live in small (one, two or no bedroom) single-family detached homes. Pacific Grove 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. Pacific Grove's housing was primarily built during this period, from the '40s through the '60s. A full 45.69% of the city's housing hails from this era. Other housing ages represented in Pacific Grove include homes built before 1939 ( 30.76%) and housing constructed between 1970-1999 ( 19.74%). There's also some housing in Pacific Grove built between 2000 and later ( 3.82%).
Vacant housing appears to be an issue in Pacific Grove. Fully 19.01% of the housing stock is classified as vacant. Left unchecked, vacant Pacific Grove homes and apartments can be a drag on the real estate market, holding Pacific Grove 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.
Appreciation rates for homes in Pacific Grove have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 4.44%, which ranks in the top 50% nationwide. This equates to an annual average Pacific Grove house appreciation rate of 0.44%.
Appreciation rates are so strong in Pacific Grove that despite a nationwide downturn in the housing market, Pacific Grove real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Pacific Grove appreciation rates continue to be some of the highest in America, at 9.68%, which is higher than appreciation rates in 92.85% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Pacific Grove. Pacific Grove appreciation rates in the latest quarter were at 2.53%, which equates to an annual appreciation rate of 10.52%.
Importantly, this makes Pacific Grove one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to California, our data show that Pacific Grove's latest annual appreciation rate is higher than 80% 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 Pacific Grove differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Pacific Grove - 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 Pacific Grove real estate investment or home purchase decisions.
|$1,029,001 - $1,373,000||27.1|
|$686,001 - $1,029,000||40.7|
|$549,001 - $686,000||7.6|
|$412,001 - $549,000||5.8|
|$274,001 - $412,000||2.3|
|$137,001 - $274,000||1.2|
|$69,001 - $137,000||0.3|
|$0 - $69,000||1.5|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
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
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Pacific Grove HOMES|
|2000 or Newer||3.8|
|1970 - 1999||19.7|
|1940 - 1969||45.7|
|1939 or Older||30.8|
|TYPE OF Pacific Grove HOMES|
|Small Apt. Buildings||9.1|
|SIZE OF Pacific Grove HOMES|
|5 or more bedrooms||1.53|