Pacific Grove, 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 2020. 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

Pacific Grove, CA Housing Market Trends

With a population of 15,413, 6,839 total housing units (homes and apartments), and a median house value of $950,165, 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 60.18% of the city's housing units. Other types of housing that are prevalent in Pacific Grove include large apartment complexes or high rise apartments ( 20.12%), duplexes, homes converted to apartments or other small apartment buildings ( 11.85%), and a few row houses and other attached homes ( 5.95%).

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 43.33% of the city's housing hails from this era. Other housing ages represented in Pacific Grove include homes built between 1970-1999 ( 26.90%) and housing constructed before 1939 ( 25.19%). There's also some housing in Pacific Grove built between 2000 and later ( 4.58%).

Vacant housing appears to be an issue in Pacific Grove. Fully 18.07% 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.

Pacific Grove Home Appreciation Rates

In the last 10 years, Pacific Grove has experienced some of the highest home appreciation rates of any community in the nation. Pacific Grove real estate appreciated 65.38% over the last ten years, which is an average annual home appreciation rate of 5.16%, putting Pacific Grove in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Pacific Grove 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, Pacific Grove's appreciation rate, at 5.19%, has been at or slightly above the national average. In the latest quarter, Pacific Grove's appreciation rate has been 1.66%, which annualizes to a rate of 6.82%.

Relative to California, our data show that Pacific Grove's latest annual appreciation rate is higher than 50% 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.

Average Home Values

 
info

Median Home Value:
$950,165

Pacific Grove, CA HOME PRICES

> $1,165,000
29.5%
29.5%
$874,001 - $1,165,000
37.0%
37.0%
$583,001 - $874,000
26.4%
26.4%
$466,001 - $583,000
4.0%
4.0%
$350,001 - $466,000
1.1%
1.1%
$233,001 - $350,000
0.5%
0.5%
$116,001 - $233,000
0.5%
0.5%
$58,001 - $116,000
0.5%
0.5%
$0 - $58,000
0.6%
0.6%
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:
6,839

Pacific Grove Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CA*
Compared To
America*
Latest Quarter:
2020 Q3 - 2020 Q4
Last 12 Months:
2019 Q4 - 2020 Q4
Last 2 Years:
2018 Q4 - 2020 Q4
Last 5 Years:
2015 Q4 - 2020 Q4
Last 10 Years:
2010 Q4 - 2020 Q4
Since 2000:
2000 Q1 - 2020 Q4
96.74% 3.27%
2
8
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$2,544 / per month

Homeownership Rate

Owners
45.7%
45.7%
Renters
54.3%
54.3%
Vacant
18.1%
18.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
4.6%
4.6%
1970 - 1999
26.9%
26.9%
1940 - 1969
43.3%
43.3%
1939 or Older
25.2%
25.2%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
60.2%
60.2%
Townhomes
6.0%
6.0%
Small Apt. Buildings
11.8%
11.8%
Apt. Complexes
20.1%
20.1%
Mobile Homes
1.9%
1.9%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
10.0%
10.0%
1 Bedroom
15.2%
15.2%
2 Bedrooms
35.2%
35.2%
3 Bedrooms
31.5%
31.5%
4 Bedrooms
6.5%
6.5%
5 or more bedrooms
1.7%
1.7%
0.0% 100.0%
% OF HOMES