Is Menifee Lakes, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Menifee Lakes was a Seller's Market.
Key Takeaway
Menifee Lakes is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Menifee Lakes, CA
How much do homes in Menifee Lakes, CA cost?
Median Sold Price
$560,000
$296/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Menifee Lakes have sold for 0.9% more than they did a year ago.
Summary: The median home sold price in Menifee Lakes was $560,000 in May 2024, up 0.9% from last year, and the median price per square foot was $296.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $510K | $507.4K | -0.5% |
| 3 Bedrooms | $534K | $545K | +2.1% |
| 4 Bedrooms | $582.5K | $599.4K | +2.9% |
| 5+ Bedrooms | $615K | $657K | +6.8% |
Summary: Menifee Lakes housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 0.5%, 3 bedroom homes increased by 2.1%, 4 bedroom homes increased by 2.9%, and 5+ bedroom homes increased by 6.8%.
Median Sold Price Compared To Nearby Neighborhoods
| The Lakes | $589.9K | $628K | +6.5% |
| Menifee Lakes | $555K | $560K | +0.9% |
Housing Supply in Menifee Lakes, CA
How many homes are available in Menifee Lakes, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 67 | 77 | +14.9% |
Summary: The Menifee Lakes real estate market had 77 homes for sale in May 2024, a 14.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 18 | 19 | +5.6% |
| 3 Bedrooms | 33 | 42 | +27.3% |
| 4 Bedrooms | 10 | 9 | -10.0% |
| 5+ Bedrooms | 6 | 7 | +16.7% |
Summary: The Menifee Lakes housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 5.6%, 3 bedroom homes increased by 27.3%, 4 bedroom homes decreased by 10%, and 5+ bedroom homes increased by 16.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 11 | 12 | +9.1% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
2 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Menifee Lakes, you may be able to get a good deal. 50% of homes here sold below asking price last month.
Summary: A total of 12 homes were sold or pending in Menifee Lakes in May 2024, up by 9.1% month-over-month. Of the 12 sold homes, 50% were sold under asking, 17% were sold at asking, and 33% were sold over asking.
Days on Market for Menifee Lakes, CA
How long does it take to sell a home in Menifee Lakes, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 24 Days | 38 Days | +57.5% |
Summary: Homes in Menifee Lakes had an average of 38 days on market in May 2024, up by 57.5% compared to last year.
Breakdown of Home Sale Times
6 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Menifee Lakes are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 12 homes were sold in Menifee Lakes; 50% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.