Is Monterey Park, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Monterey Park has remained a Seller's Market.
Housing Prices in Monterey Park, CA
How much do homes in Monterey Park, CA cost?
Median Sold Price
$858,333
$569/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Monterey Park was $858,333 in May 2024, up 0.9% from last year, and the median price per square foot was $569.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $350K | $369.4K | +5.6% |
2 Bedrooms | $540.2K | $610K | +12.9% |
3 Bedrooms | $831.5K | $845K | +1.6% |
4 Bedrooms | $938K | $1.0M | +12.7% |
5+ Bedrooms | $1.2M | $1.3M | +7.0% |
Summary: Monterey Park housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.6%, 2 bedroom homes increased by 12.9%, 3 bedroom homes increased by 1.6%, 4 bedroom homes increased by 12.7%, and 5+ bedroom homes increased by 7%.
Median Sold Price Compared To Nearby Cities
Rosemead | $776K | $850K | +9.5% |
Alhambra | $801.6K | $860K | +7.3% |
Southwest San Gabriel Valley | $808.5K | $866.6K | +7.2% |
Montebello | $726.1K | $750K | +3.3% |
Monterey Park | $851K | $858.3K | +0.9% |
Housing Supply in Monterey Park, CA
How many homes are available in Monterey Park, CA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
74 | 85 | +14.9% |
Summary: The Monterey Park real estate market had 85 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 | 2 | 3 | +50.0% |
2 Bedrooms | 21 | 20 | -4.8% |
3 Bedrooms | 31 | 38 | +22.6% |
4 Bedrooms | 15 | 18 | +20.0% |
5+ Bedrooms | 5 | 6 | +20.0% |
Summary: The Monterey Park housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 4.8%, 3 bedroom homes increased by 22.6%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
21 | 24 | +14.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
19 Homes Were Sold
Over Asking
Summary: A total of 24 homes were sold or pending in Monterey Park in May 2024, up by 14.3% month-over-month. Of the 24 sold homes, 8% were sold under asking, 13% were sold at asking, and 79% were sold over asking.
Days on Market for Monterey Park, CA
How long does it take to sell a home in Monterey Park, CA?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
46 Days | 24 Days | -47.0% |
Summary: Homes in Monterey Park had an average of 24 days on market in May 2024, down by 47% compared to last year.
Breakdown of Home Sale Times
19 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 24 homes were sold in Monterey Park; 79% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.