Is Monterey, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Monterey is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Monterey has remained a Seller's Market.

Key Takeaway

Monterey is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Monterey, CA

How much do homes in Monterey, CA cost?

Median Sold Price

$1,030,000

$716/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

-$20,000(-1.9%)

Key Takeaway

Homes in Monterey have sold for 1.9% less than they did a year ago.

Summary: The median home sold price in Monterey was $1,030,000 in February 2024, down 1.9% from last year, and the median price per square foot was $716.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $476K$481K
+1.1%
2 $763.5K$800K
+4.8%
3 $1.1M$1.2M
+2.0%
4 $1.5M$1.7M
+12.6%
5+ $1.6M$2.3M
+45.3%

Summary: Monterey housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 1.1%, 2 bedroom homes increased by 4.8%, 3 bedroom homes increased by 2%, 4 bedroom homes increased by 12.6%, and 5+ bedroom homes increased by 45.3%.

Median Sold Price Compared To Nearby Cities

Pebble Beach
+8.4%
Pacific Grove
+1.7%
Seaside
0.0%
Monterey
-1.9%
Del Rey Oaks
-5.4%

Housing Supply in Monterey, CA

How many homes are available in Monterey, CA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
61610.0%

Summary: The Monterey real estate market had 61 homes for sale in February 2024, the same as January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 35
+66.7%
2 2324
+4.3%
3 1919
0.0%
4 108
-20.0%
5+ 65
-16.7%

Summary: The Monterey housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 66.7%, 2 bedroom homes increased by 4.3%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 20%, and 5+ bedroom homes decreased by 16.7%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
1715-11.8%

Asking Price vs. Sold Price

6 Homes Were Sold
Under Asking

4 Homes Were Sold
At Asking

5 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Monterey, you may be able to get a good deal. 40% of homes here sold below asking price last month.

Summary: A total of 15 homes were sold or pending in Monterey in February 2024, down by 11.8% month-over-month. Of the 15 sold homes, 40% were sold under asking, 27% were sold at asking, and 33% were sold over asking.

Days on Market for Monterey, CA

How long does it take to sell a home in Monterey, CA?

Average Sale Time

Feb 2023Feb 2024CHANGE
39 Days33 Days-15.3%

Summary: Homes in Monterey had an average of 33 days on market in Feb 2024, down by 15.3% compared to last year.

Breakdown of Home Sale Times

11 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Monterey are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 15 homes were sold in Monterey; 73% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 13% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 3 Days Ago

Newest Listings in Monterey, CA

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