Carmel-by-the-Sea, CA—93923
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Carmel-by-the-Sea, CA
As of Oct '25, the median home price in Carmel-by-the-Sea, CA is $2,238,000, with a year-over-year change of -1.5%. This indicates that home prices in Carmel-by-the-Sea, CA are decreasing. According to Zillow, the 1-year price projection is 0.5%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $2,238,000 | -1.5% |
| Single Family | $2,451,000 | -1.5% |
| Condos | $930,000 | -3.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $1,073,000 | -2.0% |
2 Bed | $1,601,000 | -1.7% |
3 Bed | $2,454,000 | -1.5% |
4 Bed | $2,988,000 | -0.1% |
| 5 Bed | $4,114,000 | -0.3% |
% of Housing Stock
Rental Trends — Carmel-by-the-Sea, CA
As of July '25, Rentcast reports the average rent in Carmel-by-the-Sea, CA is $5,170, with a year-over-year rent change of -8.3%. Per bedroom, the median rent as of July '25 in Carmel-by-the-Sea, CA is studios: $2,150, 1-bedrooms: $2,790, 2-bedrooms: $4,730, 3-bedrooms: $6,380, 4-bedrooms: $6,500. The most common rental property sizes in Carmel-by-the-Sea, CA are 1-bedroom and 2-bedroom, accounting for 42.4% and 23.9% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $4,950 | $5,170 |
| Studio Rent | $2,150 | $2,150 |
| 1 Bed Rent | $2,500 | $2,790 |
| 2 Bed Rent | $4,700 | $4,730 |
| 3 Bed Rent | $6,300 | $6,380 |
| 4 Bed Rent | $6,500 | $6,500 |
% of Rental Stock
Property Listings — Carmel-by-the-Sea, CA
As of Oct '25, Realtor.com reports that the median days on market for a home in Carmel-by-the-Sea, CA is 74. This is a increase of 12.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 18.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $2,920,000 | -8.0% |
Listing Count | 98 | -8.0% |
| Listings as % of Homes | 0.7% | -8.0% |
Days on Market | 74 | 12.0% |
Demographics — Carmel-by-the-Sea, CA
As of the latest ACS Survey released in 2023, Carmel-by-the-Sea, CA has a population of 12,400, which has decreased by -3.6% over the past 5 years. Carmel-by-the-Sea, CA is a moderately popular place for families, as children make up 15.9% of the population. The area has a highly educated workforce, with 65.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 18.9% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 12,400 | -3.6% |
% Under 18 | 15.9% | -13.1% |
% Seniors | 41.7% | 3.7% |
% WFH | 18.9% | 23.5% |
% w/ College Degree | 65.1% | 6.2% |
As of the latest ACS Survey released in 2023, Carmel-by-the-Sea, CA is a predominantly white area, with 76.6% of the population identifying as white. The white population has shrunk by 9.2% in the last 5 years. The second most common race or ethnicity in Carmel-by-the-Sea, CA is hispanic, making up 11.1% of the population. Foreign-born residents account for 11.4% of the population in Carmel-by-the-Sea, CA, and this percentage has decreased by 14.3% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 76.6% | -9.2% |
% Black | 1.1% | 120.0% |
% Hispanic | 11.1% | 79.0% |
% Asian | 6.9% | 46.8% |
% Foreign Born | 11.4% | -14.3% |
Mortgage and Risk — Carmel-by-the-Sea, CA
According to HUD data as of 2023, there were 144 mortgage originations in Carmel-by-the-Sea, CA, of which 97.0% of loans were conventional mortgages. The average loan-to-value was 46.0%, with 1.0% above 90% LTV (normal). This implies small mortgage risk in Carmel-by-the-Sea, CA. Investor activity is low, as 3.0% of loans were by investors. 9.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 144 |
% Conventional Loans | 97.0% |
% Government Loans | 3.0% |
% Investor Loans | 3.0% |
% Second Loans | 15.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Carmel-by-the-Sea, CA
As of 2024, the percent of homes in Carmel-by-the-Sea, CA under the Section 8 program is 6.0%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Carmel-by-the-Sea, CA, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 76 |
Total Units Section 8 | 76 |
% Rentals under Section 8 | 6.0% |
% Occupied Section 8 | 77.2% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $300 | $2,500 | $2,800 |
| 2 Bedroom | -$1,330 | $4,700 | $3,370 |
| 3 Bedroom | -$1,750 | $6,300 | $4,550 |
| 4 Bedroom | -$1,550 | $6,500 | $4,950 |
Affordability — Carmel-by-the-Sea, CA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 17.5 |
| Median Home Price | $2,238,000 |
| Median Household Income | $122,000 |