Monterey, CA—93940
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Monterey, CA
As of Oct '25, the median home price in Monterey, CA is $1,122,000, with a year-over-year change of -3.6%. This indicates that home prices in Monterey, CA are decreasing. According to Zillow, the 1-year price projection is 0.4%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $1,122,000 | -3.6% |
| Single Family | $1,204,000 | -3.8% |
| Condos | $635,000 | -2.8% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $558,000 | -3.1% |
2 Bed | $872,000 | -2.4% |
3 Bed | $1,209,000 | -3.8% |
4 Bed | $1,627,000 | -2.2% |
| 5 Bed | $2,175,000 | -0.9% |
% of Housing Stock
Rental Trends — Monterey, CA
As of July '25, Rentcast reports the average rent in Monterey, CA is $2,960, with a year-over-year rent change of 6.9%. Per bedroom, the median rent as of July '25 in Monterey, CA is studios: $2,050, 1-bedrooms: $2,230, 2-bedrooms: $3,180, 3-bedrooms: $4,530, 4-bedrooms: $5,250. The most common rental property sizes in Monterey, CA are 2-bedroom and 1-bedroom, accounting for 37.5% and 29.0% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,750 | $2,960 |
| Studio Rent | $1,880 | $2,050 |
| 1 Bed Rent | $2,250 | $2,230 |
| 2 Bed Rent | $3,130 | $3,180 |
| 3 Bed Rent | $4,500 | $4,530 |
| 4 Bed Rent | $5,300 | $5,250 |
% of Rental Stock
Property Listings — Monterey, CA
As of Oct '25, Realtor.com reports that the median days on market for a home in Monterey, CA is 86. This is a increase of 36.0% 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 25.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,230,000 | -1.0% |
Listing Count | 103 | 41.0% |
| Listings as % of Homes | 0.2% | 41.0% |
Days on Market | 86 | 36.0% |
Demographics — Monterey, CA
As of the latest ACS Survey released in 2023, Monterey, CA has a population of 31,000, which has decreased by -4.5% over the past 5 years. Monterey, CA is a moderately popular place for families, as children make up 15.1% of the population. The area has a highly educated workforce, with 54.3% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 17.7% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 31,000 | -4.5% |
% Under 18 | 15.1% | -6.2% |
% Seniors | 22.9% | 23.1% |
% WFH | 17.7% | 160.3% |
% w/ College Degree | 54.3% | 2.8% |
As of the latest ACS Survey released in 2023, Monterey, CA is a predominantly white area, with 63.5% of the population identifying as white. The white population has shrunk by 5.1% in the last 5 years. The second most common race or ethnicity in Monterey, CA is hispanic, making up 21.3% of the population. Foreign-born residents account for 16.6% of the population in Monterey, CA, and this percentage has increased by 6.4% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 63.5% | -5.1% |
% Black | 2.6% | -36.6% |
% Hispanic | 21.3% | 34.0% |
% Asian | 6.8% | -9.3% |
% Foreign Born | 16.6% | 6.4% |
Mortgage and Risk — Monterey, CA
According to HUD data as of 2023, there were 225 mortgage originations in Monterey, CA, of which 92.0% of loans were conventional mortgages. The average loan-to-value was 47.0%, with 6.0% above 90% LTV (normal). This implies small mortgage risk in Monterey, 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 | 225 |
% Conventional Loans | 92.0% |
% Government Loans | 8.0% |
% Investor Loans | 3.0% |
% Second Loans | 10.0% |
% Cash Out Refinance | 9.0% |
Loan Activity
Rentals and Section 8 — Monterey, CA
As of 2024, the percent of homes in Monterey, CA under the Section 8 program is 5.8%. 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 and 2-bedroom and 3-bedroom units appear to be good home sizes to consider for Section 8 housing in Monterey, CA, because HUD payments exceed market rent, while 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 528 |
Total Units Section 8 | 514 |
% Rentals under Section 8 | 5.8% |
% Occupied Section 8 | 77.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $710 | $2,250 | $2,960 |
| 2 Bedroom | $430 | $3,130 | $3,560 |
| 3 Bedroom | $300 | $4,500 | $4,800 |
| 4 Bedroom | -$70 | $5,300 | $5,230 |
Affordability — Monterey, CA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 9.9 |
| Median Home Price | $1,122,000 |
| Median Household Income | $111,000 |