Pacific Grove, CA - 93950 - Real Estate Market Data (2024)

FAQs

What is the fastest growing real estate market in California? ›

The total cost of housing, food, child care, transportation, health care, taxes, and other necessities for a single adult in Pacific Grove is $46,559 a year — greater than the annual cost of living for California of $45,534 and greater than the national figure of $38,433.

California market trends and stats

Homes in California are now even more expensive than they were one year ago. According to data from the California Association of Realtors (CAR), existing single family homes sold for a median of $859,800 in August 2023, compared to $834,740 in August 2022.

2024 Market Forecast

Home prices are predicted to rise 6.2% to a record median price of $680,300 next year. Housing affordability will remain flat. Out of all of it, and despite an outmigration of Californians to low-tax states, the state remains viable and people want to buy homes here.

Pacific Grove is a with a population of 15,098. Pacific Grove is in Monterey County and is one of the best places to live in California. Living in Pacific Grove offers residents a dense suburban feel and most residents rent their homes. In Pacific Grove there are a lot of bars, restaurants, coffee shops, and parks.

Pacific Grove has an overall crime rate of 10 per 1,000 residents, making the crime rate here near the average for all cities and towns of all sizes in America. According to our analysis of FBI crime data, your chance of becoming a victim of crime in Pacific Grove is 1 in 104.

Best Time to Sell Your House for a Higher Price

April, June, and July are the best months to sell your house in California. The median sale price of houses in June 2023, was $796,400, which is expected to grow more in 2024. However, cities like Arcadia and San Mateo follow an upward trend throughout the year.

California Housing Market Conditions

The current real estate market conditions in California are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.01%, marking a decline from approximately 8% in the preceding year of 2023.

Will California home prices go back down? ›

After the median price increased 5.7% year-over-year to $831,500 in 2022, CAR estimates the statewide median price will dip to $758,600 in 2023 for an 8.8% decline.

A strategic and ongoing use of real estate data analytics should drive business growth. Realistic pricing, a market-driven approach, and targeted marketing should translate into faster sales, better customer satisfaction, and higher revenue.

To conduct the analysis, real estate agents search for recently sold homes in the same area that are as similar to the subject property as possible. These homes, which are known as comps – or comparable properties – are used to conduct a sales comparison approach to pricing.

The Appraisal Institute defines highest and best use as follows: The reasonably probable and legal use of vacant land or an improved property that is physically possible, appropriately supported, financially feasible, and that results in the highest value.

The fastest-growing franchises in this year's report, seeing double-digit growth in the number of U.S. offices since 2019, were Nest Realty, Flat Rate Realty, and NextHome. United Real Estate, HomeSmart, and NextHome—all relative newcomers—saw big gains in the number of U.S. agents and brokers.

State of play: Columbus, Ohio; Indianapolis; Providence, Rhode Island; Atlanta; Charlotte, North Carolina; Orlando, Florida; and Tampa, Florida, also top this year's ranking of Zillow's hottest housing markets of 2024. Meanwhile, New Orleans, San Antonio, Denver, Houston and Minneapolis sit at the bottom.