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Monterey real estate market overview

  • Average Monthly Rent: $2,544
  • Home Price/Value Percentage Change: -2.70%
  • Median Home Value: $1,092,053
  • Best Time To Sell a Home: September
  • Affordability Index: Low
  • Days To Sell a House: 34
  • Job Market: Weak
  • Public School Ranking: 40

Location and weather

Monterey is a scenic coastal city in Monterey County, on the southern edge of California's Central Coast. Just 75 miles south of San Jose, Monterey is bordered by the Pacific Ocean, which contributes to a large part of the city's cultural and recreational activities. The main attraction in Monterey is the Monterey Bay and the Monterey Bay Aquarium. Winter whale-watching ecotours are popular here, along with drives up the scenic coast.

Monterey summers are short, comfortable, and clear, while the winters are cold and cloudy. Summer temperatures are in the high 60's, with lows in the mid-50's. The winter temperatures are in the 60's, with lows in the mid-40's.

Sell my house fast in Monterey, California

Population, job market and cost of living

Monterey's population in 2023 is 30,941, with a growth rate of 0.79%.

The job growth has decreased by -8.06% over the last year and in ten years, is predicted to have increased by 33.06%. The major industries are in accommodations, food services, educational services, healthcare and social assistance. The largest employers are California Forensic Medical Group, Montage Health, Naval Postgraduate School, Excelligence Learning and Product Development Corporation.

The cost of living is high, due to the real estate market, desirable location on the Pacific coast, and cost of available housing. With stunning views, mild California weather, attractions like Monterey Bay and the Monterey Bay Aquarium, Monterey will continue to attract those that seek a coastal lifestyle on the bay.

Monterey real estate market details

  • Monterey Vista
  • New Monterey
  • Skyline Forest
  • Fisherman Flats
  • Glenwood

The average monthly rent in Monterey is $2,544 for an average apartment size of 786 sq. feet.

There has been a -2.7% decrease in median home value over the last year. As of 2023, the median home value is $1,092,053.

On average, homes in Monterey sell after 34 days on the market.

The best time to sell a home for the highest valued sale is during September. For the quickest sale, homeowners should sell in May.

The affordability index in Monterey is 175. This number indicates low affordability in this city.

The top ranked public schools are Bay View Academy, Big Sur Charter, Foothill Elementary School, George C. Marshall Elementary School and La Mesa Elementary School. This information is based on data measuring academic performance and equity.

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