Monterey County median home price at $919K in October, $1.048M in June
The latest report from Monterey County reveals that the median home price for single-family residences fell to $919,838 in October 2024, down from a high of $1,048,000 in June. This decrease is indicative of shifting market dynamics, as homes sold in an average of 18 days at approximately 98% of their list price across 142 transactions. The earlier peak in prices, surpassing the $1 million mark in May, had raised concerns about affordability in the region. As the market adjusts, it highlights the delicate balance between supply and demand, with potential implications for both buyers and sellers. Local real estate experts suggest that these trends may reflect broader economic factors influencing buyer behavior.
Understanding these shifts is essential for stakeholders in Monterey County's housing market. Homebuyers looking for opportunities might find this period advantageous, while sellers may need to recalibrate their expectations for pricing and sales timelines. Continuous monitoring of the local real estate landscape will be vital as market conditions evolve.