October's First-Time Homebuyer Report for Monterey

Monterey is a small city in California with a median income of $57,550 per household. Besides being affluent, its population is older than others with a median age of 37 years. 93940, 93944, and 93943 are its three most populated zip codes. Detached homes account for 72% of the area's current housing market. Topping the list of best schools in the city is La Mesa Elementary School.

Price Range

Monterey has some of the more expensive homes in the state with a median home value of $483,400 and a current average list price of $793,336. The homes with the highest value are in 93943, 93940, and 93944. The Monterey market has established a recent upward trend, reiterated this week as sales rose 7.4% to 29 homes over the last 30 days.

Curious as to which homes have been getting the most attention in Monterey? These listings have stirred up interest and produced the most views:

$399K   $565K   $1M  

Typical Dwelling

A three-bedroom detached home valued around $812,768 is considered a typical dwelling in Monterey. If a buyer was looking for a similar home, they would need good credit and a $162,554 cash down payment to get a mortgage with a 3.95% interest rate. The monthly payments would be $2,823 and the property tax rate is $6.03 per $1,000 of taxable assessed value.

Get started right now by checking out Monterey homes for sale or reviewing Monterey real estate trends.


Data reported through 10/13/2016

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