Is Menifee, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Menifee has remained a Seller's Market.
Key Takeaway
Menifee is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Menifee, CA
How much do homes in Menifee, CA cost?
Median Sold Price
$557,592
$277/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Menifee have sold for 3.3% more than they did a year ago.
Summary: The median home sold price in Menifee was $557,592 in May 2024, up 3.3% from last year, and the median price per square foot was $277.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $177.5K | $200K | +12.7% |
| 2 Bedrooms | $371.5K | $370K | -0.4% |
| 3 Bedrooms | $519.8K | $536.4K | +3.2% |
| 4 Bedrooms | $596.1K | $630K | +5.7% |
| 5+ Bedrooms | $645K | $680K | +5.4% |
Summary: Menifee housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.7%, 2 bedroom homes decreased by 0.4%, 3 bedroom homes increased by 3.2%, 4 bedroom homes increased by 5.7%, and 5+ bedroom homes increased by 5.4%.
Median Sold Price Compared To Nearby Cities
| Wildomar | $603K | $639K | +6.0% |
| Quail Valley | $629.1K | $660K | +4.9% |
| Perris Valley | $536.7K | $554.7K | +3.4% |
| Menifee | $539.9K | $557.5K | +3.3% |
| Canyon Lake | $659.9K | $669K | +1.4% |
Housing Supply in Menifee, CA
How many homes are available in Menifee, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 547 | 589 | +7.7% |
Summary: The Menifee real estate market had 589 homes for sale in May 2024, a 7.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 133 | 140 | +5.3% |
| 3 Bedrooms | 174 | 194 | +11.5% |
| 4 Bedrooms | 161 | 165 | +2.5% |
| 5+ Bedrooms | 77 | 87 | +13.0% |
Summary: The Menifee housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 5.3%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 2.5%, and 5+ bedroom homes increased by 13%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 120 | 165 | +37.5% |
Asking Price vs. Sold Price
59 Homes Were Sold
Under Asking
43 Homes Were Sold
At Asking
62 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Menifee, you could pay more than the asking price. 37.8% of homes here sold above asking price last month.
Summary: A total of 165 homes were sold or pending in Menifee in May 2024, up by 37.5% month-over-month. Of the 164 sold homes, 36% were sold under asking, 26% were sold at asking, and 38% were sold over asking.
Days on Market for Menifee, CA
How long does it take to sell a home in Menifee, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 36 Days | 38 Days | +5.2% |
Summary: Homes in Menifee had an average of 38 days on market in May 2024, up by 5.2% compared to last year.
Breakdown of Home Sale Times
107 Homes Were Sold
Under 30 Days
39 Homes Were Sold
In 30 - 90 Days
19 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Menifee are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 165 homes were sold in Menifee; 65% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.