Is Menifee, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Menifee is a seller's market

Buyer's
Market

Difference Since November 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

$580,034

$283/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$43,636(+8.1%)

Key Takeaway

Homes in Menifee have sold for 8.1% more than they did a year ago.

Summary: The median home sold price in Menifee was $580,034 in November 2024, up 8.1% from last year, and the median price per square foot was $283.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 $172.4K$238.5K
+38.3%
2 $365K$385K
+5.5%
3 $520K$542.6K
+4.4%
4 $610K$638.4K
+4.7%
5+ $655K$698.9K
+6.7%

Summary: Menifee housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 38.3%, 2 bedroom homes increased by 5.5%, 3 bedroom homes increased by 4.4%, 4 bedroom homes increased by 4.7%, and 5+ bedroom homes increased by 6.7%.

Median Sold Price Compared To Nearby Cities

Menifee
+8.1%
Wildomar
+5.7%
Perris Valley
+5.6%
Quail Valley
+1.5%
Canyon Lake
0.5%

Housing Supply in Menifee, CA

How many homes are available in Menifee, CA?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
555536-3.4%

Summary: The Menifee real estate market had 536 homes for sale in November 2024, a 3.4% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 43
-25.0%
2 153157
+2.6%
3 165153
-7.3%
4 159143
-10.1%
5+ 7480
+8.1%

Summary: The Menifee housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes increased by 2.6%, 3 bedroom homes decreased by 7.3%, 4 bedroom homes decreased by 10.1%, and 5+ bedroom homes increased by 8.1%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
1131130.0%

Asking Price vs. Sold Price

48 Homes Were Sold
Under Asking

22 Homes Were Sold
At Asking

43 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Menifee, you may be able to get a good deal. 42.5% of homes here sold below asking price last month.

Summary: A total of 113 homes were sold or pending in Menifee in November 2024, the same as the previous month. Of the 113 sold homes, 42% were sold under asking, 19% 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

Nov 2023Nov 2024CHANGE
33 Days34 Days+1.8%

Summary: Homes in Menifee had an average of 34 days on market in Nov 2024, up by 1.8% compared to last year.

Breakdown of Home Sale Times

68 Homes Were Sold
Under 30 Days

34 Homes Were Sold
In 30 - 90 Days

11 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Menifee are selling fast, if you're buying plan to act quickly.

Summary: During November 2024, 113 homes were sold in Menifee; 60% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 22 Days Ago

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