Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 14,791 people, 6,860 houses or apartments, and a median cost of homes of $1,276,572, Pacific Grove house prices are not only among the most expensive in California, Pacific Grove real estate also is some of the most expensive in all of America.
Single-family detached homes are the single most common housing type in Pacific Grove, accounting for 61.33% of the city's housing units. Other types of housing that are prevalent in Pacific Grove include large apartment complexes or high rise apartments ( 20.43%), duplexes, homes converted to apartments or other small apartment buildings ( 11.39%), and a few row houses and other attached homes ( 4.67%).
People in Pacific Grove primarily live in small (one, two or no bedroom) single-family detached homes. Pacific Grove has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Pacific Grove's housing was primarily built during this period, from the '40s through the '60s. A full 47.08% of the city's housing hails from this era. Other housing ages represented in Pacific Grove include homes built before 1939 ( 25.34%) and housing constructed between 1970-1999 ( 23.34%). There's also some housing in Pacific Grove built between 2000 and later ( 4.24%).
Vacant housing appears to be an issue in Pacific Grove. Fully 17.69% of the housing stock is classified as vacant. Left unchecked, vacant Pacific Grove homes and apartments can be a drag on the real estate market, holding Pacific Grove real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Real estate appreciation rates in Pacific Grove's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.41% during the period.
NeighborhoodScout's data show that during the latest twelve months, Pacific Grove's appreciation rate, at 5.85%, has been at or slightly above the national average. In the latest quarter, Pacific Grove's appreciation rate has been 2.67%, which annualizes to a rate of 11.10%.
Relative to California, our data show that Pacific Grove's latest annual appreciation rate is higher than 50% of the other cities and towns in California.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Pacific Grove differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Pacific Grove - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Pacific Grove real estate investment or home purchase decisions.
$1,276,572
for California
for nation
6,860
$4,553 / per month