Menifee Market Overview: Where is the Market Moving?, by Monica Hill.

Menifee market overview:

Where is the market moving?

By Monica Hill

Thinking about a home in California? Menifee might be the place for you. Menifee has 16 elementary schools, 13 middle schools, and nine high schools. It is a part of the Riverside County R-1 School District. According to GreatSchools, all institutions received a 6 out of 10 grade.

Houses in Menifee are better priced and have a lot of places at different price points—making it easier to find your dream home without making too many concessions. But before then, here’s a quick round-up of what the Menifee market is like now:

COST OF HOMES IN MENIFEE

According to Movoto, the median list price of homes in Menifee, California, in June 2022 was $598,000, up from $540,000 in 2021. The average sale price per square foot in June was $265/Sqft. Menifee, California, single-family homes’ median list price in June 2022 was $599,000, up from $540,900 in 2021; the median sale price per square foot was $266. In Menifee, California, the typical list price for condos and townhomes was $327,999 in June 2022, up from $235,000 in 2021, while the median sale price per square foot was $236.

STILL A SELLER’S MARKET

The Menifee housing market is still sizzling. This is despite inflation and interest rates going up in the country. According to Redfin, the Menifee market scores a strong 76 out of 100 in June 2022. With homes having multiple offers, some buyers waive contingencies to stand a better chance of accepting their offers.

Houses in Menifee are selling 2% over the list price, lasting only 18 days on the market. On the other hand, really hot homes are selling 4% over

the list price and spending only seven days on the market. As the Menifee housing market is still competitive, 68% of homes sold well above the list price. However, the sale-to-list price by -2.8% year-over-year, settling at 101.5%.

INVENTORY

Compared to May and June last year, many more houses are coming onto the market. This is much to homebuyers’ relief as they now have more negotiating power than last year. Four hundred eighty-five homes came onto the market in May 2022, up from 168 in May 2021. In June, 244 homes went onto the market, a small leap from last year’s 212 homes.

HOME SALES

A total of 244 residences were added to the market for sale in Menifee, California, during June, bringing the monthly total to 404 homes for sale, an increase of 18% from May. In Menifee, California, 170 residences were sold in full for the month, down 15% from the previous month, according to data from Historical Housing Market Report.

HOME SALES PER SQUARE FOOTAGE

With a total of 167 sold, detached homes led the way in terms of sales (down 14% from May), while concluded sales of attached homes totaled 3 (down 67% from May). For June, there were 47 detached homes under 1500 square feet sold, 50 homes between 1500 and 2000 square feet sold, and 26 homes between 2000 and 2500 square feet sold.

In contrast to the 28 homes sold in the 2500–3000 square foot area, the 14 sales in the 3000–3500 square foot range, and the single home sold in the 3500–4000 square foot category. There was one sale of houses between 4000 and 4500 square feet. The following standalone home price ranges had no sales: 4500 to 5000, over 5500, as the Historical Housing Market reported.

INFLATION NOT WITHSTANDING

Despite the federal reserve raising mortgage rates for the third time in the first half of the year, May 2022 and June 2022 recorded the highest sales in 12 years. With an average of 142 sales per month in 12 years, the months of June 2021, March 2022, and May 2022 saw the highest home sales numbers, with 189, 210, and 195, respectively.