Menifee area housing prices and home

MENIFEE AREA HOUSING PRICES AND HOME VALUE TRENDS AND PREDICTIONS

Monica Hill

Menifee is located just 15 miles north of Temecula- California’s most popular wine production region. It is one of California’s hottest new suburban, springing out of the LA region. The city enjoys a beautiful Mediterranean climate all year. It provides the locals with convenient access to the Lake Elsinore, Diamond Valley Lake, and some significant wilderness areas and reserves in the Southern Los Angeles region.

Like many other regions in the beautiful State of California, Menifee was founded as an agricultural region and was fused on the agricultural industry.

However, today, Menifee is growing differently with various residential expansion projects attracting a large number of people. In the last five years, there has been a large number of people migrating from

Los Angeles and the

Bay Area into the Inland

Empire to live in the

Menifee city. As a tourist, homebuyer, or investor, there are so many reasons to pull you towards this ecstatic city, including but not limited to a vibrant mix of historical and cultural sightings and a host of other modernday tourist sites. However, today we’ll focus on the Menifee real estate market

MENIFEE HOUSING MARKET

Menifee is a mid-sized city. According to the 2018 Census Bureau Report, Menifee had a population of 92, 595 people and 18 constituent neighborhoods. Menifee is ranked as the 98th largest community in the state of California, and over the years, the city has seen unprecedented growth in the number of newer housing units. What triggers new developments, especially housing developments, is the result of new residents migrating into the area. In the last five years, middle class or even wealthier people have been migrating into the city from the Bay Area, attracted by the rapid job growth, a healthier economy, and superb local amenities.

Between the years 2016 and 2018, the median household income for Menifee City grew from $57,598 to $65,757.

Regardless, the housing costs in the city of Menifee are among the

highest in the country. And even though the real estate prices in the town are nowhere near the real estate prices in some of the most expensive counties in the state, the costs are still high, pricing out a significant portion of the population.

MARKET TRENDS IN MENIFEE

The market as of Q1 2020, the median home value in Menifee city, was $375,299. Over the past year, home prices in Menifee have gone up 1.9%, and according to Zillow, these prices are expected to fall -2.5% in the next year. Compared to the Riverside-San Bernardino-Ontario Metro, the median list price per square footage in Menifee is relatively lower, averaging at $215. The median prices of the homes that are currently listed in Menifee are $394,998, while the median price of the homes that are sold is $365,800. Additionally, the median rent prices for houses and apartments in Menifee is $1,895, lower than the Riverside-San BernardinoOntario Metro median of $2,150.

HOUSEHOLD INCOME

Between the years 2016 and 2018, the median household income for households in the city of Menifee grew from $57,598 to $60,808. There are approximately 28.5K households in the city of Menifee. The following is a representation of that dramatic rise in household incomes compared to the national averages. The largest share of the household has an income in the $75k-$100k bracket.

RENTING VS. PROPERTY OWNERSHIP IN MENIFEE

In 2017, the homeownership rate for the city with about 30,533 housing units, which is the 2nd most of all the places in the area, was 74.3%, which is a 0.7% percentage jump from the 2016 recordings. The percentage of owner-occupied housing units in the city is higher than the national average of 63.9%. the chart below shows the ownership percentages in the city compared with the neighboring counties.

HOUSING DENSITY IN MENIFEE

The houses per square land mile usually measure the housing density of an area and Menifee has a 657.0 housing density, which is the 2nd most of all the places surrounding the city. However, the city coming in first is Canyon Lake, which has a density of about 1,147.7. Comparing this figure to Menifee’s, Canyon Lake’s city density is much larger by a margin of 74.7%. Comparing Menifee’s density to the country’s average of 38.6 Menifee is bigger. Additionally, measuring the density against California’s housing density, which is about 90.5, Menifee is markedly bigger.

HOME FINANCING IN MENIFEE

The following chart shows an analysis detailing the distribution of the owned home by mortgage status. Menifee City has With Mortgage taking center stage of other places in the area at 74% of total and is ranked in the middle of the group.

WHAT ELSE SHOULD YOU KNOW ABOUT MENIFEE?

Unlike most other cities, Menifee is a city that isn’t mainly white- or blue-collar. Rather, the most prevalent occupations for the people in the city are a mix of both. Overall, Menifee is a city of sales and office workers, professionals, and service providers. Additionally, there are many people in Menifee working in the office and administrative support (11.70%), sales jobs (10.78%) and management occupations (8.34%).

Also, the percentage of adults in the city of Menifee who are college-educated is close to the national average for all the communities of 21.84%. Moreover, 19.14% of the adults in Menifee have a bachelor’s degree or an advance degree. Lastly, the city of Menifee is an inter-racial city with people in the city, describing themselves as belonging to a city that has diverse racial and ethnic groups. The largest share of the population in the city comprises of White or non-Hispanic Whites. This is followed closely by African Americans. Additionally, the city has a significant share of people from Hispanic origins, accounting for 35.90% of the population in the city.

Menifee is a beautiful city. With its unique historical landmarks, Menifee is the perfect place for you and your family to start a life. If you would like to get more insight about Menifee, talk to one of our VIP Agents in Menifee-Monica Hill. The VIP Agents is a program run by The Power Is Now Media for agents and real estate professionals. To get more details about the show, click here.

Monica Hill is the Broker/Owner of MVP Real Estate & Investments LLC. A Small, WomanOwned, Minority-Owned Business, and serves as the CEO of the Non-profit Women’s Support Organization Mission Excel. Monica has been licensed in California for more than 25 years. She runs a highly successful team of Certified, Licensed Commercial and Residential FullService Real Estate Professionals known as “The Dream Team.” Monica has been one of Southern California’s Top Residential and Commercial Investment Real Estate Brokers, with her company completing over $1 Billion in Residential and Commercial sales. Some of her top achievements were being named as “A Top Producer” for marketing and disposing of more than 400 Non-performing Assets. As well as being awarded as a #1 BPO Brokerage by a National Asset Management company for completing more than 3000 of their BPO’s with 98.99 percent accuracy.

To learn more about Monica Hill and her contact details, click here.