Modesto, CA Real Estate Market

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Modesto, CA Housing Market Trends

With a population of 215,196, 72,332 total housing units (homes and apartments), and a median house value of $393,007, Modesto real estate prices are well above average cost compared to national prices.

Single-family detached homes are the single most common housing type in Modesto, accounting for 71.09% of the city's housing units. Other types of housing that are prevalent in Modesto include large apartment complexes or high rise apartments ( 13.76%), duplexes, homes converted to apartments or other small apartment buildings ( 8.42%), and a few row houses and other attached homes ( 4.09%).

The most prevalent building size and type in Modesto are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 54.42% owning and 45.58% renting.

There is a lot of housing in Modesto built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Modesto built between 1940-1969 ( 26.67%). A lesser amount of the housing stock also hails from between 2000 and later ( 11.98%). There's also some housing in Modesto built before 1939 ( 5.08%).

Modesto Home Appreciation Rates

In the last 10 years, Modesto has experienced some of the highest home appreciation rates of any community in the nation. Modesto real estate appreciated 167.60% over the last ten years, which is an average annual home appreciation rate of 10.34%, putting Modesto in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Modesto definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Modesto that despite a nationwide downturn in the housing market, Modesto real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Modesto appreciation rates continue to be some of the highest in America, at 13.45%, which is higher than appreciation rates in 91.15% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Modesto. Modesto appreciation rates in the latest quarter were at 4.02%, which equates to an annual appreciation rate of 17.08%.

Importantly, this makes Modesto one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to California, our data show that Modesto's latest annual appreciation rate is higher than 80% 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 Modesto differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Modesto - 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 Modesto real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$393,007

Modesto, CA HOME PRICES

> $1,355,000
0.8%
0.8%
$1,016,001 - $1,355,000
1.1%
1.1%
$677,001 - $1,016,000
4.4%
4.4%
$542,001 - $677,000
8.8%
8.8%
$406,001 - $542,000
23.9%
23.9%
$271,001 - $406,000
36.9%
36.9%
$135,001 - $271,000
17.8%
17.8%
$68,001 - $135,000
2.8%
2.8%
$0 - $68,000
3.4%
3.4%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Low for CA

Value Relative To Nation

Number Of Homes And Apartments:
72,332

Modesto Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CA*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
134.05% 4.03%
5
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,832 / per month

Homeownership Rate

Owners
54.4%
54.4%
Renters
45.6%
45.6%
Vacant
3.8%
3.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
12.0%
12.0%
1970 - 1999
56.3%
56.3%
1940 - 1969
26.7%
26.7%
1939 or Older
5.1%
5.1%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
71.1%
71.1%
Townhomes
4.1%
4.1%
Small Apt. Buildings
8.4%
8.4%
Apt. Complexes
13.8%
13.8%
Mobile Homes
2.6%
2.6%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.3%
2.3%
1 Bedroom
8.8%
8.8%
2 Bedrooms
24.7%
24.7%
3 Bedrooms
46.2%
46.2%
4 Bedrooms
14.4%
14.4%
5 or more bedrooms
3.7%
3.7%
0.0% 100.0%
% OF HOMES