San Diego's Carmel Valley #22 in Million-Dollar Housing Markets

CARMEL VALLEY, CA — Carmel Valley’s already hot housing market has earned another accolade: A study found Carmel Valley had the 22nd-highest rate of growth among all million-dollar housing markets in the U.S.

The study by RefiGuide.org found that Carmel Valley’s average home sales price increased by 9.6% between 2018 and 2019, putting the community at No. 22 among the hundreds of cities and towns where the average sales price is upwards of $1 million.

In most places across the U.S., home prices have more than rebounded since the Great Recession, which was largely sparked by the collapse of the housing market. The past year has seen only two states record drops in home prices, and five states have seen double-digit growth, as the American housing market keeps gaining steam.

These benefits are being seen in all types of communities, including ones where home prices were already quite high, particularly in cities and towns near the twin economic engines of San Francisco and New York City, where housing prices are notoriously high.

Among communities where the average home is worth more than $1 million, 20 cities saw year-over-year growth in the double digits, with many others, including Carmel Valley, coming close.

Carmel Valley’s price growth rate was higher than several other California cities, such as Fremont, Mill Valley, Los Alamitos and Del Monte Forest. Carmel Valley was outpaced by Saint Helena in Napa County, which had the highest growth rate, 25.1%.

A total of 22 California communities were among RefiGuide’s top 50 million-dollar communities with rapid home price growth, while New York had half as many.

The communities with the 10 highest sales price increases were:

• Saint Helena, CA: 25.1%
• Quogue, NY: 23%
• Stinson Beach, CA: 21.1%
• Shelter Island, NY: 21%
• The Sea Ranch, CA: 17.6%
• Kentfield, CA: 17.1%
• Lawrence, NY: 16%
• Point Reyes Station, CA: 14.7%
• Boca Grande, FL: 14.1%
• Wainscott, NY: 13.6%

RefiGuide.org, an online mortgage marketplace and research clearinghouse, analyzed Zillow data, measuring sales prices and value for all 50 states and the District of Columbia, as well as thousands of cities and towns from coast to coast.

Other findings from the study include:

• Idaho had the highest sales price increase (17.2%).
• Sales prices in Alaska and Delaware fell.
• Newark (17.1%) and Dallas (16.9%) had the highest price increases among all major cities.
• Among all cities, the average sales price rose by nearly 50% in Nettleton, MS.

To learn more about the RefiGuide.org study, click here.