Market Intelligence · CA / Monterey

Monterey, CA 93940 Housing Market

Monterey's 93940 ZIP code has a typical home value of $1,119,557, up 1.4% over the past year. The median list price stands at $1,206,250, with homes taking a median of 73 days to sell as of September 2026.

Updated September 2026Median value$1120K

The median home value in Monterey, CA 93940 is $1.12M as of September 2026, up 1.4% year over year, according to Zillow ZHVI. For a read on your own home, start with a free consultation: a licensed local pro will walk you through your numbers and your options, with no obligation.

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Typical 93940 range

$1.03M to $1.21M

This is an automated estimate, not an appraisal. Actual value is determined by current market conditions and professional evaluation. It is provided for informational purposes only and is not an offer to buy or a promise of value.

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12-month value trend

+1.4% over 12 months

Sep 2025$1.1M

Low $1.1MHigh $1.12M

Sep 2026$1.12M

The numbers

What is the 93940 housing market like?

As of September 2026

Typical home value

$1.12M

1.4%YoY

Median list price

$1.21M

6.0%MoM

Days on market

23.7%MoM

Homes for sale

1.5%MoM

Price cuts

18.6%

30.8%MoM

New listings

16.7%MoM

Sources · Zillow ZHVI (September 2026) / Realtor.com (September 2026) / FRED (October 2026)

The outlook

93940 housing market forecast 2027

+1.0%

Zillow forecast, 12 months to September 2027

Zillow forecasts typical home values in 93940 to rise 1.0% by September 2027.

Over the 12 months through September 2026, typical home values in 93940 rose 1.4%, per the Zillow Home Value Index.

Will home prices drop in 93940?

Zillow's forecast does not call for a drop: it expects typical home values in 93940 to rise 1.0% by September 2027, after a 1.4% rise over the past 12 months. Forecasts are not guarantees: mortgage rates, inventory, and the wider economy can move values either way.

Forecast: Zillow Home Value Forecast, published October 2026. A forecast, not a guarantee.

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The comparison

How do 93940 home prices compare?

93940$1,119,557
Monterey$1,119,557
California$692,765
United States$285,347

Median Zillow home value (ZHVI), as of September 2026. Comparison levels are medians across every ZIP code with Zillow data (Monterey: 1 ZIP; California: 1,543 ZIPs; United States: 26,262 ZIPs).

Context

The market shows mixed signals. There are 64 homes for sale, with 28 new listings in September 2026, suggesting steady supply. However, 18.6% of listings carry a price cut, indicating some sellers are adjusting expectations. Homes are staying on the market for 73 days on average, which is longer than a quick sale. If you're considering selling, be realistic about pricing and prepare for a slower transaction.

Monthly payment

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Home price

Down payment20% · $223,911

Term

Rate (%)

Common questions

What people ask us.

What is the typical home value in 93940?

The typical home value in Monterey's 93940 ZIP is $1,119,557, up 1.4% over the past year as of September 2026.

How long do homes typically take to sell in 93940?

Homes in this area take a median of 73 days on the market as of September 2026.

How many homes are currently for sale in 93940?

There are 64 homes for sale, with 28 new listings as of September 2026.

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Nearby ZIP markets.

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