Menifee, California Housing Market

What stands out in Menifee?

• 19% of occupied homes are rented: among the lowest renter shares of 765 tracked cities. Most residents own, so the tenant pool is thin. Your exit buyer may be an owner-occupant.
• Population is up 15.1% over five years: among the fastest population growth of 765 tracked cities. Growth brings tenants and buyers.

Is housing keeping up with Menifee's growth?

The population in Menifee's ZIP codes grew 15.1% over five years, faster than 92% of the cities we track. Households (+19.5%) grew faster than housing (+18.3%). Demand is outrunning supply. Homes for sale are 4% below 2017–2019 at this time of year.

Is now a good time to buy in Menifee?

The median asking price is 4.3% below its Aug 2026 peak. You are not buying at the top. Prices stopped falling about a year ago. They are flat now. Waiting will not get you a cheaper house. It might still get you a more motivated seller. Menifee prices have risen in 95 of the last 111 months. Drops here have been short and shallow. Buying in a slow month has rarely hurt a long hold.

This market is turning. Which way is not settled yet. Check the monthly numbers above before you commit.

Who will rent from you in Menifee?

Only 19 out of every 100 Menifee households rent. This is an owners' town. The renter share is shrinking. Five years ago it was 23 in 100. Renter households here average 2.7 people. Families rent here. Buy bedrooms. Studios will sit.

The median Menifee household earns $98,593 a year. Incomes here have grown 5.3% a year since 2019. Incomes are rising faster than home prices. Affordability is improving. A typical home costs 6.0 times the median income. Most locals cannot buy. That keeps rental demand deep. It also caps the rent they can pay. At 30% of income, a tenant on the median income can pay about $2,465 a month.

To see what one Menifee address would rent for and cash flow, run it through the app.

How does Menifee compare with other California markets?

Ranked among the 141 California markets we track:

• Asking price: 38th cheapest of 141. Menifee is at $595,350. Closest: Fairfield and Perris.
• Buyer competition: 60th least competitive of 138. Menifee is at 0.39 buyers per home. Closest: Hayward and Pomona.
• Time on market: 49th longest time on market of 141. Menifee is at a median of 54 days on market. Closest: Tracy and Lancaster.
• Price cuts: 35th most price cuts of 141. Menifee is at 22% of sellers cutting. Closest: Vacaville and Morgan Hill.

What is the fair market rent in Menifee?

HUD sets one fair market rent for Riverside County. For fiscal year 2026:

• 1 bedroom: $1,777 a month. Down 4% on last year, up 88% since FY2016.
• 2 bedrooms: $2,201 a month. Down 5% on last year, up 85% since FY2016.
• 3 bedrooms: $2,912 a month. Down 5% on last year, up 74% since FY2016.
• 4 bedrooms: $3,514 a month. Down 6% on last year, up 71% since FY2016.

The figures include tenant-paid utilities and apply to all of Riverside County, so one home's rent can sit well above or below them. See fair market rent by city.

What numbers should you underwrite a Menifee deal with?

• Price growth to assume — +2.9%/yr. Menifee grew 6.1% a year over the decade. Ignore that rate. Most of it landed in the 2020 and 2021 boom. Without the boom, Menifee grows about 2.9% a year. That is the number to type in. Prices rose 1.9% over the last year. Use it for timing. The five-year rate is the better guide.
• Competition when you exit — -6%. Homes for sale in Menifee are down 6% on last year, so your resale faces less competition than today's comps did.

Read how population change affects rentals and how we read these numbers, then run the numbers on a deal.

What is the median home price in Menifee?

The median asking price in Menifee is about $595,000 as of Sep 2026, up 1.2% from a year ago. This is the asking price on homes listed for sale. Sites that report sold prices or estimated home values will show a different number. Our Menifee figures cover the 4 ZIP codes with a Menifee mailing address, which can reach past city limits.

Is Menifee a buyer's or seller's market in 2026?

Neither side has the upper hand in Menifee right now. We compare Menifee with 2017–2019 at this time of year: the typical listing has been up 33% more days; there are 39 pending sales per 100 listings, against 43 then; 22% of sellers have cut their price, against 25% then.

Are Menifee home prices going up or down?

The median asking price is 4.3% below its Aug 2026 peak. You are not buying at the top. Prices stopped falling about a year ago. They are flat now. Waiting will not get you a cheaper house. It might still get you a more motivated seller.

What is the best month to buy a house in Menifee?

Across 9 full years, Menifee asking prices ran lowest in January, about 4.3% below the year's average. They peaked in November. The most homes for sale show up in October, about 13% above the yearly average.

Are there more homes for sale in Menifee than before the pandemic?

No. There are 479 homes for sale, 4% fewer than in 2017–2019 at this time of year.

What is the fair market rent in Menifee?

HUD's fiscal year 2026 fair market rent for Riverside County is $2,201 a month for 2 bedrooms and $2,912 for 3 bedrooms. The figures include tenant-paid utilities and cover the whole county.