Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Clovis | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $457,980 | $642,203 | $242,182 |
| Price Trend (Annual %) | 7.7% | 10.0% | 8.2% |
| Median Gross Rent | $1,619 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.1% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Clovis is about 29% lower than in California. Rent is about 17% lower than the California average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Clovis, up about 7.7% and 6.1% a year respectively. Home prices are changing faster.
Median rent in Clovis rose about 54.0% between 2015 and 2023, from $1,052 to $1,619. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 4.7 yearly household incomes in Clovis.
Buying the median-priced home in Clovis costs roughly 23.6 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Clovis. The price-to-rent ratio in California is about 27.4.
| Metric | Clovis | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $457,980 | $642,203 | $242,182 |
| Median Household Income | $97,409 | $96,718 | $78,145 |
| Price-to-Income Ratio | 4.7 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Clovis rose about 112.6%, while median household income rose about 61.8% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Clovis | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.5% | 51.6% | 58.2% |
| Rental Rate | 34.0% | 40.9% | 31.3% |
| Vacancy Rate | 3.6% | 7.6% | 10.6% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Clovis has a homeownership rate of 62.5%, higher than the California average of 51.6%. Its housing vacancy rate is 3.6%, compared with 7.6% in California.
Housing Stock
| Metric | Clovis | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.94 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1992 | 1975 | 1978 |
| Median Number of Rooms | 5.7 | 5.0 | 5.5 |
The typical housing unit in Clovis was built around 1992. On average, 2.9 people live in a home with about 5.7 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Clovis, California.
What is the median home price in Clovis, California?
The median home price in Clovis, California is $457,980, lower than the California average of $642,203.
What is the average home price in Clovis, California?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Clovis, California?
The median gross rent in Clovis, California is $1,619 per month, lower than the California average of $1,955.
What was the median gross rent in Clovis in 2020?
In 2020, the median gross rent in Clovis, California was $1,237 per month.
What is the price-to-rent ratio in Clovis, California?
The price-to-rent ratio in Clovis, California is about 23.6, meaning it would take roughly 23.6 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Clovis.
Are home prices or rent rising faster in Clovis, California?
Both home prices and rent are rising in Clovis, up about 7.7% and 6.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Clovis, California?
62.5% of households in Clovis, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Clovis, California?
The housing vacancy rate in Clovis, California is 3.6%, lower than the California average of 7.6%.