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 | Walnut Creek | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $790,309 | $642,203 | $242,182 |
| Price Trend (Annual %) | 8.2% | 10.0% | 8.2% |
| Median Gross Rent | $2,598 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.0% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Walnut Creek is about 23% higher than in California. Rent is about 33% higher 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 Walnut Creek, up about 8.2% and 6.0% a year respectively. Home prices are changing faster.
Median rent in Walnut Creek rose about 64.5% between 2015 and 2023, from $1,579 to $2,598. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 5.9 yearly household incomes in Walnut Creek.
Buying the median-priced home in Walnut Creek costs roughly 25.4 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 Walnut Creek. The price-to-rent ratio in California is about 27.4.
| Metric | Walnut Creek | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $790,309 | $642,203 | $242,182 |
| Median Household Income | $134,233 | $96,718 | $78,145 |
| Price-to-Income Ratio | 5.9 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Walnut Creek rose about 91.4%, while median household income rose about 65.2% 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 | Walnut Creek | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.8% | 51.6% | 58.2% |
| Rental Rate | 33.9% | 40.9% | 31.3% |
| Vacancy Rate | 4.3% | 7.6% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Walnut Creek has a homeownership rate of 61.8%, higher than the California average of 51.6%. Its housing vacancy rate is 4.3%, compared with 7.6% in California.
Housing Stock
| Metric | Walnut Creek | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.16 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1973 | 1975 | 1978 |
| Median Number of Rooms | 5.1 | 5.0 | 5.5 |
The typical housing unit in Walnut Creek was built around 1973. On average, 2.2 people live in a home with about 5.1 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Walnut Creek, California.
What is the median home price in Walnut Creek, California?
The median home price in Walnut Creek, California is $790,309, higher than the California average of $642,203.
What is the average home price in Walnut Creek, 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 Walnut Creek, California?
The median gross rent in Walnut Creek, California is $2,598 per month, higher than the California average of $1,955.
What was the median gross rent in Walnut Creek in 2020?
In 2020, the median gross rent in Walnut Creek, California was $2,279 per month.
What is the price-to-rent ratio in Walnut Creek, California?
The price-to-rent ratio in Walnut Creek, California is about 25.4, meaning it would take roughly 25.4 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 Walnut Creek.
Are home prices or rent rising faster in Walnut Creek, California?
Both home prices and rent are rising in Walnut Creek, up about 8.2% and 6.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Walnut Creek, California?
61.8% of households in Walnut Creek, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Walnut Creek, California?
The housing vacancy rate in Walnut Creek, California is 4.3%, lower than the California average of 7.6%.