Want to know how much your home is worth in Temecula’s market? Whether it’s because you are planning to sell soon, looking to cancel PMI, or just want to stay informed with current home values, understanding how much your home is worth can help drive your next financial decisions. In this article, we’ll guide you through recent home price trends in Temecula, share tips on getting an accurate home value estimate, and offer expert advice to help boost your home’s value. We’ll also introduce you to simple tools and resources that can help you sell your Temecula home for the best possible price, whenever you’re ready. Since the summer of 2020, median home prices in Temecula have increased a whopping 59.2% — in July of 2020, the typical home sold for $515,000, as compared to $820,000 in the July 2024 market, according to the Inland Empire Board of Real Estate. Riverside County, which Temecula belongs to, has seen such dramatic price increases in part due to the pandemic and remote workers being priced out of Los Angeles. “If you can make a move from Los Angeles to Riverside and still maintain a similar salary, that really opens up a lot more affordable housing options for you,” said Daryl Fairweather, Redfin’s chief economist, in a recent article by SFGATE. However, the Inland Empire (IE) is beginning to see similar challenges to its affordability. “You saw these problems become completely insane in LA in the past. Well, now they’re becoming insane in the IE as well,” added David Brady, a professor at UC Riverside. The table below illustrates just how high median home prices have climbed in Temecula over the last five years alone: This trend isn’t unique to Temecula, however; it’s reflective of the national housing market as a whole. According to the S&P CoreLogic Case-Shiller National Home Price Index, U.S. home prices have surged by a total of 47% since 2020, marking a significant period of appreciation. Due to this surge, homeowners have accumulated substantial equity in a short period of time, providing opportunities to use newfound wealth to renovate, invest in other properties, pay off debts, or save for retirement. As of early 2024, ICE’s Mortgage Monitor report found that the average mortgage-holding homeowner in the U.S. now boasts about $299,000 in equity, and the number is only expected to increase. For comparison, the table below shows median home prices in cities near Temecula: In the next section, we’ll introduce tools to help you calculate how much your Temecula home might be worth.Current home values in Temecula
Year Median home price Percent change year-over-year 2024 (July) $820,000 +15.7% 2023 $708,455 -4.3% 2022 $740,000 +11.3% 2021 $665,000 +21.1% 2020 $515,000 +8.4% City Median home price Distance from Temecula Murrieta $665,700 12-18 min (7.7 miles) Lake Elsinore $573,300 18-26 min (17.6 miles) Menifee $583,300 22-40 min (16 miles) Fallbrook $899,800 20-30 min (14 miles) Oceanside $862,500 35-75 min (30 miles) Escondido $856,500 30-45 min (29.1 miles) Carlsbad $1,462,200 40-80 min (34 miles) Trabuco Canyon $2,050,000 75-100 min (58.8 miles) San Juan Capistrano $1,331,000 60-85 min (48.1 miles) Mission Viejo $1,035,800 65-100 min (52.7 miles)
