Menifee Home Prices: $567K, Down 1.7% — 4 ZIPs Analyzed (2026)
Can you still afford a house in Menifee? At $567,194, the answer depends on which ZIP code you’re looking at — and the gap between the cheapest and priciest neighborhood is over $218,000.
Quick answer: The average home price in Menifee, CA is $567,194 as of February 2026, down 1.7% year over year according to Zillow.
Current Home Prices in Menifee
Menifee sits in the Riverside-San Bernardino-Ontario metro area, and its median home value tells a story of a market that has cooled after years of strong gains.
| Metric | Value |
|---|---|
| Median Home Value | $567,194 |
| Year-Over-Year Change | -1.7% |
| Lowest ZIP Median | $414,561 |
| Highest ZIP Median | $632,890 |
| Number of ZIPs Tracked | 4 |
| Data As Of | February 2026 |
That -1.7% annual drop translates to roughly $9,800 in lost value over the past year. For context, prices peaked at $576,729 in March 2025 and have declined in 10 of the 12 months since.
The range between the cheapest and most expensive ZIP is $218,329. That spread means the “average” number can be misleading. A buyer in the 92586 ZIP is shopping in a completely different market than someone looking at 92587.
Menifee’s price correction has been gradual, not dramatic. Monthly declines have been small — typically under $2,000 per month — which points to a slow grind rather than a sudden crash.
Menifee Home Prices by Neighborhood
All four Menifee ZIP codes are tracked. The difference between the most and least expensive is stark.
| ZIP Code | Median Home Value | Monthly Rent |
|---|---|---|
| 92587 | $632,890 | $3,269 |
| 92584 | $625,472 | $2,837 |
| 92585 | $595,854 | $2,698 |
| 92586 | $414,561 | $2,280 |
Most Expensive
92587 tops the list at $632,890 with the highest rents in the city at $3,269/month — roughly 12% above the city median home price.
92584 follows closely at $625,472, though rents here are notably lower at $2,837/month, suggesting better value for renters compared to 92587.
92585 comes in at $595,854, sitting about 5% above the city average with moderate rents of $2,698/month.
Most Affordable
92586 is the clear winner for budget-conscious buyers at $414,561 — a full 27% below the city median. Rents here are the lowest too at $2,280/month. This is the only Menifee ZIP under $500,000.
Rent vs Buy in Menifee
Here’s the math. A conventional mortgage on the median-priced home ($567,194) with 20% down at a 7% rate gives you a loan of roughly $453,755. That’s about $3,019/month in principal and interest alone — before property taxes, insurance, and HOA fees.
| ZIP Code | Monthly Rent | Est. Mortgage (P&I) | Difference |
|---|---|---|---|
| 92587 | $3,269 | $3,370 | Buying costs $101 more |
| 92584 | $2,837 | $3,333 | Buying costs $496 more |
| 92585 | $2,698 | $3,174 | Buying costs $476 more |
| 92586 | $2,280 | $2,209 | Buying saves $71 |
In three of four ZIP codes, renting is cheaper on a pure monthly cash flow basis. The exception is 92586, where the lower price point makes buying roughly break-even with renting.
Keep in mind: mortgage payments build equity, rents don’t. But with prices falling 1.7% annually, that equity math gets complicated. A $567K home losing 1.7% means roughly $9,600 in paper losses over the year — money that offsets whatever principal you’ve paid down.
Population Growth and Migration
Menifee is one of the fastest-growing cities in California. The numbers aren’t subtle.
| Year | Population |
|---|---|
| 2020 | 103,218 |
| 2021 | 107,044 |
| 2022 | 110,473 |
| 2023 | 113,684 |
| 2024 | 117,041 |
That’s 13,823 new residents in four years — a 13.4% increase. The city has added about 3,400 people per year consistently since 2020.
How does that compare? Not even close to other California cities:
| City | 2024 Population | 4-Year Growth |
|---|---|---|
| Menifee | 117,041 | 13.4% |
| Bakersfield | 417,468 | 3.0% |
| Sacramento | 535,798 | 1.9% |
| San Diego | 1,404,452 | 1.4% |
| Fresno | 550,105 | 1.4% |
| Oakland | 443,554 | 0.6% |
Menifee’s growth rate is more than four times Bakersfield’s and nearly ten times Sacramento’s. That kind of population pressure typically supports housing demand — which makes the 1.7% price decline noteworthy. It suggests affordability limits are pushing back against demand even as people keep moving in.
Menifee Housing Market Trends
The 12-month trend shows a clear pattern: prices peaked in spring 2025, dipped through fall, and have started a slight rebound in early 2026.
| Month | Avg Value | Low ZIP | High ZIP |
|---|---|---|---|
| Mar 2025 | $576,729 | $425,949 | $638,402 |
| Apr 2025 | $575,238 | $424,312 | $636,977 |
| May 2025 | $573,267 | $422,785 | $634,623 |
| Jun 2025 | $571,052 | $420,689 | $632,070 |
| Jul 2025 | $568,092 | $417,604 | $628,904 |
| Aug 2025 | $565,168 | $414,601 | $626,177 |
| Sep 2025 | $563,560 | $413,048 | $624,878 |
| Oct 2025 | $563,157 | $412,554 | $625,012 |
| Nov 2025 | $564,230 | $413,098 | $627,179 |
| Dec 2025 | $565,492 | $413,581 | $629,524 |
| Jan 2026 | $566,593 | $414,115 | $631,626 |
| Feb 2026 | $567,194 | $414,561 | $632,890 |
The bottom hit in October 2025 at $563,157. Since then, prices have ticked up four months in a row. The rebound is modest — about $4,000 total — but the direction has shifted.
The high-end ZIPs have recovered faster. The most expensive ZIP went from $625,012 in October to $632,890 in February, a $7,878 gain. The cheapest ZIP moved from $412,554 to $414,561 — just $2,007.
Is Menifee a Good Place to Buy in 2026?
The data paints a mixed picture.
On the buyer’s side: prices are down 1.7% from last year, the market has been softening for nearly a year, and the most affordable ZIP (92586) offers homes under $415K in a state where that’s increasingly rare.
Working against buyers: population growth is relentless at 13.4% over four years, the four-month price rebound suggests the bottom may already be in, and mortgage rates remain high enough to limit how much that price drop actually helps your monthly payment.
If you’re choosing between Menifee ZIPs, 92586 stands out. It’s the only area where buying is roughly comparable to renting on a monthly basis. The other three ZIPs all favor renters on a cash flow basis right now.
For investors, the rent yields tell an interesting story. ZIP 92586 has the lowest absolute rent ($2,280) but the best price-to-rent ratio because home prices there are so much lower.
Menifee Housing Market Outlook for 2026-2027
The four-month upward trend since October 2025 is worth watching. Prices climbed from $563,157 to $567,194 — a slow but consistent move upward.
If the current pace continues, Menifee could recover to early-2025 levels ($573K-$575K range) by summer 2026. The seasonal pattern supports this: last year’s peak was in March-April before the summer decline.
But the gains are small. At the current pace of roughly $1,000/month, a full recovery to the March 2025 peak of $576,729 wouldn’t happen until late 2026 at the earliest.
The wildcard is population growth. Menifee keeps adding residents at a rate that dwarfs comparable California cities. That underlying demand should put a floor under prices, even if it doesn’t drive a rapid rebound.
Similar Markets in CA
If you’re researching Menifee, these California markets are worth comparing:
- Fontana — Another Inland Empire city in the same metro area, a natural comparison for Menifee buyers.
- Riverside — The county seat, just north of Menifee, with a larger and more established housing market.
- Bakersfield — One of California’s more affordable mid-size cities, often attracting the same buyers priced out of coastal areas.
- Chula Vista — South of San Diego, another fast-growing Southern California suburb worth comparing for price and growth trends.
- San Diego — The nearest major metro, useful as a benchmark for how Menifee prices compare to coastal Southern California.
Frequently Asked Questions
What is the average home price in Menifee?
The average home price in Menifee is $567,194 as of February 2026. Prices range from $414,561 in ZIP code 92586 to $632,890 in 92587, a spread of over $218,000 within the city.
Are home prices going up or down in Menifee?
Prices are down 1.7% year over year. They dropped from a peak of $576,729 in March 2025 to a low of $563,157 in October 2025, then rebounded slightly over the last four months to the current $567,194.
Is it cheaper to rent or buy in Menifee?
In most of Menifee, renting is cheaper month-to-month. The average rent across all ZIPs is about $2,771, while a mortgage on the median home runs roughly $3,019 in principal and interest alone. The exception is ZIP 92586, where lower prices make buying roughly comparable to renting.
What is the most affordable neighborhood in Menifee?
ZIP code 92586 is the most affordable area at $414,561 — 27% below the city median. Rents there are also the lowest at $2,280/month, making it the best option for buyers on a budget.
Methodology
Home values are based on the Zillow Home Value Index (ZHVI), a smoothed measure of typical home values in the 35th to 65th percentile range. Rent estimates use the Zillow Observed Rent Index (ZORI). Population figures come from the U.S. Census Bureau Population Estimates Program (2020-2024 vintage). All datasets are publicly available. Housing data updated 2026-02-28.