Market Overview
Home Prices in Morro Bay, CA
The median home value in Morro Bay, CA is $964,296 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's down 0.2% compared to a year ago and down 2.6% from two years prior.
Compared to the U.S. national median of $410,000, homes in Morro Bay are priced135% above average. Morro Bay is part of the San Luis Obispo-Paso Robles, CA metro area.
Over the past five years, Morro Bay home values have risen by approximately15.2%, reflecting steady appreciation in this market.
Price History
Morro Bay Home Price Trend
City Comparison
Morro Bay vs. National Median
At $964,296, homes in Morro Bay cost 135% above the national median of $410,000. Buyers in Morro Bay should expect to pay a premium compared to most U.S. markets.
Affordability
What Does It Cost to Buy in Morro Bay?
20% Down Payment
$192,859
on $964,296
Monthly P&I
$5,029/mo
30-yr @ 6.8%
Total Monthly Est.
~$6,387/mo
incl. taxes & insurance
Income Needed
$255,480
gross annual (30% rule)
10% Down Option
$96,430
+ PMI applies
Loan Amount (20% dn)
$771,437
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Morro Bay, CA?
The median home value in Morro Bay is $964,296 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's down 0.2% year-over-year.
How much have home prices changed in Morro Bay?
Over the past year, home values in Morro Bay have decreased by 0.2%. Over five years, prices have risen approximately 15.2%.
How much do I need to earn to buy a home in Morro Bay?
To comfortably afford the median home price of $964,296 with a 20% down payment ($192,859) at today's rates (6.8%), you'd need a gross annual income of approximately $255,480. This assumes keeping total housing costs at or below 30% of gross income.
How does Morro Bay compare to the national average home price?
The national median home value is approximately $410,000. At $964,296, homes in Morro Bay are 135% above the national average.
What metro area is Morro Bay part of?
Morro Bay is part of the San Luis Obispo-Paso Robles, CA metropolitan area. Home prices and market conditions can vary across the broader metro region.