Published October 7, 2026 in Market Update

Carmel inventory rose, but buyers are still moving on the right homes

By Monique Kaldy

Real estate, Carmel - 93923 and 93921

The Real Estate Data Aggregator counted 114 homes for sale across Carmel's two ZIP codes in the three months ending August 31, 2026. That is more competition for sellers, and more room for buyers to compare. Realtor.com reported active listings grew 5.5% year over year nationally, reaching 1.16 million homes, so the pattern is wider than Carmel alone.

More supply does not mean prices fell. In ZIP 93923, which covers most of Carmel and Carmel Valley, the Real Estate Data Aggregator put the median sale price at $2,262,500. That is up 20.3% from the same three months in 2025. Prices moved up even as the number of closed sales fell.

The two ZIP codes tell different stories

ZIP 93921 is a smaller slice of the market. The Real Estate Data Aggregator recorded only 5 homes sold and 5 homes for sale there in the period. Five sales is a thin sample, so read those figures as a direction, not a firm benchmark.

Speed: some homes moved quickly, others did not

In 93923, the Real Estate Data Aggregator found the median days on market was 42 days. That is 14 days shorter than the same period a year before. But only 20.8% of homes went under contract within two weeks of listing, down 7.6 points from 2025. Most homes took longer. The ones priced well moved fast. The rest waited.

In 93921, the Real Estate Data Aggregator put median days on market at 53. No home sold above list price in that period. The sale to list ratio was 94.2%. Buyers there had a little more room to negotiate.

New listings kept coming in

The Real Estate Data Aggregator counted 105 new listings across both ZIP codes combined in the three months ending August 31, 2026. In 93923 alone, new listings rose 14.1% from the same period in 2025. Pending sales across both ZIPs reached 77, which shows demand is still present even as supply grew.

Rates are a real factor right now

Zillow reported mortgage rates ended September at 7.28%, the highest reading since November 2023. CNBC reported rates hit above 7.5%, the highest level in three years. Higher rates slow decisions for buyers who finance. That is part of why Zillow also reported newly pending sales fell 8.5% year over year in September, a forward-looking sign for closed sales ahead.

Realtor.com reported that 20.8% of listings nationally carried price cuts in September 2026, the highest share since October 2022. That same Realtor.com report put national active listings at 1.16 million, up 5.5% year over year. Carmel's median price still rose in 93923, but sellers elsewhere are adjusting. Pricing carefully from the start matters more when buyers have more homes to consider.

One street in Carmel-by-the-Sea can read very differently from Carmel Valley or the unincorporated areas in 93923. A ZIP code number tells part of the story. Your specific address tells the rest. Verify school district by address, as boundaries do not follow ZIP lines. Carmel Unified serves some properties here, but confirm by address, not by ZIP code.