The Conejo Valley real estate market in May 2026 was selective: not hot, not cold. Homes priced and presented for the current buyer sold quickly, while homes that missed on price, condition or location sat. The median home price came in at $1,178,500, and expired listings rose 84% to 92 unsold homes, the clearest sign of the gap between some sellers' expectations and what buyers will pay. For anyone weighing a move in the neighborhoods around Wildwood Regional Park or near Westlake Village spots like The Stonehaus, here is what the May numbers say.
The Conejo Valley real estate market in May 2026 has a median home price of $1,178,500, down 1.3% year over year. Active listings total 495, a 7.5% decline from last year, while expired listings rose 84% to 92 homes. The 30 year fixed mortgage rate averaged 6.62% in late May, and the market is best described as selective rather than hot or cold.
Key Takeaways
- Conejo Valley median home price was $1,178,500 in May 2026, a 1.3% decline year over year, while Thousand Oaks rose 3.1% to $1.1 million.
- Active listings totaled 495 in May 2026 compared to 535 the prior year, a 7.5% decrease representing 3 months of overall inventory.
- Expired listings climbed 84% to 92 unsold homes, signaling that overpriced or poorly positioned properties are struggling to sell.
- The average 30 year fixed mortgage rate was 6.62% as of May 20, 2026, according to Freddie Mac, with forecasts at the time calling for rates to stay in the low to mid 6% range.
- Homes averaged 28 days on market in May 2026 versus 27 days the previous year, showing a selective but stable sales pace.
What is the Current Conejo Valley Median Home Price for May 2026?
The median home price in the Conejo Valley was $1,178,500 in May 2026, a 1.3% decline year over year. That is a modest move, consistent with a market that has settled into a range rather than swinging. The community level numbers vary more. Westlake Village's average home value was $1,415,067, down 4.6% over the past year, while Thousand Oaks posted a median sale price of $1.1M, up 3.1% since last year. (One figure is an average and the other a median, so treat the comparison loosely.) Location within the valley still drives value.
Conejo Valley Home Prices by Community (May 2026)
Source: Redfin Data Center, May 2026
A few things explain the stability. Mortgage rates in the low to mid 6% range have kept buyers active but choosy. Owners holding pandemic era loans are staying put longer, while anyone entering the market is underwriting at current rates. The practical upshot is that pricing is predictable enough to plan a purchase or a sale around, including in the neighborhoods bordering the Wildwood Regional Park trails.
How Do Conejo Valley Inventory Levels Compare to Last Year?
Active listings stood at 495 in May versus 535 a year earlier, a 7.5% decline. It is a small number that hides real differences by price range and location. Overall the valley has about 3 months of inventory, enough to give buyers leverage in some negotiations. The rate sensitive end of the market is tighter: homes under $750K sit at 2.7 months of supply and remain competitive. The $1M to $2M range holds the most listings and the most activity, which is where most move-up buyers and relocating families are shopping.
| Price Range | Active Listings | Months of Inventory | Market Conditions |
|---|---|---|---|
| Under $750K | 45 | 2.7 | Competitive |
| $750K - $1M | 98 | 2.9 | Balanced |
| $1M - $2M | 247 | 3.2 | Active/Dynamic |
| $2M+ | 105 | 4.1 | Selective |
Geography matters too. Westlake Village had 131 active listings, a high count for late spring, with much of it concentrated in luxury communities like North Ranch and Lake Sherwood. More affordable areas keep turning over quickly as first-time buyers compete for limited entry level homes.
What Are Current Mortgage Rates and How Do They Impact Buyers?
The average 30 year fixed mortgage rate was 6.62% as of May 20, 2026, according to Freddie Mac. At the time, forecasts called for rates to hold in the low to mid 6% range through the summer, with swings of 0.2% to 0.5% in either direction. On a typical $1.2 million Conejo Valley purchase, the gap between a 6% and a 6.6% rate adds several hundred dollars to the monthly payment. That difference shows up in the affordability math for families shopping anywhere in the valley, including near the new restaurants opening in Westlake Village. While the Federal Reserve influences rates, mortgage rates track the 10 year Treasury yield more closely, since lenders fund mortgages through the bond market. Inflation concerns and geopolitical uncertainty were keeping yields, and therefore rates, elevated. The effect is uneven across buyers. First-time buyers are the most payment sensitive and the quickest to step back when rates feel uncomfortable. Move-up buyers with substantial equity are more resilient, which helps explain continued activity above $1M.
What Do Average Days on Market Tell Us About Market Conditions?
Homes took 28 days to sell on average in May versus 27 days a year earlier, a steady figure that fits the selective theme. The average hides a wide spread between well positioned homes and those missing key buyer criteria. Buyers are weighing price, condition and location above all else, and homes that check at least two of those boxes get immediate attention. Move-in ready homes in good locations command a premium, and homes in great locations that are priced for their condition draw buyers willing to renovate. The spread shows up by submarket as well. Thousand Oaks homes averaged 43 days on market versus 34 last year, while Westlake Village homes went pending in around 18 days. Pricing strategy and presentation account for much of that gap; a premium Westlake Village price requires a premium presentation. For homes that do not connect with buyers early, time works against them. Some luxury listings have sat 200 to 500 or more days, mostly at the top of the range. That kind of marketing period usually signals a pricing disconnect or condition issues that buyers, with other options to compare, are not willing to overlook.
Why Are Expired Listings Up 84% in the Conejo Valley?
Expired listings rose 84% to 92 unsold homes for the month, versus 50 a year ago. That is the clearest divide in the data between what sellers want and what buyers will pay. A few things drive it. Many sellers are still pricing off peak 2022 and 2023 comparables rather than recent sales. The "name your price and count your offers" market is gone, and a home priced for it now needs a meaningful reduction to draw cautious buyers. Condition matters more than it did. When a home misses on more than one criterion, say it needs work and is priced high, buyers move on regardless of location. With more options to compare than they had during the peak years, they can afford to. Three months of supply also shifts leverage away from sellers, so pricing correctly from day one matters: well priced, move-in ready homes draw buyers quickly, and listings that miss the initial window rarely regain momentum. For sellers thinking about listing, the lesson is to price to the current market from the start. Homes near Wildwood Regional Park or close to dining and shopping still draw strong interest, but only at a price that fits the conditions.
How Do Westlake Village and Thousand Oaks Markets Compare?
The gap between Westlake Village and Thousand Oaks shows how much location within the valley drives results. Westlake Village posted an average home value of $1,415,067, down 4.6% over the past year, with homes going pending in around 18 days. Thousand Oaks posted a median sale price of $1.1M, up 3.1%, with homes selling in 43 days on average. The two markets draw different buyers. Westlake Village, from North Ranch to Lake Sherwood to Westlake Island, attracts move-up buyers, relocating professionals, coastal retirees and cash buyers looking for luxury amenities and lake access, and demand there remains solid. Thousand Oaks offers more range: entry level townhomes under $700,000, estates over $2,000,000, and a core market of single family homes between $1,000,000 and $1,300,000. That range brings in first-time buyers, families and move-up buyers looking for value. Both communities share strong schools, extensive trail systems and good dining; the choice between them usually comes down to budget and lifestyle priorities rather than any real difference in quality of life. Velocity differs too. Westlake Village's faster absorption reflects urgency in the luxury segment, while Thousand Oaks' longer marketing time gives buyers more room to negotiate without demand falling off.
What Should Buyers and Sellers Know About Market Strategy in 2026?
The May 2026 market rewards buyers and sellers who work from current data rather than assumptions carried over from prior years. For buyers, 3 months of inventory means more to choose from than in recent years and leverage in some negotiations, plus time for real due diligence on the home and the neighborhood. The same three criteria apply on this side of the table: price, condition and location. Homes that check at least two of those boxes get attention, and the buyers who do best focus on finding the right home rather than trying to time rates. For sellers, the market demands accuracy and preparation. With 3 months of supply and cautious buyers, pricing right from the start and making sure the home shows well makes a real difference; clean, move-in ready homes still get strong attention, and many sellers underestimate how much condition affects salability once buyers have choices. Successful Conejo Valley sellers treat professional presentation and realistic pricing as day one requirements, not fallbacks. On timing: when this report was written, forecasts had rates holding near late May levels through the rest of 2026 with modest price movement, and the usual seasonal pattern still applies, with spring and summer drawing the largest buyer pools.
Frequently Asked Questions About the Conejo Valley Real Estate Market
Is now a good time to buy in the Conejo Valley?
For a prepared buyer, yes, with caveats. Three months of supply gives you negotiating leverage, especially in the $1M to $2M range where most of the listings are, and that is more room than buyers have had in recent years. The caveat is the 6.62% mortgage rate, which means the affordability math needs to be honest before you start touring.
How long should I expect my home to take to sell?
The May average was 28 days, but the range around that number is wide. Homes that get price, condition and location right sell quickly; those that miss get passed over. Well prepared homes in sought after neighborhoods, such as those near Wildwood Regional Park, often sell faster than average, while overpriced or tired properties can sit for months.
What's driving the increase in expired listings?
Expired listings rose 84% to 92 homes, which points to a gap between what sellers expect and what buyers will pay. The most costly mistake is pricing off 2022 and 2023 peak sales rather than recent closed activity. Buyers can compare, so a listing has to be priced competitively and presented well to draw offers.
Should I wait for interest rates to drop before buying?
As of late May, forecasts had rates holding in the low to mid 6% range through the summer with only modest movement, and nobody reliably calls the turn. Focus on finding the right home and neighborhood rather than guessing where rates will be. In past cycles, buyers who waited for lower rates sometimes found that prices had moved first.
Thinking About Buying or Selling in the Conejo Valley?
Davis Bartels and the DB Real Estate Group have handled 500+ transactions across the Conejo Valley since 2009. If any of this applies to your situation, Davis is happy to talk it through. No pressure either way.
Contact Davis: davisbartels.com
