Conejo Valley in May 2026 is a market with one outlier story and three steady performers. Thousand Oaks ran $1.10M median (+4.5% YoY). Westlake Village dropped to $1.27M (−19.7%) on a mix shift plus genuine top-end correction. Newbury Park held at $1.11M (+3.8%). Oak Park sat near $1.40M with very low turnover. The honest read: this is a normalizing market with one mispriced segment and three communities still appreciating, just slower than 2022.
The Numbers at a Glance
Here are the four Conejo Valley cities side-by-side for May 2026. Median prices are March/April closings rolled forward; year-over-year comparison is against the same month in 2025.
| City | Median Sale | YoY | Months of Inventory |
|---|---|---|---|
| Thousand Oaks | $1.10M | +4.5% | 2.2 |
| Westlake Village | $1.27M | −19.7% | 3.4 |
| Newbury Park | $1.11M | +3.8% | 2.0 |
| Oak Park | ~$1.40M | Stable | 1.8 |
Thousand Oaks — The Flagship Holding Pace
Thousand Oaks is the Conejo Valley's largest market by volume and the most-searched city in the cluster. The +4.5% year-over-year median gain to $1.10M is in line with broader Southern California — neither overheating nor cooling. Inventory sits at 2.2 months, which still favors sellers but gives buyers genuine negotiating room.
The range is wide: $700K condos in Lynn Ranch on one end, $3M+ Sunset Hills estates on the other. The volume sweet spot — and where most commission flow concentrates — is the $900K–$1.3M family product in Lynn Ranch, Wildwood, and Westwood. This is also where the 'Simi Valley vs Thousand Oaks' comparison shopping happens.
Westlake Village — The Price Drop Explained
Westlake Village's −19.7% YoY median price drop is the story everyone wants explained. It is not a crash. It is a mix shift — fewer ultra-high-end closings dragging the median down — combined with a real top-end correction on the $4M+ luxury segment.
Volume is also down. Months of inventory sits at 3.4 versus 1.9 a year ago. Days on market are extending into the 45–60 day range for entry Westlake product. The entry tier ($1M–$1.5M Foxmoor and First Neighborhood) is firmer; the top end (The Estates, Westlake Island waterfront) is where the price discovery is happening.
Newbury Park — Value Holding
Newbury Park at $1.11M median is the value play in Conejo Valley. Same CVUSD schools as Thousand Oaks on a meaningfully cheaper dollar-per-square-foot. The +3.8% YoY is healthy and reflects the school-driven family demand at the Dos Vientos Ranch master-planned community.
Inventory remains tight (2.0 months) and well-prepared listings still move in 18–25 days. If you can find the right home in Dos Vientos or near the Newbury Park High zone, the value proposition is real.
Oak Park — Low Volume, High Margin
Oak Park is the smallest and most stable Conejo market — population ~14K, very low turnover, median around $1.40M. The Oak Park Unified School District is consistently top-rated, which keeps demand high relative to supply.
Inventory at 1.8 months. New construction is essentially nonexistent. This is a long-hold market where sellers who haven't lived there 10+ years are rare.
What This Means for Buyers and Sellers
Buyers: The Westlake Village top end is where there is real negotiating leverage right now. Thousand Oaks and Newbury Park are normal — write offers within 2–4% of list on homes 30+ days on market, near asking on homes under 14 days. Oak Park requires patience; almost nothing sits.
Sellers: If you're in Westlake, get a current CMA — anchoring to your 2023 valuation will burn 45 days on market. If you're in Thousand Oaks, Newbury Park, or Oak Park, price at market and expect to negotiate 1–3%.
Frequently Asked Questions
Is the Westlake Village real estate market crashing in 2026?
No. The −19.7% YoY median drop reflects a mix shift (fewer ultra-high-end closings) and a genuine top-end correction on $4M+ luxury homes. Entry-Westlake product ($1M–$1.5M) is firmer. Volume is down but the market is not in crisis.
What's the median home price in Thousand Oaks in 2026?
Approximately $1.10M as of May 2026, up 4.5% year-over-year. The range is wide — $700K condos to $3M+ Sunset Hills estates.
Is Newbury Park cheaper than Thousand Oaks?
Marginally. Median is $1.11M vs $1.10M, but Newbury Park typically buys more square footage and lot per dollar. Same CVUSD schools at most addresses.
How long does it take to sell a home in Conejo Valley in 2026?
Well-prepared, market-priced homes move in 18–35 days. Westlake Village luxury can extend to 45–60 days. Overpriced listings in any of the four cities sit 60+ days and require reduction.
What's the property tax rate in Thousand Oaks?
The base rate is 1% under Prop 13 plus 0.10–0.20% in voter-approved bonds. Effective rate runs about 1.10–1.20% of sale price annually. Some master-planned tracts add modest Mello-Roos.
