Is Lake Elsinore, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Lake Elsinore has remained a Seller's Market.
Key Takeaway
Lake Elsinore is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake Elsinore, CA
How much do homes in Lake Elsinore, CA cost?
Median Sold Price
$575,000
$292/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lake Elsinore have sold for 2.2% more than they did a year ago.
Summary: The median home sold price in Lake Elsinore was $575,000 in May 2024, up 2.2% from last year, and the median price per square foot was $292.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $285K | $360K | +26.3% |
| 2 Bedrooms | $384K | $387K | +0.8% |
| 3 Bedrooms | $528.9K | $537.2K | +1.6% |
| 4 Bedrooms | $585K | $600K | +2.6% |
| 5+ Bedrooms | $630K | $679.9K | +7.9% |
Summary: Lake Elsinore housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 26.3%, 2 bedroom homes increased by 0.8%, 3 bedroom homes increased by 1.6%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes increased by 7.9%.
Median Sold Price Compared To Nearby Cities
| Wildomar | $603K | $639K | +6.0% |
| Elsinore Valley | $592.5K | $626.3K | +5.7% |
| Quail Valley | $629.1K | $660K | +4.9% |
| Lake Elsinore | $562.5K | $575K | +2.2% |
| Canyon Lake | $659.9K | $669K | +1.4% |
Housing Supply in Lake Elsinore, CA
How many homes are available in Lake Elsinore, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 277 | 249 | -10.1% |
Summary: The Lake Elsinore real estate market had 249 homes for sale in May 2024, a 10.1% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 2 | 3 | +50.0% |
| 2 Bedrooms | 22 | 20 | -9.1% |
| 3 Bedrooms | 92 | 85 | -7.6% |
| 4 Bedrooms | 114 | 94 | -17.5% |
| 5+ Bedrooms | 47 | 47 | 0.0% |
Summary: The Lake Elsinore housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 9.1%, 3 bedroom homes decreased by 7.6%, 4 bedroom homes decreased by 17.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 77 | 68 | -11.7% |
Asking Price vs. Sold Price
20 Homes Were Sold
Under Asking
18 Homes Were Sold
At Asking
30 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Elsinore, you could pay more than the asking price. 44.1% of homes here sold above asking price last month.
Summary: A total of 68 homes were sold or pending in Lake Elsinore in May 2024, down by 11.7% month-over-month. Of the 68 sold homes, 29% were sold under asking, 26% were sold at asking, and 44% were sold over asking.
Days on Market for Lake Elsinore, CA
How long does it take to sell a home in Lake Elsinore, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 43 Days | 33 Days | -22.5% |
Summary: Homes in Lake Elsinore had an average of 33 days on market in May 2024, down by 22.5% compared to last year.
Breakdown of Home Sale Times
47 Homes Were Sold
Under 30 Days
15 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake Elsinore are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 68 homes were sold in Lake Elsinore; 69% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. 
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