Is Rancho Palos Verdes, 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, Rancho Palos Verdes has remained a Seller's Market.
Key Takeaway
Rancho Palos Verdes is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Rancho Palos Verdes, CA
How much do homes in Rancho Palos Verdes, CA cost?
Median Sold Price
$1,677,500
$782/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Rancho Palos Verdes have sold for 1.4% less than they did a year ago.
Summary: The median home sold price in Rancho Palos Verdes was $1,677,500 in May 2024, down 1.4% from last year, and the median price per square foot was $782.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $550K | $563.5K | +2.5% |
| 2 Bedrooms | $840K | $1.0M | +19.0% |
| 3 Bedrooms | $1.5M | $1.5M | +3.7% |
| 4 Bedrooms | $1.8M | $1.8M | +1.9% |
| 5+ Bedrooms | $2.5M | $2.2M | -14.2% |
Summary: Rancho Palos Verdes housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2.5%, 2 bedroom homes increased by 19%, 3 bedroom homes increased by 3.7%, 4 bedroom homes increased by 1.9%, and 5+ bedroom homes decreased by 14.2%.
Median Sold Price Compared To Nearby Cities
| Rolling Hills | $3.9M | $4.9M | +24.0% |
| Palos Verdes Peninsula | $2.3M | $2.5M | +8.8% |
| Rancho Palos Verdes | $1.7M | $1.6M | -1.4% |
| Palos Verdes Estates | $2.7M | $2.6M | -2.7% |
| Rolling Hills Estates | $1.7M | $1.6M | -7.8% |
Housing Supply in Rancho Palos Verdes, CA
How many homes are available in Rancho Palos Verdes, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 161 | 166 | +3.1% |
Summary: The Rancho Palos Verdes real estate market had 166 homes for sale in May 2024, a 3.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 2 | -50.0% |
| 2 Bedrooms | 25 | 18 | -28.0% |
| 3 Bedrooms | 41 | 48 | +17.1% |
| 4 Bedrooms | 66 | 66 | 0.0% |
| 5+ Bedrooms | 25 | 32 | +28.0% |
Summary: The Rancho Palos Verdes housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 50%, 2 bedroom homes decreased by 28%, 3 bedroom homes increased by 17.1%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 28%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 41 | 41 | 0.0% |
Asking Price vs. Sold Price
18 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Rancho Palos Verdes, you may be able to get a good deal. 43.9% of homes here sold below asking price last month.
Summary: A total of 41 homes were sold or pending in Rancho Palos Verdes in May 2024, the same as the previous month. Of the 41 sold homes, 44% were sold under asking, 17% were sold at asking, and 39% were sold over asking.
Days on Market for Rancho Palos Verdes, CA
How long does it take to sell a home in Rancho Palos Verdes, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 33 Days | 32 Days | -3.3% |
Summary: Homes in Rancho Palos Verdes had an average of 32 days on market in May 2024, down by 3.3% compared to last year.
Breakdown of Home Sale Times
28 Homes Were Sold
Under 30 Days
9 Homes Were Sold
In 30 - 90 Days
4 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Rancho Palos Verdes are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 41 homes were sold in Rancho Palos Verdes; 68% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 10% 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.