Is Palm Springs, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Palm Springs was a Seller's Market.
Key Takeaway
Palm Springs is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Palm Springs, FL
How much do homes in Palm Springs, FL cost?
Median Sold Price
$275,000
$216/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Palm Springs have sold for 1.1% more than they did a year ago.
Summary: The median home sold price in Palm Springs was $275,000 in May 2024, up 1.1% from last year, and the median price per square foot was $216.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $98K | $105K | +7.1% |
| 2 Bedrooms | $250K | $251K | 0.4% |
| 3 Bedrooms | $372.8K | $403K | +8.1% |
| 4 Bedrooms | $435K | $490K | +12.6% |
| 5+ Bedrooms | $460K | $680K | +47.8% |
Summary: Palm Springs housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.1%, 2 bedroom homes increased by 0.4%, 3 bedroom homes increased by 8.1%, 4 bedroom homes increased by 12.6%, and 5+ bedroom homes increased by 47.8%.
Median Sold Price Compared To Nearby Cities
| Lake Clarke Shores | $585K | $673K | +15.0% |
| Palm Springs | $272K | $275K | +1.1% |
Housing Supply in Palm Springs, FL
How many homes are available in Palm Springs, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 161 | 174 | +8.1% |
Summary: The Palm Springs real estate market had 174 homes for sale in May 2024, a 8.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 44 | 54 | +22.7% |
| 2 Bedrooms | 65 | 69 | +6.2% |
| 3 Bedrooms | 42 | 42 | 0.0% |
| 4 Bedrooms | 8 | 7 | -12.5% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Palm Springs housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 22.7%, 2 bedroom homes increased by 6.2%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 12.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 22 | 18 | -18.2% |
Asking Price vs. Sold Price
11 Homes Were Sold
Under Asking
5 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palm Springs, you may be able to get a good deal. 61.1% of homes here sold below asking price last month.
Summary: A total of 18 homes were sold or pending in Palm Springs in May 2024, down by 18.2% month-over-month. Of the 18 sold homes, 61% were sold under asking, 28% were sold at asking, and 11% were sold over asking.
Days on Market for Palm Springs, FL
How long does it take to sell a home in Palm Springs, FL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 27 Days | 32 Days | +18.0% |
Summary: Homes in Palm Springs had an average of 32 days on market in May 2024, up by 18% compared to last year.
Breakdown of Home Sale Times
10 Homes Were Sold
Under 30 Days
6 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Palm Springs are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 18 homes were sold in Palm Springs; 56% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
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