Is Banning, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Banning is a seller's market

Buyer's
Market

Difference Since August 2022

Since last year, Banning has remained a Seller's Market.

Key Takeaway

Banning is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices

How much do homes in Banning, CA cost?

Median Sold Price

$375,000

$257/sqft

Based on all homes sold in the last 12 months.

Difference Since August 2022

-$9,900(-2.6%)

Key Takeaway

Homes in Banning have sold for 2.6% less than they did a year ago.

Summary: The median home sold price in Banning was $375,000 in August 2023, down 2.6% from last year, and the median price per square foot was $257.

Median Sold Price By Bedroom Count

# BEDSAug 2022Aug 2023CHANGE
1 $271.5K$160K
-41.1%
2 $366K$350.6K
-4.2%
3 $381.3K$395K
+3.6%
4 $465K$524.3K
+12.8%
5+ $625K$440K
-29.6%

Summary: Banning housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes decreased by 41.1%, 2 bedroom homes decreased by 4.2%, 3 bedroom homes increased by 3.6%, 4 bedroom homes increased by 12.8%, and 5+ bedroom homes decreased by 29.6%.

Median Sold Price Compared To Nearby Cities

Forest Falls
-1.5%
Banning
-2.6%
Big Bear
-3.5%
San Gorgonio Pass
-3.9%

Housing Supply

How many homes are available in Banning, CA?

Number of Homes For Sale

Jul 2023Aug 2023CHANGE
148139-6.1%

Summary: The Banning real estate market had 139 homes for sale in August 2023, a 6.1% decrease compared to July 2023.

Homes For Sale By Bedroom Count

# BEDSJul 2023Aug 2023CHANGE
1 00
0.0%
2 8067
-16.3%
3 4849
+2.1%
4 1620
+25.0%
5+ 43
-25.0%

Summary: The Banning housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 16.3%, 3 bedroom homes increased by 2.1%, 4 bedroom homes increased by 25%, and 5+ bedroom homes decreased by 25%.

Number of Homes Sold

Jul 2023Aug 2023CHANGE
4635-23.9%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

5 Homes Were Sold
At Asking

15 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Banning, you may be able to get a good deal. 42.9% of homes here sold below asking price last month.

Summary: A total of 35 homes were sold or pending in Banning in August 2023, down by 23.9% month-over-month. Of the 35 sold homes, 43% were sold under asking, 14% were sold at asking, and 43% were sold over asking.

Days on Market

How long does it take to sell a home in Banning, CA?

Average Sale Time

Aug 2022Aug 2023CHANGE
31 Days47 Days+51.7%

Summary: Homes in Banning had an average of 47 days on market in Aug 2023, up by 51.7% compared to last year.

Breakdown of Home Sale Times

20 Homes Were Sold
Under 30 Days

12 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Banning are selling fast, if you're buying plan to act quickly.

Summary: During August 2023, 35 homes were sold in Banning; 57% of homes were sold within 30 days, 34% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

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Nearby Markets

What housing markets are near Banning, CA?