Is Banning, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
Since last year, Banning has remained a Seller's Market.
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
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
# BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
---|---|---|---|
1 Bedroom | $271.5K | $160K | -41.1% |
2 Bedrooms | $366K | $350.6K | -4.2% |
3 Bedrooms | $381.3K | $395K | +3.6% |
4 Bedrooms | $465K | $524.3K | +12.8% |
5+ Bedrooms | $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 | $319.8K | $315K | -1.5% |
Banning | $384.9K | $375K | -2.6% |
Big Bear | $459.9K | $444K | -3.5% |
San Gorgonio Pass | $478.5K | $460K | -3.9% |
Housing Supply
How many homes are available in Banning, CA?
Number of Homes For Sale
Jul 2023 | Aug 2023 | CHANGE |
---|---|---|
148 | 139 | -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
# BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 80 | 67 | -16.3% |
3 Bedrooms | 48 | 49 | +2.1% |
4 Bedrooms | 16 | 20 | +25.0% |
5+ Bedrooms | 4 | 3 | -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 2023 | Aug 2023 | CHANGE |
---|---|---|
46 | 35 | -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
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 2022 | Aug 2023 | CHANGE |
---|---|---|
31 Days | 47 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
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.