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.
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
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
| # 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
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 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
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.
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.