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 April 2021

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.

How much do homes in Banning, CA cost?

Median Sold Price

$365,125

$256/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2021

+$76,185(+26.4%)

Key Takeaway

Homes in Banning have sold for 26.4% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSApr 2021Apr 2022%
1 $163.2K$271.5K
+66.3%
2 $275.7K$355K
+28.7%
3 $297.7K$360K
+20.9%
4 $330.2K$432.5K
+30.9%
5+ $417.5K$590K
+41.3%

Median Sold Price Compared To Nearby Cities

Beaumont
+29.1%
Banning
+26.4%
San Gorgonio Pass
+26.4%

How many homes are available in Banning, CA?

Number of Homes For Sale

Mar 2022Apr 2022%
161155-3.7%

Homes For Sale By Bedroom Count

# BEDSMar 2022Apr 2022%
1 10
-100.0%
2 7979
0.0%
3 5457
+5.6%
4 2115
-28.6%
5+ 64
-33.3%

Number of Homes Sold

Mar 2022Apr 2022%
4845-6.3%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

15 Homes Were Sold
At Asking

23 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Banning, you could pay more than the asking price. 51.1% of homes here sold above asking price last month.

Average Sale Time

Apr 2021Apr 2022%
23 Days18 Days-18.3%

Breakdown of Home Sale Times

36 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

2 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.

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

About Banning, CA

Number of homes for sale in Banning, CA real estate market have reached 155. Between March 2022 and April 2022, Banning, CA real estate market has seen decrease in the number of listings by 3.7%. In April 2022 median list price was $365,125 and the average listing age was 18 days. This housing market listing prices have changed between March 2022 and April 2022: the cost of 1 bedroom properties went up by 66.3%, prices of 2 bedrooms properties went up by 28.7%, 3 bedrooms properties became 20.9% more expensive, 4 bedrooms properties became 30.9% more expensive, prices of 5 bedrooms properties increased by 41.3%. The following changes in the number of homes for sale were observed in this housing market: the quantity of 1 bedroom homes went down by 100%, 2 bedrooms homes inventory did not change, the quantity of 3 bedrooms homes went up by 5.6%, the quantity of 4 bedrooms homes went down by 28.6%, 5 bedrooms homes became 33.3% less available. In April 2022 more than 23 listings in Banning, CA were sold above the asking price. During the same period more than 15 listings were sold at asking price, while more than 7 were sold below.

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