Is Palermo, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
At the same time last year, Palermo was a Seller's Market.
Key Takeaway
Palermo is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices
How much do homes in Palermo, CA cost?
Median Sold Price
$375,000
$243/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
Homes in Palermo have sold for 28.6% less than they did a year ago.
Summary: The median home sold price in Palermo was $375,000 in August 2023, down 28.6% from last year, and the median price per square foot was $243.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $175K | - | N/A |
| 2 Bedrooms | $206.2K | $318K | +54.2% |
| 3 Bedrooms | $500K | $375K | -25.0% |
| 4 Bedrooms | $757K | $250K | -67.0% |
| 5+ Bedrooms | $1.7M | $812.5K | -53.4% |
Summary: Palermo housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 54.2%, 3 bedroom homes decreased by 25%, 4 bedroom homes decreased by 67%, and 5+ bedroom homes decreased by 53.4%.
Median Sold Price Compared To Nearby Cities
| Oroville | $328.9K | $312.5K | -5.0% |
| Palermo | $525K | $375K | -28.6% |
Housing Supply
How many homes are available in Palermo, CA?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 31 | 30 | -3.2% |
Summary: The Palermo real estate market had 30 homes for sale in August 2023, a 3.2% decrease compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 8 | 6 | -25.0% |
| 3 Bedrooms | 18 | 19 | +5.6% |
| 4 Bedrooms | 2 | 2 | 0.0% |
| 5+ Bedrooms | 2 | 2 | 0.0% |
Summary: The Palermo 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 25%, 3 bedroom homes increased by 5.6%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 6 | 3 | -50.0% |
Asking Price vs. Sold Price
1 Home Was Sold
Under Asking
0 Homes Were Sold
At Asking
2 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palermo, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.
Summary: A total of 3 homes were sold or pending in Palermo in August 2023, down by 50.0% month-over-month. Of the 3 sold homes, 33% were sold under asking, 0% were sold at asking, and 67% were sold over asking.
Days on Market
How long does it take to sell a home in Palermo, CA?
Average Sale Time
| Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|
| 59 Days | 73 Days | +23.8% |
Summary: Homes in Palermo had an average of 73 days on market in Aug 2023, up by 23.8% compared to last year.
Breakdown of Home Sale Times
1 Home Was Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Palermo are selling fast, if you're buying plan to act quickly.
Summary: During August 2023, 3 homes were sold in Palermo; 33% of homes were sold within 30 days, 33% of homes were sold within 30 to 90 days, and 33% 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.