Is Palm Desert, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
Since last year, Palm Desert has remained a Seller's Market.
Housing Prices in Palm Desert, CA
How much do homes in Palm Desert, CA cost?
Median Sold Price
$570,050
$336/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Palm Desert was $570,050 in March 2024, down 7.2% from last year, and the median price per square foot was $336.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $275K | $315K | +14.5% |
2 Bedrooms | $483.1K | $470K | -2.7% |
3 Bedrooms | $680K | $656.9K | -3.4% |
4 Bedrooms | $892.5K | $995K | +11.5% |
5+ Bedrooms | $1.4M | $965K | -33.4% |
Summary: Palm Desert housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14.5%, 2 bedroom homes decreased by 2.7%, 3 bedroom homes decreased by 3.4%, 4 bedroom homes increased by 11.5%, and 5+ bedroom homes decreased by 33.4%.
Median Sold Price Compared To Nearby Cities
Indian Wells | $1.0M | $1.2M | +16.3% |
La Quinta | $774.5K | $787.7K | +1.7% |
Rancho Mirage | $861.8K | $868.5K | +0.8% |
Cathedral City-Palm Desert | $669.5K | $671.6K | 0.3% |
Palm Desert | $614.5K | $570K | -7.2% |
Housing Supply in Palm Desert, CA
How many homes are available in Palm Desert, CA?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
732 | 831 | +13.5% |
Summary: The Palm Desert real estate market had 831 homes for sale in March 2024, a 13.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 11 | +83.3% |
2 Bedrooms | 282 | 318 | +12.8% |
3 Bedrooms | 305 | 344 | +12.8% |
4 Bedrooms | 114 | 125 | +9.6% |
5+ Bedrooms | 25 | 33 | +32.0% |
Summary: The Palm Desert housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 83.3%, 2 bedroom homes increased by 12.8%, 3 bedroom homes increased by 12.8%, 4 bedroom homes increased by 9.6%, and 5+ bedroom homes increased by 32%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
126 | 167 | +32.5% |
Asking Price vs. Sold Price
104 Homes Were Sold
Under Asking
36 Homes Were Sold
At Asking
27 Homes Were Sold
Over Asking
Summary: A total of 167 homes were sold or pending in Palm Desert in March 2024, up by 32.5% month-over-month. Of the 167 sold homes, 62% were sold under asking, 22% were sold at asking, and 16% were sold over asking.
Days on Market for Palm Desert, CA
How long does it take to sell a home in Palm Desert, CA?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
62 Days | 56 Days | -9.5% |
Summary: Homes in Palm Desert had an average of 56 days on market in Mar 2024, down by 9.5% compared to last year.
Breakdown of Home Sale Times
59 Homes Were Sold
Under 30 Days
75 Homes Were Sold
In 30 - 90 Days
33 Homes Were Sold
Over 90 Days
Summary: During March 2024, 167 homes were sold in Palm Desert; 35% of homes were sold within 30 days, 45% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.