Is Palm Desert, 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, Palm Desert has remained a Seller's Market.
Key Takeaway
Palm Desert is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices
How much do homes in Palm Desert, CA cost?
Median Sold Price
$579,088
$336/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
The sold price of homes in Palm Desert has remained the same since last year.
Summary: The median home sold price in Palm Desert was $579,088 in August 2023, up 0.1% from last year, and the median price per square foot was $336.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $277K | $260K | -6.1% |
| 2 Bedrooms | $453.5K | $467.2K | +3.0% |
| 3 Bedrooms | $650K | $660K | +1.5% |
| 4 Bedrooms | $928K | $865K | -6.8% |
| 5+ Bedrooms | $1.7M | $970K | -45.3% |
Summary: Palm Desert housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes decreased by 6.1%, 2 bedroom homes increased by 3%, 3 bedroom homes increased by 1.5%, 4 bedroom homes decreased by 6.8%, and 5+ bedroom homes decreased by 45.3%.
Median Sold Price Compared To Nearby Cities
| La Quinta | $749.2K | $771.9K | +3.0% |
| Cathedral City-Palm Desert | $643.5K | $658.2K | +2.3% |
| Palm Desert | $578.7K | $579K | 0.1% |
| Rancho Mirage | $871K | $842.4K | -3.3% |
| Indian Wells | $1.1M | $1.1M | -5.6% |
Housing Supply
How many homes are available in Palm Desert, CA?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 483 | 446 | -7.7% |
Summary: The Palm Desert real estate market had 446 homes for sale in August 2023, a 7.7% decrease compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 8 | +33.3% |
| 2 Bedrooms | 200 | 192 | -4.0% |
| 3 Bedrooms | 207 | 172 | -16.9% |
| 4 Bedrooms | 60 | 62 | +3.3% |
| 5+ Bedrooms | 10 | 12 | +20.0% |
Summary: The Palm Desert housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 33.3%, 2 bedroom homes decreased by 4%, 3 bedroom homes decreased by 16.9%, 4 bedroom homes increased by 3.3%, and 5+ bedroom homes increased by 20%.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 124 | 101 | -18.5% |
Asking Price vs. Sold Price
62 Homes Were Sold
Under Asking
31 Homes Were Sold
At Asking
8 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palm Desert, you may be able to get a good deal. 61.4% of homes here sold below asking price last month.
Summary: A total of 101 homes were sold or pending in Palm Desert in August 2023, down by 18.5% month-over-month. Of the 101 sold homes, 61% were sold under asking, 31% were sold at asking, and 8% were sold over asking.
Days on Market
How long does it take to sell a home in Palm Desert, CA?
Average Sale Time
| Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|
| 36 Days | 47 Days | +30.3% |
Summary: Homes in Palm Desert had an average of 47 days on market in Aug 2023, up by 30.3% compared to last year.
Breakdown of Home Sale Times
41 Homes Were Sold
Under 30 Days
44 Homes Were Sold
In 30 - 90 Days
16 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Palm Desert has remained consistent over time.
Summary: During August 2023, 101 homes were sold in Palm Desert; 41% of homes were sold within 30 days, 44% of homes were sold within 30 to 90 days, and 16% 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.