Is Palm Desert, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Palm Desert is a seller's market

Buyer's
Market

Difference Since June 2023

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 in Palm Desert, CA

How much do homes in Palm Desert, CA cost?

Median Sold Price

$571,519

$336/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

-$19,764(-3.3%)

Key Takeaway

Homes in Palm Desert have sold for 3.3% less than they did a year ago.

Summary: The median home sold price in Palm Desert was $571,519 in June 2024, down 3.3% from last year, and the median price per square foot was $336.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $275K$326.5K
+18.7%
2 $472.8K$474.6K
0.4%
3 $673.1K$650K
-3.4%
4 $865K$938.7K
+8.5%
5+ $990K$1.1M
+15.7%

Summary: Palm Desert housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 18.7%, 2 bedroom homes increased by 0.4%, 3 bedroom homes decreased by 3.4%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes increased by 15.7%.

Median Sold Price Compared To Nearby Cities

Indian Wells
+24.3%
Rancho Mirage
+5.4%
La Quinta
+2.1%
Cathedral City-Palm Desert
+0.7%
Palm Desert
-3.3%

Housing Supply in Palm Desert, CA

How many homes are available in Palm Desert, CA?

Number of Homes For Sale

May 2024Jun 2024CHANGE
743737-0.8%

Summary: The Palm Desert real estate market had 737 homes for sale in June 2024, a 0.8% decrease compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 1518
+20.0%
2 300298
-0.7%
3 294296
+0.7%
4 10698
-7.5%
5+ 2827
-3.6%

Summary: The Palm Desert housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20%, 2 bedroom homes decreased by 0.7%, 3 bedroom homes increased by 0.7%, 4 bedroom homes decreased by 7.5%, and 5+ bedroom homes decreased by 3.6%.

Number of Homes Sold

May 2024Jun 2024CHANGE
166131-21.1%

Asking Price vs. Sold Price

94 Homes Were Sold
Under Asking

21 Homes Were Sold
At Asking

16 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Palm Desert, you may be able to get a good deal. 71.8% of homes here sold below asking price last month.

Summary: A total of 131 homes were sold or pending in Palm Desert in June 2024, down by 21.1% month-over-month. Of the 131 sold homes, 72% were sold under asking, 16% were sold at asking, and 12% 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

Jun 2023Jun 2024CHANGE
58 Days59 Days+0.7%

Summary: Homes in Palm Desert had an average of 59 days on market in Jun 2024, up by 0.7% compared to last year.

Breakdown of Home Sale Times

43 Homes Were Sold
Under 30 Days

64 Homes Were Sold
In 30 - 90 Days

24 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Palm Desert has remained consistent over time.

Summary: During June 2024, 131 homes were sold in Palm Desert; 33% of homes were sold within 30 days, 49% of homes were sold within 30 to 90 days, and 18% of homes were sold over 90 days.

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

Report Updated 24 Days Ago

Newest Listings in Palm Desert, CA

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