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 August 2021

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.

How much do homes in Palm Desert, CA cost?

Median Sold Price

$588,510

$346/sqft

Based on all homes sold in the last 12 months.

Difference Since August 2021

+$145,622(+32.9%)

Key Takeaway

Homes in Palm Desert have sold for 32.9% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSAug 2021Aug 2022%
1 $233K$254.5K
+9.2%
2 $335K$456.2K
+36.2%
3 $499.9K$650K
+30.0%
4 $795K$934.9K
+17.6%
5+ $815K$1.7M
+117.7%

Median Sold Price Compared To Nearby Cities

Rancho Mirage
+41.1%
Palm Desert
+32.9%
Indian Wells
+30.4%
Cathedral City-Palm Desert
+27.1%
La Quinta
+18.5%

How many homes are available in Palm Desert, CA?

Number of Homes For Sale

Jul 2022Aug 2022%
388395+1.8%

Homes For Sale By Bedroom Count

# BEDSJul 2022Aug 2022%
1 45
+25.0%
2 136138
+1.5%
3 167168
+0.6%
4 6970
+1.4%
5+ 1214
+16.7%

Number of Homes Sold

Jul 2022Aug 2022%
8292+12.2%

Asking Price vs. Sold Price

55 Homes Were Sold
Under Asking

18 Homes Were Sold
At Asking

19 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. 59.8% of homes here sold below asking price last month.

Average Sale Time

Aug 2021Aug 2022%
29 Days37 Days+28.6%

Breakdown of Home Sale Times

41 Homes Were Sold
Under 30 Days

45 Homes Were Sold
In 30 - 90 Days

6 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.

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

About Palm Desert, CA

Palm Desert, CA has 395 homes on the market. The number of homes for sale in Palm Desert, CA increased by 1.8% between July 2022 and August 2022. The median list price of listings available in August 2022 was $588,510, while the average time on the real estate market was 37 days. From July 2022 through August 2022, the following changes in listing prices were observed in this housing market: 1 bedroom properties became 9.2% more expensive, the cost of 2 bedrooms properties went up by 36.2%, the cost of 3 bedrooms properties went up by 30%, the cost of 4 bedrooms properties went up by 17.6%, 5 bedrooms properties prices increased by 117.7%. Volume of homes for sale changed: 1 bedroom homes became 25% more available, volume of 2 bedrooms homes went up by 1.5%, 3 bedrooms homes inventory increased by 0.6%, volume of 4 bedrooms homes went up by 1.4%, the quantity of 5 bedrooms homes went up by 16.7%. Over 19 listings were sold over their listed price in August 2022 in Palm Desert, CA. In the same period over 55 listings were sold below the listed price and 18 listings were sold for the listed price.

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