Is Palm Springs, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Palm Springs was a Seller's Market.
Key Takeaway
Palm Springs is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Palm Springs, CA
How much do homes in Palm Springs, CA cost?
Median Sold Price
$635,164
$420/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Palm Springs have sold for 2.5% more than they did a year ago.
Summary: The median home sold price in Palm Springs was $635,164 in March 2024, up 2.5% from last year, and the median price per square foot was $420.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $254K | $250K | -1.6% |
| 2 Bedrooms | $460K | $483.3K | +5.1% |
| 3 Bedrooms | $969.6K | $949.7K | -2.1% |
| 4 Bedrooms | $1.4M | $1.4M | -1.9% |
| 5+ Bedrooms | $1.9M | $2.0M | +6.9% |
Summary: Palm Springs housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.6%, 2 bedroom homes increased by 5.1%, 3 bedroom homes decreased by 2.1%, 4 bedroom homes decreased by 1.9%, and 5+ bedroom homes increased by 6.9%.
Median Sold Price Compared To Nearby Cities
| Mountain Center | $495K | $800K | +61.6% |
| Palm Springs | $619.8K | $635.1K | +2.5% |
| Rancho Mirage | $861.8K | $868.5K | +0.8% |
| Cathedral City-Palm Desert | $669.5K | $671.6K | 0.3% |
| Cathedral City | $494.8K | $489.5K | -1.1% |
Housing Supply in Palm Springs, CA
How many homes are available in Palm Springs, CA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 806 | 868 | +7.7% |
Summary: The Palm Springs real estate market had 868 homes for sale in March 2024, a 7.7% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 92 | 110 | +19.6% |
| 2 Bedrooms | 251 | 264 | +5.2% |
| 3 Bedrooms | 317 | 337 | +6.3% |
| 4 Bedrooms | 116 | 125 | +7.8% |
| 5+ Bedrooms | 30 | 32 | +6.7% |
Summary: The Palm Springs housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 19.6%, 2 bedroom homes increased by 5.2%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 7.8%, and 5+ bedroom homes increased by 6.7%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 129 | 138 | +7.0% |
Asking Price vs. Sold Price
93 Homes Were Sold
Under Asking
32 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palm Springs, you may be able to get a good deal. 67.4% of homes here sold below asking price last month.
Summary: A total of 138 homes were sold or pending in Palm Springs in March 2024, up by 7.0% month-over-month. Of the 138 sold homes, 67% were sold under asking, 23% were sold at asking, and 9% were sold over asking.
Days on Market for Palm Springs, CA
How long does it take to sell a home in Palm Springs, CA?
Average Sale Time
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 53 Days | 56 Days | +6.1% |
Summary: Homes in Palm Springs had an average of 56 days on market in Mar 2024, up by 6.1% compared to last year.
Breakdown of Home Sale Times
48 Homes Were Sold
Under 30 Days
56 Homes Were Sold
In 30 - 90 Days
33 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Palm Springs has remained consistent over time.
Summary: During March 2024, 138 homes were sold in Palm Springs; 35% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 24% of homes were sold over 90 days.
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