Is Palm Springs, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
At the same time last year, Palm Springs was a Seller's Market.
Key Takeaway
Palm Springs is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Palm Springs, CA
How much do homes in Palm Springs, CA cost?
Median Sold Price
$625,686
$415/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
The sold price of homes in Palm Springs has remained the same since last year.
Summary: The median home sold price in Palm Springs was $625,686 in November 2023, up 0.2% from last year, and the median price per square foot was $415.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $243K | $255K | +4.9% |
| 2 Bedrooms | $465K | $454.8K | -2.2% |
| 3 Bedrooms | $958.3K | $957.4K | -0.1% |
| 4 Bedrooms | $1.3M | $1.3M | +1.9% |
| 5+ Bedrooms | $2.2M | $1.7M | -22.6% |
Summary: Palm Springs housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes increased by 4.9%, 2 bedroom homes decreased by 2.2%, 3 bedroom homes decreased by 0.1%, 4 bedroom homes increased by 1.9%, and 5+ bedroom homes decreased by 22.6%.
Median Sold Price Compared To Nearby Cities
| Cathedral City-Palm Desert | $655.2K | $663.4K | +1.2% |
| Palm Springs | $624.3K | $625.6K | 0.2% |
| Cathedral City | $490.4K | $485.8K | -0.9% |
| Rancho Mirage | $899.5K | $838.2K | -6.8% |
| Mountain Center | $672.5K | $614.9K | -8.6% |
Housing Supply in Palm Springs, CA
How many homes are available in Palm Springs, CA?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 649 | 734 | +13.1% |
Summary: The Palm Springs real estate market had 734 homes for sale in November 2023, a 13.1% increase compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 65 | 73 | +12.3% |
| 2 Bedrooms | 209 | 234 | +12.0% |
| 3 Bedrooms | 242 | 273 | +12.8% |
| 4 Bedrooms | 102 | 120 | +17.6% |
| 5+ Bedrooms | 31 | 34 | +9.7% |
Summary: The Palm Springs housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 12.3%, 2 bedroom homes increased by 12%, 3 bedroom homes increased by 12.8%, 4 bedroom homes increased by 17.6%, and 5+ bedroom homes increased by 9.7%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 90 | 93 | +3.3% |
Asking Price vs. Sold Price
62 Homes Were Sold
Under Asking
21 Homes Were Sold
At Asking
10 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. 66.7% of homes here sold below asking price last month.
Summary: A total of 93 homes were sold or pending in Palm Springs in November 2023, up by 3.3% month-over-month. Of the 93 sold homes, 67% were sold under asking, 23% were sold at asking, and 11% 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
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 38 Days | 61 Days | +57.7% |
Summary: Homes in Palm Springs had an average of 61 days on market in Nov 2023, up by 57.7% compared to last year.
Breakdown of Home Sale Times
45 Homes Were Sold
Under 30 Days
25 Homes Were Sold
In 30 - 90 Days
23 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Palm Springs are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 93 homes were sold in Palm Springs; 48% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 25% 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.