$10,000 Closing Credit*
$949,000
1,858 SqFt
2 Beds
•2 Full Baths, 1 Partial
Richard Chamberlin, Listing Office: Compass
Is Palm Springs, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2023
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
$637,158
$423/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2023
+$21,251(+3.5%)
Key Takeaway
Homes in Palm Springs have sold for 3.5% more than they did a year ago.
Summary: The median home sold price in Palm Springs was $637,158 in August 2024, up 3.5% from last year, and the median price per square foot was $423.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $268.5K | $250K | -6.9% |
| 2 Bedrooms | $450K | $490.7K | +9.1% |
| 3 Bedrooms | $949.8K | $947.5K | -0.2% |
| 4 Bedrooms | $1.4M | $1.4M | -3.4% |
| 5+ Bedrooms | $1.7M | $2.1M | +21.0% |
Summary: Palm Springs housing prices by bedroom type for August 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 6.9%, 2 bedroom homes increased by 9.1%, 3 bedroom homes decreased by 0.2%, 4 bedroom homes decreased by 3.4%, and 5+ bedroom homes increased by 21%.
Median Sold Price Compared To Nearby Cities
| Mountain Center | $617.5K | $749.5K | +21.4% |
| Rancho Mirage | $841.9K | $895K | +6.3% |
| Palm Springs | $615.9K | $637.1K | +3.5% |
| Cathedral City | $485.6K | $497.7K | +2.5% |
| Cathedral City-Palm Desert | $658.2K | $674.8K | +2.5% |
Housing Supply in Palm Springs, CA
How many homes are available in Palm Springs, CA?
Number of Homes For Sale
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 649 | 685 | +5.5% |
Summary: The Palm Springs real estate market had 685 homes for sale in August 2024, a 5.5% increase compared to July 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 87 | 95 | +9.2% |
| 2 Bedrooms | 218 | 209 | -4.1% |
| 3 Bedrooms | 230 | 259 | +12.6% |
| 4 Bedrooms | 83 | 88 | +6.0% |
| 5+ Bedrooms | 31 | 34 | +9.7% |
Summary: The Palm Springs housing inventory by bedroom type for August 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 9.2%, 2 bedroom homes decreased by 4.1%, 3 bedroom homes increased by 12.6%, 4 bedroom homes increased by 6%, and 5+ bedroom homes increased by 9.7%.
Number of Homes Sold
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 107 | 90 | -15.9% |
Asking Price vs. Sold Price
66 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
11 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. 73.3% of homes here sold below asking price last month.
Summary: A total of 90 homes were sold or pending in Palm Springs in August 2024, down by 15.9% month-over-month. Of the 90 sold homes, 73% were sold under asking, 14% were sold at asking, and 12% 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
| Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|
| 54 Days | 59 Days | +10.8% |
Summary: Homes in Palm Springs had an average of 59 days on market in Aug 2024, up by 10.8% compared to last year.
Breakdown of Home Sale Times
30 Homes Were Sold
Under 30 Days
37 Homes Were Sold
In 30 - 90 Days
23 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Palm Springs has remained consistent over time.
Summary: During August 2024, 90 homes were sold in Palm Springs; 33% of homes were sold within 30 days, 41% of homes were sold within 30 to 90 days, and 26% 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.