Is Rancho Mirage, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Rancho Mirage is a seller's market

Buyer's
Market

Difference Since April 2021

Since last year, Rancho Mirage has remained a Seller's Market.

Key Takeaway

Rancho Mirage is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

How much do homes in Rancho Mirage, CA cost?

Median Sold Price

$800,416

$333/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2021

+$230,566(+40.5%)

Key Takeaway

Homes in Rancho Mirage have sold for 40.5% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSApr 2021Apr 2022%
1 $192K$282K
+46.9%
2 $352K$469.2K
+33.3%
3 $550.2K$800K
+45.4%
4 $962K$1.2M
+31.0%
5+ $1.6M$1.7M
+5.7%

Median Sold Price Compared To Nearby Cities

Rancho Mirage
+40.5%
Palm Desert
+29.9%
Palm Springs
+28.8%
Cathedral City-Palm Desert
+26.4%
Cathedral City
+22.3%

How many homes are available in Rancho Mirage, CA?

Number of Homes For Sale

Mar 2022Apr 2022%
264239-9.5%

Homes For Sale By Bedroom Count

# BEDSMar 2022Apr 2022%
1 12
+100.0%
2 4348
+11.6%
3 132123
-6.8%
4 5945
-23.7%
5+ 2921
-27.6%

Number of Homes Sold

Mar 2022Apr 2022%
10578-25.7%

Asking Price vs. Sold Price

18 Homes Were Sold
Under Asking

18 Homes Were Sold
At Asking

42 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Rancho Mirage, you could pay more than the asking price. 53.8% of homes here sold above asking price last month.

Average Sale Time

Apr 2021Apr 2022%
65 Days29 Days-55.6%

Breakdown of Home Sale Times

48 Homes Were Sold
Under 30 Days

29 Homes Were Sold
In 30 - 90 Days

1 Home Was Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Rancho Mirage are selling fast, if you're buying plan to act quickly.

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

About Rancho Mirage, CA

Rancho Mirage, CA has 239 homes on the market. The number of listings in Rancho Mirage, CA decreased by 9.5% between March 2022 and April 2022. In April 2022, listings were on the market for 29 days. During the same period, the median list price in this real estate market was $800,416. From March 2022 through April 2022, the following changes in listing prices were observed in this housing market: 1 bedroom properties became 46.9% more expensive, 2 bedrooms properties prices increased by 33.3%, prices of 3 bedrooms properties increased by 45.4%, prices of 4 bedrooms properties increased by 31%, 5 bedrooms properties became 5.7% more expensive. Housing inventory have changed in this real estate market: the quantity of 1 bedroom homes went up by 100%, 2 bedrooms homes inventory increased by 11.6%, the quantity of 3 bedrooms homes went down by 6.8%, number of 4 bedrooms homes decreased by 23.7%, volume of 5 bedrooms homes went down by 27.6%. While more than 42 listings in Rancho Mirage, CA in April 2022 were sold above asking price, there were more than 18 listings sold at asking price, and more than 18 were sold below.

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