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 2023

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.

Housing Prices in Rancho Mirage, CA

How much do homes in Rancho Mirage, CA cost?

Median Sold Price

$863,962

$385/sqft

Based on all homes sold in the last 12 months.

Difference Since April 2023

+$3,962(+0.5%)

Key Takeaway

The sold price of homes in Rancho Mirage has remained the same since last year.

Summary: The median home sold price in Rancho Mirage was $863,962 in April 2024, up 0.5% from last year, and the median price per square foot was $385.

Median Sold Price By Bedroom Count

# BEDSApr 2023Apr 2024CHANGE
1 $318.5K$315K
-1.1%
2 $560K$638.6K
+14.0%
3 $846.5K$888.8K
+5.0%
4 $1.5M$1.4M
-4.9%
5+ $2.1M$2.5M
+17.4%

Summary: Rancho Mirage housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.1%, 2 bedroom homes increased by 14%, 3 bedroom homes increased by 5%, 4 bedroom homes decreased by 4.9%, and 5+ bedroom homes increased by 17.4%.

Median Sold Price Compared To Nearby Cities

Rancho Mirage
0.5%
Cathedral City
0.0%
Cathedral City-Palm Desert
-0.2%
Palm Desert
-4.7%

Housing Supply in Rancho Mirage, CA

How many homes are available in Rancho Mirage, CA?

Number of Homes For Sale

Mar 2024Apr 2024CHANGE
419445+6.2%

Summary: The Rancho Mirage real estate market had 445 homes for sale in April 2024, a 6.2% increase compared to March 2024.

Homes For Sale By Bedroom Count

# BEDSMar 2024Apr 2024CHANGE
1 77
0.0%
2 97105
+8.2%
3 205209
+2.0%
4 7987
+10.1%
5+ 3137
+19.4%

Summary: The Rancho Mirage housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 8.2%, 3 bedroom homes increased by 2%, 4 bedroom homes increased by 10.1%, and 5+ bedroom homes increased by 19.4%.

Number of Homes Sold

Mar 2024Apr 2024CHANGE
7398+34.2%

Asking Price vs. Sold Price

64 Homes Were Sold
Under Asking

24 Homes Were Sold
At Asking

10 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Rancho Mirage, you may be able to get a good deal. 65.3% of homes here sold below asking price last month.

Summary: A total of 98 homes were sold or pending in Rancho Mirage in April 2024, up by 34.2% month-over-month. Of the 98 sold homes, 65% were sold under asking, 24% were sold at asking, and 10% were sold over asking.

Days on Market for Rancho Mirage, CA

How long does it take to sell a home in Rancho Mirage, CA?

Average Sale Time

Apr 2023Apr 2024CHANGE
49 Days58 Days+18.8%

Summary: Homes in Rancho Mirage had an average of 58 days on market in Apr 2024, up by 18.8% compared to last year.

Breakdown of Home Sale Times

34 Homes Were Sold
Under 30 Days

41 Homes Were Sold
In 30 - 90 Days

23 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Avg time on Rocket Homes in Rancho Mirage has remained consistent over time.

Summary: During April 2024, 98 homes were sold in Rancho Mirage; 35% of homes were sold within 30 days, 42% of homes were sold within 30 to 90 days, and 23% of homes were sold over 90 days.

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

Report Updated 22 Days Ago

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