Is Rancho Mirage, 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, Rancho Mirage was a Seller's Market.
Housing Prices in Rancho Mirage, CA
How much do homes in Rancho Mirage, CA cost?
Median Sold Price
$868,506
$382/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Rancho Mirage was $868,506 in March 2024, up 0.8% from last year, and the median price per square foot was $382.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $311K | $339.5K | +9.2% |
2 Bedrooms | $545.7K | $631K | +15.6% |
3 Bedrooms | $846.7K | $895K | +5.7% |
4 Bedrooms | $1.5M | $1.4M | -8.9% |
5+ Bedrooms | $2.1M | $2.5M | +20.2% |
Summary: Rancho Mirage housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 9.2%, 2 bedroom homes increased by 15.6%, 3 bedroom homes increased by 5.7%, 4 bedroom homes decreased by 8.9%, and 5+ bedroom homes increased by 20.2%.
Median Sold Price Compared To Nearby Cities
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% |
Palm Desert | $614.5K | $570K | -7.2% |
Housing Supply in Rancho Mirage, CA
How many homes are available in Rancho Mirage, CA?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
393 | 438 | +11.5% |
Summary: The Rancho Mirage real estate market had 438 homes for sale in March 2024, a 11.5% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 7 | 8 | +14.3% |
2 Bedrooms | 102 | 99 | -2.9% |
3 Bedrooms | 185 | 214 | +15.7% |
4 Bedrooms | 70 | 84 | +20.0% |
5+ Bedrooms | 29 | 33 | +13.8% |
Summary: The Rancho Mirage housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.3%, 2 bedroom homes decreased by 2.9%, 3 bedroom homes increased by 15.7%, 4 bedroom homes increased by 20%, and 5+ bedroom homes increased by 13.8%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
68 | 71 | +4.4% |
Asking Price vs. Sold Price
54 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
4 Homes Were Sold
Over Asking
Summary: A total of 71 homes were sold or pending in Rancho Mirage in March 2024, up by 4.4% month-over-month. Of the 71 sold homes, 76% were sold under asking, 18% were sold at asking, and 6% 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
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
50 Days | 66 Days | +32.0% |
Summary: Homes in Rancho Mirage had an average of 66 days on market in Mar 2024, up by 32% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
33 Homes Were Sold
In 30 - 90 Days
20 Homes Were Sold
Over 90 Days
Summary: During March 2024, 71 homes were sold in Rancho Mirage; 25% of homes were sold within 30 days, 46% of homes were sold within 30 to 90 days, and 28% of homes were sold over 90 days.