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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Rancho Palos Verdes is a seller's market

Buyer's
Market

Difference Since March 2023

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

Key Takeaway

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

Housing Prices in Rancho Palos Verdes, CA

How much do homes in Rancho Palos Verdes, CA cost?

Median Sold Price

$1,715,154

$787/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$15,154(+0.9%)

Key Takeaway

Homes in Rancho Palos Verdes have sold for 0.9% more than they did a year ago.

Summary: The median home sold price in Rancho Palos Verdes was $1,715,154 in March 2024, up 0.9% from last year, and the median price per square foot was $787.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $527.5K$571.5K
+8.3%
2 $917.1K$1.0M
+9.3%
3 $1.4M$1.5M
+4.1%
4 $1.8M$1.8M
+2.3%
5+ $2.3M$2.3M
-3.2%

Summary: Rancho Palos Verdes housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 8.3%, 2 bedroom homes increased by 9.3%, 3 bedroom homes increased by 4.1%, 4 bedroom homes increased by 2.3%, and 5+ bedroom homes decreased by 3.2%.

Median Sold Price Compared To Nearby Cities

Palos Verdes Peninsula
+6.3%
Rancho Palos Verdes
+0.9%
Rolling Hills Estates
-3.0%
Palos Verdes Estates
-4.7%

Housing Supply in Rancho Palos Verdes, CA

How many homes are available in Rancho Palos Verdes, CA?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
102122+19.6%

Summary: The Rancho Palos Verdes real estate market had 122 homes for sale in March 2024, a 19.6% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 45
+25.0%
2 2021
+5.0%
3 1924
+26.3%
4 4150
+22.0%
5+ 1822
+22.2%

Summary: The Rancho Palos Verdes housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 5%, 3 bedroom homes increased by 26.3%, 4 bedroom homes increased by 22%, and 5+ bedroom homes increased by 22.2%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
1925+31.6%

Asking Price vs. Sold Price

9 Homes Were Sold
Under Asking

1 Home Was Sold
At Asking

15 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Rancho Palos Verdes, you could pay more than the asking price. 60% of homes here sold above asking price last month.

Summary: A total of 25 homes were sold or pending in Rancho Palos Verdes in March 2024, up by 31.6% month-over-month. Of the 25 sold homes, 36% were sold under asking, 4% were sold at asking, and 60% were sold over asking.

Days on Market for Rancho Palos Verdes, CA

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

Average Sale Time

Mar 2023Mar 2024CHANGE
22 Days33 Days+48.4%

Summary: Homes in Rancho Palos Verdes had an average of 33 days on market in Mar 2024, up by 48.4% compared to last year.

Breakdown of Home Sale Times

20 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During March 2024, 25 homes were sold in Rancho Palos Verdes; 80% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 12% 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 11 Days Ago

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