Is Lake Elsinore Hills, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Lake Elsinore Hills has remained a Seller's Market.
Key Takeaway
Lake Elsinore Hills is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake Elsinore Hills, CA
How much do homes in Lake Elsinore Hills, CA cost?
Median Sold Price
$620,000
$258/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lake Elsinore Hills have sold for 5.4% more than they did a year ago.
Summary: The median home sold price in Lake Elsinore Hills was $620,000 in May 2024, up 5.4% from last year, and the median price per square foot was $258.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $410.9K | $425.5K | +3.5% |
| 3 Bedrooms | $543.5K | $550K | +1.2% |
| 4 Bedrooms | $589.5K | $625K | +6.0% |
| 5+ Bedrooms | $647K | $686K | +6.0% |
Summary: Lake Elsinore Hills housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 3.5%, 3 bedroom homes increased by 1.2%, 4 bedroom homes increased by 6%, and 5+ bedroom homes increased by 6%.
Median Sold Price Compared To Nearby Neighborhoods
| Lake Elsinore Hills | $588.5K | $620K | +5.4% |
| East Lake District | $564K | $575K | +2.0% |
Housing Supply in Lake Elsinore Hills, CA
How many homes are available in Lake Elsinore Hills, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 108 | 98 | -9.3% |
Summary: The Lake Elsinore Hills real estate market had 98 homes for sale in May 2024, a 9.3% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 2 | 3 | +50.0% |
| 3 Bedrooms | 21 | 21 | 0.0% |
| 4 Bedrooms | 55 | 41 | -25.5% |
| 5+ Bedrooms | 30 | 33 | +10.0% |
Summary: The Lake Elsinore Hills housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 50%, 3 bedroom homes remained the same, 4 bedroom homes decreased by 25.5%, and 5+ bedroom homes increased by 10%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 29 | 25 | -13.8% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
7 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Elsinore Hills, you could pay more than the asking price. 52% of homes here sold above asking price last month.
Summary: A total of 25 homes were sold or pending in Lake Elsinore Hills in May 2024, down by 13.8% month-over-month. Of the 25 sold homes, 20% were sold under asking, 28% were sold at asking, and 52% were sold over asking.
Days on Market for Lake Elsinore Hills, CA
How long does it take to sell a home in Lake Elsinore Hills, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 48 Days | 33 Days | -30.1% |
Summary: Homes in Lake Elsinore Hills had an average of 33 days on market in May 2024, down by 30.1% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Lake Elsinore Hills are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 25 homes were sold in Lake Elsinore Hills; 72% of homes were sold within 30 days, 16% of homes were sold within 30 to 90 days, and 12% 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.