Is Palermo, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Palermo was a Seller's Market.
Key Takeaway
Palermo is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Palermo, CA
How much do homes in Palermo, CA cost?
Median Sold Price
$370,000
$239/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Palermo have sold for 22% less than they did a year ago.
Summary: The median home sold price in Palermo was $370,000 in May 2024, down 22% from last year, and the median price per square foot was $239.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $140K | $212K | +51.4% |
| 2 Bedrooms | $225K | $299K | +32.9% |
| 3 Bedrooms | $464K | $385K | -17.0% |
| 4 Bedrooms | $872.4K | $380K | -56.4% |
| 5+ Bedrooms | $2.4M | $575K | -76.0% |
Summary: Palermo housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 51.4%, 2 bedroom homes increased by 32.9%, 3 bedroom homes decreased by 17%, 4 bedroom homes decreased by 56.4%, and 5+ bedroom homes decreased by 76%.
Median Sold Price Compared To Nearby Cities
| Oroville | $325K | $307.9K | -5.2% |
| Palermo | $474.1K | $370K | -22.0% |
Housing Supply in Palermo, CA
How many homes are available in Palermo, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 20 | 20 | 0.0% |
Summary: The Palermo real estate market had 20 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 5 | 4 | -20.0% |
| 3 Bedrooms | 9 | 10 | +11.1% |
| 4 Bedrooms | 5 | 5 | 0.0% |
| 5+ Bedrooms | 1 | 1 | 0.0% |
Summary: The Palermo 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 decreased by 20%, 3 bedroom homes increased by 11.1%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6 | 3 | -50.0% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Palermo, you may be able to get a good deal. 66.7% of homes here sold below asking price last month.
Summary: A total of 3 homes were sold or pending in Palermo in May 2024, down by 50.0% month-over-month. Of the 3 sold homes, 67% were sold under asking, 0% were sold at asking, and 33% were sold over asking.
Days on Market for Palermo, CA
How long does it take to sell a home in Palermo, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 83 Days | 55 Days | -33.3% |
Summary: Homes in Palermo had an average of 55 days on market in May 2024, down by 33.3% compared to last year.
Breakdown of Home Sale Times
2 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Palermo are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 3 homes were sold in Palermo; 67% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 33% 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. 
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