Is Palm Springs, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
Since last year, Palm Springs has remained a Seller's Market.
Housing Prices in Palm Springs, CA
How much do homes in Palm Springs, CA cost?
Median Sold Price
$649,950
$426/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Palm Springs was $649,950 in April 2024, up 5.1% from last year, and the median price per square foot was $426.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $255K | $250K | -2.0% |
2 Bedrooms | $461.6K | $484.5K | +4.9% |
3 Bedrooms | $952K | $962.5K | +1.1% |
4 Bedrooms | $1.4M | $1.4M | +1.8% |
5+ Bedrooms | $1.7M | $2.1M | +21.5% |
Summary: Palm Springs housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 2%, 2 bedroom homes increased by 4.9%, 3 bedroom homes increased by 1.1%, 4 bedroom homes increased by 1.8%, and 5+ bedroom homes increased by 21.5%.
Median Sold Price Compared To Nearby Cities
Mountain Center | $650K | $800K | +23.1% |
Palm Springs | $618.6K | $649.9K | +5.1% |
Rancho Mirage | $860K | $863.9K | 0.5% |
Cathedral City | $490K | $490K | 0.0% |
Cathedral City-Palm Desert | $674K | $673K | -0.2% |
Housing Supply in Palm Springs, CA
How many homes are available in Palm Springs, CA?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
832 | 922 | +10.8% |
Summary: The Palm Springs real estate market had 922 homes for sale in April 2024, a 10.8% increase compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 106 | 117 | +10.4% |
2 Bedrooms | 256 | 283 | +10.5% |
3 Bedrooms | 321 | 349 | +8.7% |
4 Bedrooms | 120 | 136 | +13.3% |
5+ Bedrooms | 29 | 37 | +27.6% |
Summary: The Palm Springs housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 10.4%, 2 bedroom homes increased by 10.5%, 3 bedroom homes increased by 8.7%, 4 bedroom homes increased by 13.3%, and 5+ bedroom homes increased by 27.6%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
140 | 170 | +21.4% |
Asking Price vs. Sold Price
123 Homes Were Sold
Under Asking
30 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Summary: A total of 170 homes were sold or pending in Palm Springs in April 2024, up by 21.4% month-over-month. Of the 170 sold homes, 72% were sold under asking, 18% were sold at asking, and 10% were sold over asking.
Days on Market for Palm Springs, CA
How long does it take to sell a home in Palm Springs, CA?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
56 Days | 56 Days | +0.7% |
Summary: Homes in Palm Springs had an average of 56 days on market in Apr 2024, up by 0.7% compared to last year.
Breakdown of Home Sale Times
62 Homes Were Sold
Under 30 Days
74 Homes Were Sold
In 30 - 90 Days
34 Homes Were Sold
Over 90 Days
Summary: During April 2024, 170 homes were sold in Palm Springs; 36% of homes were sold within 30 days, 44% of homes were sold within 30 to 90 days, and 20% of homes were sold over 90 days.