Is Lake Elsinore, 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 has remained a Seller's Market.
Housing Prices in Lake Elsinore, CA
How much do homes in Lake Elsinore, CA cost?
Median Sold Price
$575,000
$292/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Lake Elsinore was $575,000 in May 2024, up 2.2% from last year, and the median price per square foot was $292.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $285K | $360K | +26.3% |
2 Bedrooms | $384K | $387K | +0.8% |
3 Bedrooms | $528.9K | $537.2K | +1.6% |
4 Bedrooms | $585K | $600K | +2.6% |
5+ Bedrooms | $630K | $679.9K | +7.9% |
Summary: Lake Elsinore housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 26.3%, 2 bedroom homes increased by 0.8%, 3 bedroom homes increased by 1.6%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes increased by 7.9%.
Median Sold Price Compared To Nearby Cities
Wildomar | $603K | $639K | +6.0% |
Elsinore Valley | $592.5K | $626.3K | +5.7% |
Quail Valley | $629.1K | $660K | +4.9% |
Lake Elsinore | $562.5K | $575K | +2.2% |
Canyon Lake | $659.9K | $669K | +1.4% |
Housing Supply in Lake Elsinore, CA
How many homes are available in Lake Elsinore, CA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
277 | 249 | -10.1% |
Summary: The Lake Elsinore real estate market had 249 homes for sale in May 2024, a 10.1% decrease compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 2 | 3 | +50.0% |
2 Bedrooms | 22 | 20 | -9.1% |
3 Bedrooms | 92 | 85 | -7.6% |
4 Bedrooms | 114 | 94 | -17.5% |
5+ Bedrooms | 47 | 47 | 0.0% |
Summary: The Lake Elsinore housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes decreased by 9.1%, 3 bedroom homes decreased by 7.6%, 4 bedroom homes decreased by 17.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
77 | 68 | -11.7% |
Asking Price vs. Sold Price
20 Homes Were Sold
Under Asking
18 Homes Were Sold
At Asking
30 Homes Were Sold
Over Asking
Summary: A total of 68 homes were sold or pending in Lake Elsinore in May 2024, down by 11.7% month-over-month. Of the 68 sold homes, 29% were sold under asking, 26% were sold at asking, and 44% were sold over asking.
Days on Market for Lake Elsinore, CA
How long does it take to sell a home in Lake Elsinore, CA?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
43 Days | 33 Days | -22.5% |
Summary: Homes in Lake Elsinore had an average of 33 days on market in May 2024, down by 22.5% compared to last year.
Breakdown of Home Sale Times
47 Homes Were Sold
Under 30 Days
15 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Summary: During May 2024, 68 homes were sold in Lake Elsinore; 69% of homes were sold within 30 days, 22% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.