Is Banning, 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, Banning has remained a Seller's Market.
Housing Prices in Banning, CA
How much do homes in Banning, CA cost?
Median Sold Price
$375,000
$262/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Banning was $375,000 in April 2024, down 2.6% from last year, and the median price per square foot was $262.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $250K | $165.5K | -33.8% |
2 Bedrooms | $362.3K | $355K | -2.0% |
3 Bedrooms | $391K | $387.5K | -0.9% |
4 Bedrooms | $494K | $511.5K | +3.5% |
5+ Bedrooms | $465K | $415K | -10.8% |
Summary: Banning housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 33.8%, 2 bedroom homes decreased by 2%, 3 bedroom homes decreased by 0.9%, 4 bedroom homes increased by 3.5%, and 5+ bedroom homes decreased by 10.8%.
Median Sold Price Compared To Nearby Cities
Cabazon | $305.5K | $307.5K | +0.7% |
Big Bear | $450K | $451.7K | 0.4% |
San Gorgonio Pass | $469.5K | $469.9K | 0.1% |
Banning | $385K | $375K | -2.6% |
Housing Supply in Banning, CA
How many homes are available in Banning, CA?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
136 | 135 | -0.7% |
Summary: The Banning real estate market had 135 homes for sale in April 2024, a 0.7% decrease compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 0 | 0 | 0.0% |
2 Bedrooms | 65 | 66 | +1.5% |
3 Bedrooms | 57 | 49 | -14.0% |
4 Bedrooms | 11 | 17 | +54.5% |
5+ Bedrooms | 3 | 3 | 0.0% |
Summary: The Banning housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 1.5%, 3 bedroom homes decreased by 14%, 4 bedroom homes increased by 54.5%, and 5+ bedroom homes remained the same.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
32 | 37 | +15.6% |
Asking Price vs. Sold Price
9 Homes Were Sold
Under Asking
11 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Summary: A total of 37 homes were sold or pending in Banning in April 2024, up by 15.6% month-over-month. Of the 37 sold homes, 24% were sold under asking, 30% were sold at asking, and 46% were sold over asking.
Days on Market for Banning, CA
How long does it take to sell a home in Banning, CA?
Average Sale Time
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
59 Days | 20 Days | -66.3% |
Summary: Homes in Banning had an average of 20 days on market in Apr 2024, down by 66.3% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During April 2024, 37 homes were sold in Banning; 70% of homes were sold within 30 days, 30% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.