Is Hemet, 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, Hemet has remained a Seller's Market.
Key Takeaway
Hemet is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Hemet, CA
How much do homes in Hemet, CA cost?
Median Sold Price
$430,000
$258/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Hemet have sold for 3.4% more than they did a year ago.
Summary: The median home sold price in Hemet was $430,000 in May 2024, up 3.4% 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 | $180K | $181K | +0.6% |
| 2 Bedrooms | $313.6K | $330.3K | +5.3% |
| 3 Bedrooms | $425K | $440K | +3.5% |
| 4 Bedrooms | $480.9K | $499.9K | +3.9% |
| 5+ Bedrooms | $525K | $548.5K | +4.5% |
Summary: Hemet housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 0.6%, 2 bedroom homes increased by 5.3%, 3 bedroom homes increased by 3.5%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes increased by 4.5%.
Median Sold Price Compared To Nearby Cities
| Hemet | $416K | $430K | +3.4% |
| Perris Valley | $536.7K | $554.7K | +3.4% |
| Hemet-San Jacinto | $429.9K | $439.4K | +2.2% |
| San Jacinto | $459.1K | $460K | 0.2% |
Housing Supply in Hemet, CA
How many homes are available in Hemet, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 458 | 482 | +5.2% |
Summary: The Hemet real estate market had 482 homes for sale in May 2024, a 5.2% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 5 | +25.0% |
| 2 Bedrooms | 144 | 143 | -0.7% |
| 3 Bedrooms | 180 | 197 | +9.4% |
| 4 Bedrooms | 94 | 101 | +7.4% |
| 5+ Bedrooms | 36 | 36 | 0.0% |
Summary: The Hemet housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes decreased by 0.7%, 3 bedroom homes increased by 9.4%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 103 | 116 | +12.6% |
Asking Price vs. Sold Price
31 Homes Were Sold
Under Asking
26 Homes Were Sold
At Asking
59 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Hemet, you could pay more than the asking price. 50.9% of homes here sold above asking price last month.
Summary: A total of 116 homes were sold or pending in Hemet in May 2024, up by 12.6% month-over-month. Of the 116 sold homes, 27% were sold under asking, 22% were sold at asking, and 51% were sold over asking.
Days on Market for Hemet, CA
How long does it take to sell a home in Hemet, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 50 Days | 37 Days | -26.8% |
Summary: Homes in Hemet had an average of 37 days on market in May 2024, down by 26.8% compared to last year.
Breakdown of Home Sale Times
75 Homes Were Sold
Under 30 Days
29 Homes Were Sold
In 30 - 90 Days
12 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Hemet are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 116 homes were sold in Hemet; 65% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 10% 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.