Is Rancho Mirage, 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, Rancho Mirage was a Seller's Market.
Key Takeaway
Rancho Mirage 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 Rancho Mirage, CA
How much do homes in Rancho Mirage, CA cost?
Median Sold Price
$886,250
$388/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Rancho Mirage have sold for 3.5% more than they did a year ago.
Summary: The median home sold price in Rancho Mirage was $886,250 in May 2024, up 3.5% from last year, and the median price per square foot was $388.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $318.5K | $316.2K | -0.7% |
| 2 Bedrooms | $572.5K | $635.3K | +11.0% |
| 3 Bedrooms | $840.3K | $915K | +8.9% |
| 4 Bedrooms | $1.5M | $1.5M | +0.8% |
| 5+ Bedrooms | $2.1M | $2.6M | +23.3% |
Summary: Rancho Mirage housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 0.7%, 2 bedroom homes increased by 11%, 3 bedroom homes increased by 8.9%, 4 bedroom homes increased by 0.8%, and 5+ bedroom homes increased by 23.3%.
Median Sold Price Compared To Nearby Cities
| Rancho Mirage | $856.5K | $886.2K | +3.5% |
| Cathedral City-Palm Desert | $668.2K | $674.1K | +0.9% |
| Cathedral City | $489K | $493.4K | +0.9% |
| Palm Desert | $593.2K | $574K | -3.2% |
Housing Supply in Rancho Mirage, CA
How many homes are available in Rancho Mirage, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 414 | 404 | -2.4% |
Summary: The Rancho Mirage real estate market had 404 homes for sale in May 2024, a 2.4% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 5 | -16.7% |
| 2 Bedrooms | 102 | 97 | -4.9% |
| 3 Bedrooms | 188 | 187 | -0.5% |
| 4 Bedrooms | 84 | 79 | -6.0% |
| 5+ Bedrooms | 34 | 36 | +5.9% |
Summary: The Rancho Mirage housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 16.7%, 2 bedroom homes decreased by 4.9%, 3 bedroom homes decreased by 0.5%, 4 bedroom homes decreased by 6%, and 5+ bedroom homes increased by 5.9%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 100 | 65 | -35.0% |
Asking Price vs. Sold Price
44 Homes Were Sold
Under Asking
12 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Rancho Mirage, you may be able to get a good deal. 67.7% of homes here sold below asking price last month.
Summary: A total of 65 homes were sold or pending in Rancho Mirage in May 2024, down by 35.0% month-over-month. Of the 65 sold homes, 68% were sold under asking, 18% were sold at asking, and 14% were sold over asking.
Days on Market for Rancho Mirage, CA
How long does it take to sell a home in Rancho Mirage, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 57 Days | 61 Days | +5.9% |
Summary: Homes in Rancho Mirage had an average of 61 days on market in May 2024, up by 5.9% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
31 Homes Were Sold
In 30 - 90 Days
16 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Rancho Mirage has remained consistent over time.
Summary: During May 2024, 65 homes were sold in Rancho Mirage; 28% of homes were sold within 30 days, 48% of homes were sold within 30 to 90 days, and 25% 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.