Is Banning, 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, Banning has remained a Seller's Market.
Key Takeaway
Banning is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Banning, CA
How much do homes in Banning, CA cost?
Median Sold Price
$376,000
$265/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Banning have sold for 1.9% less than they did a year ago.
Summary: The median home sold price in Banning was $376,000 in May 2024, down 1.9% from last year, and the median price per square foot was $265.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $150K | $166K | +10.7% |
| 2 Bedrooms | $356K | $358K | +0.6% |
| 3 Bedrooms | $390K | $390K | 0.0% |
| 4 Bedrooms | $496.5K | $510K | +2.7% |
| 5+ Bedrooms | $461.5K | $402K | -12.9% |
Summary: Banning housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.7%, 2 bedroom homes increased by 0.6%, 3 bedroom homes did not change, 4 bedroom homes increased by 2.7%, and 5+ bedroom homes decreased by 12.9%.
Median Sold Price Compared To Nearby Cities
| Cabazon | $292.5K | $315K | +7.7% |
| San Gorgonio Pass | $465K | $473.8K | +1.9% |
| Big Bear | $449.4K | $449.2K | -0.1% |
| Banning | $383.3K | $376K | -1.9% |
Housing Supply in Banning, CA
How many homes are available in Banning, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 137 | 132 | -3.6% |
Summary: The Banning real estate market had 132 homes for sale in May 2024, a 3.6% decrease compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 70 | 64 | -8.6% |
| 3 Bedrooms | 47 | 45 | -4.3% |
| 4 Bedrooms | 17 | 18 | +5.9% |
| 5+ Bedrooms | 3 | 4 | +33.3% |
Summary: The Banning housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 8.6%, 3 bedroom homes decreased by 4.3%, 4 bedroom homes increased by 5.9%, and 5+ bedroom homes increased by 33.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 37 | 29 | -21.6% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Banning, you may be able to get a good deal. 48.3% of homes here sold below asking price last month.
Summary: A total of 29 homes were sold or pending in Banning in May 2024, down by 21.6% month-over-month. Of the 29 sold homes, 48% were sold under asking, 21% were sold at asking, and 31% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 55 Days | 26 Days | -52.1% |
Summary: Homes in Banning had an average of 26 days on market in May 2024, down by 52.1% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
11 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Banning are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 29 homes were sold in Banning; 62% of homes were sold within 30 days, 38% of homes were sold within 30 to 90 days, and 0% 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.