Is Cathedral City-Palm Desert, 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, Cathedral City-Palm Desert has remained a Seller's Market.
Key Takeaway
Cathedral City-Palm Desert is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Cathedral City-Palm Desert, CA
How much do homes in Cathedral City-Palm Desert, CA cost?
Median Sold Price
$674,125
$361/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Cathedral City-Palm Desert have sold for 0.9% more than they did a year ago.
Summary: The median home sold price in Cathedral City-Palm Desert was $674,125 in May 2024, up 0.9% from last year, and the median price per square foot was $361.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $299K | $305K | +2.0% |
| 2 Bedrooms | $480K | $493.1K | +2.7% |
| 3 Bedrooms | $713.8K | $726.3K | +1.8% |
| 4 Bedrooms | $1.0M | $1.1M | +6.4% |
| 5+ Bedrooms | $1.5M | $1.4M | -7.4% |
Summary: Cathedral City-Palm Desert housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 2%, 2 bedroom homes increased by 2.7%, 3 bedroom homes increased by 1.8%, 4 bedroom homes increased by 6.4%, and 5+ bedroom homes decreased by 7.4%.
Median Sold Price Compared To Nearby Cities
| Indian Wells | $1.0M | $1.2M | +19.9% |
| 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 Cathedral City-Palm Desert, CA
How many homes are available in Cathedral City-Palm Desert, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,722 | 1,784 | +3.6% |
Summary: The Cathedral City-Palm Desert real estate market had 1,784 homes for sale in May 2024, a 3.6% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 36 | 45 | +25.0% |
| 2 Bedrooms | 457 | 474 | +3.7% |
| 3 Bedrooms | 800 | 821 | +2.6% |
| 4 Bedrooms | 335 | 346 | +3.3% |
| 5+ Bedrooms | 94 | 98 | +4.3% |
Summary: The Cathedral City-Palm Desert 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 increased by 3.7%, 3 bedroom homes increased by 2.6%, 4 bedroom homes increased by 3.3%, and 5+ bedroom homes increased by 4.3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 367 | 327 | -10.9% |
Asking Price vs. Sold Price
213 Homes Were Sold
Under Asking
69 Homes Were Sold
At Asking
45 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Cathedral City-Palm Desert, you may be able to get a good deal. 65.1% of homes here sold below asking price last month.
Summary: A total of 327 homes were sold or pending in Cathedral City-Palm Desert in May 2024, down by 10.9% month-over-month. Of the 327 sold homes, 65% were sold under asking, 21% were sold at asking, and 14% were sold over asking.
Days on Market for Cathedral City-Palm Desert, CA
How long does it take to sell a home in Cathedral City-Palm Desert, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 55 Days | 58 Days | +6.2% |
Summary: Homes in Cathedral City-Palm Desert had an average of 58 days on market in May 2024, up by 6.2% compared to last year.
Breakdown of Home Sale Times
110 Homes Were Sold
Under 30 Days
145 Homes Were Sold
In 30 - 90 Days
72 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Cathedral City-Palm Desert has remained consistent over time.
Summary: During May 2024, 327 homes were sold in Cathedral City-Palm Desert; 34% of homes were sold within 30 days, 44% of homes were sold within 30 to 90 days, and 22% 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.