Is Banning, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Banning is a seller's market

Buyer's
Market

Difference Since September 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

$382,833

$271/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$9,833(+2.6%)

Key Takeaway

Homes in Banning have sold for 2.6% more than they did a year ago.

Summary: The median home sold price in Banning was $382,833 in September 2024, up 2.6% from last year, and the median price per square foot was $271.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $160K$201K
+25.6%
2 $350K$365K
+4.3%
3 $390K$392.5K
+0.6%
4 $522.6K$495K
-5.3%
5+ $440K$490K
+11.4%

Summary: Banning housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 25.6%, 2 bedroom homes increased by 4.3%, 3 bedroom homes increased by 0.6%, 4 bedroom homes decreased by 5.3%, and 5+ bedroom homes increased by 11.4%.

Median Sold Price Compared To Nearby Cities

San Gorgonio Pass
+7.1%
Forest Falls
+4.5%
Banning
+2.6%
Big Bear
-2.2%

Housing Supply in Banning, CA

How many homes are available in Banning, CA?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
180179-0.6%

Summary: The Banning real estate market had 179 homes for sale in September 2024, a 0.6% decrease compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 11
0.0%
2 7683
+9.2%
3 7669
-9.2%
4 2121
0.0%
5+ 65
-16.7%

Summary: The Banning housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 9.2%, 3 bedroom homes decreased by 9.2%, 4 bedroom homes remained the same, and 5+ bedroom homes decreased by 16.7%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
3036+20.0%

Asking Price vs. Sold Price

15 Homes Were Sold
Under Asking

12 Homes Were Sold
At Asking

9 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Banning, you may be able to get a good deal. 41.7% of homes here sold below asking price last month.

Summary: A total of 36 homes were sold or pending in Banning in September 2024, up by 20.0% month-over-month. Of the 36 sold homes, 42% were sold under asking, 33% were sold at asking, and 25% 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

Sep 2023Sep 2024CHANGE
35 Days29 Days-15.6%

Summary: Homes in Banning had an average of 29 days on market in Sep 2024, down by 15.6% compared to last year.

Breakdown of Home Sale Times

22 Homes Were Sold
Under 30 Days

11 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Banning are selling fast, if you're buying plan to act quickly.

Summary: During September 2024, 36 homes were sold in Banning; 61% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 8% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 29 Days Ago

Newest Listings in Banning, CA

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