$280,000
1.93 Acres
Land
Margarita Junak, Listing Office: RE/MAX TIME REALTY
Is Banning, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
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
| # BEDS# BEDROOMS | Sep 2023 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $160K | $201K | +25.6% |
| 2 Bedrooms | $350K | $365K | +4.3% |
| 3 Bedrooms | $390K | $392.5K | +0.6% |
| 4 Bedrooms | $522.6K | $495K | -5.3% |
| 5+ Bedrooms | $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 | $464.5K | $497.6K | +7.1% |
| Forest Falls | $335K | $350K | +4.5% |
| Banning | $373K | $382.8K | +2.6% |
| Big Bear | $449.6K | $439.8K | -2.2% |
Housing Supply in Banning, CA
How many homes are available in Banning, CA?
Number of Homes For Sale
| Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 180 | 179 | -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
| # BEDS# BEDROOMS | Aug 2024 | Sep 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 1 | 0.0% |
| 2 Bedrooms | 76 | 83 | +9.2% |
| 3 Bedrooms | 76 | 69 | -9.2% |
| 4 Bedrooms | 21 | 21 | 0.0% |
| 5+ Bedrooms | 6 | 5 | -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 2024 | Sep 2024 | CHANGE |
|---|---|---|
| 30 | 36 | +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
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 2023 | Sep 2024 | CHANGE |
|---|---|---|
| 35 Days | 29 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
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.
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.