$6,650 Closing Credit*
$560,000
1,601 SqFt
3 Beds
•3 Full Baths
COLEEN WESSEL, Listing Office: Berkshire Hathaway Homeservices California Realty
Is Banning, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Banning was a Seller's Market.
Key Takeaway
Banning is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Banning, CA
How much do homes in Banning, CA cost?
Median Sold Price
$390,000
$271/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$15,000(+4.0%)
Key Takeaway
Homes in Banning have sold for 4% more than they did a year ago.
Summary: The median home sold price in Banning was $390,000 in October 2024, up 4% from last year, and the median price per square foot was $271.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $165K | $201K | +21.8% |
| 2 Bedrooms | $355K | $365K | +2.8% |
| 3 Bedrooms | $388K | $399.9K | +3.1% |
| 4 Bedrooms | $510K | $497K | -2.5% |
| 5+ Bedrooms | $440K | $540K | +22.7% |
Summary: Banning housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 21.8%, 2 bedroom homes increased by 2.8%, 3 bedroom homes increased by 3.1%, 4 bedroom homes decreased by 2.5%, and 5+ bedroom homes increased by 22.7%.
Median Sold Price Compared To Nearby Cities
| Cabazon | $305.5K | $352.5K | +15.4% |
| San Gorgonio Pass | $461.2K | $500K | +8.4% |
| Forest Falls | $343.7K | $360K | +4.7% |
| Banning | $375K | $390K | +4.0% |
| Big Bear | $450.6K | $439.9K | -2.4% |
Housing Supply in Banning, CA
How many homes are available in Banning, CA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 181 | 175 | -3.3% |
Summary: The Banning real estate market had 175 homes for sale in October 2024, a 3.3% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 1 | 0 | -100.0% |
| 2 Bedrooms | 81 | 86 | +6.2% |
| 3 Bedrooms | 74 | 64 | -13.5% |
| 4 Bedrooms | 19 | 20 | +5.3% |
| 5+ Bedrooms | 6 | 5 | -16.7% |
Summary: The Banning housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 100%, 2 bedroom homes increased by 6.2%, 3 bedroom homes decreased by 13.5%, 4 bedroom homes increased by 5.3%, and 5+ bedroom homes decreased by 16.7%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 38 | 22 | -42.1% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Banning, you may be able to get a good deal. 59.1% of homes here sold below asking price last month.
Summary: A total of 22 homes were sold or pending in Banning in October 2024, down by 42.1% month-over-month. Of the 22 sold homes, 59% were sold under asking, 27% were sold at asking, and 14% 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
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 31 Days | 32 Days | +0.6% |
Summary: Homes in Banning had an average of 32 days on market in Oct 2024, up by 0.6% compared to last year.
Breakdown of Home Sale Times
12 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
2 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 October 2024, 22 homes were sold in Banning; 55% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 9% 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.