Is Canyon Lake, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Canyon Lake is a neutral's market

Buyer's
Market

Difference Since November 2023

At the same time last year, Canyon Lake was a Seller's Market.

Key Takeaway

Canyon Lake is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Canyon Lake, CA

How much do homes in Canyon Lake, CA cost?

Median Sold Price

$665,000

$360/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2023

+$3,250(+0.5%)

Key Takeaway

The sold price of homes in Canyon Lake has remained the same since last year.

Summary: The median home sold price in Canyon Lake was $665,000 in November 2024, up 0.5% from last year, and the median price per square foot was $360.

Median Sold Price By Bedroom Count

# BEDSNov 2023Nov 2024CHANGE
1 -$375K
N/A
2 $454.4K$585K
+28.7%
3 $642.9K$645K
0.3%
4 $730K$787.5K
+7.9%
5+ $825K$1.1M
+37.6%

Summary: Canyon Lake housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 28.7%, 3 bedroom homes increased by 0.3%, 4 bedroom homes increased by 7.9%, and 5+ bedroom homes increased by 37.6%.

Median Sold Price Compared To Nearby Cities

Menifee
+8.1%
Lake Elsinore
+5.8%
Perris Valley
+5.6%
Quail Valley
+1.5%
Canyon Lake
0.5%

Housing Supply in Canyon Lake, CA

How many homes are available in Canyon Lake, CA?

Number of Homes For Sale

Oct 2024Nov 2024CHANGE
8678-9.3%

Summary: The Canyon Lake real estate market had 78 homes for sale in November 2024, a 9.3% decrease compared to October 2024.

Homes For Sale By Bedroom Count

# BEDSOct 2024Nov 2024CHANGE
1 22
0.0%
2 42
-50.0%
3 3934
-12.8%
4 2825
-10.7%
5+ 1315
+15.4%

Summary: The Canyon Lake housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 50%, 3 bedroom homes decreased by 12.8%, 4 bedroom homes decreased by 10.7%, and 5+ bedroom homes increased by 15.4%.

Number of Homes Sold

Oct 2024Nov 2024CHANGE
1913-31.6%

Asking Price vs. Sold Price

5 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

0 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Canyon Lake, expect to pay close to the asking price. 61.5% of homes here sold near the asking price last month.

Summary: A total of 13 homes were sold or pending in Canyon Lake in November 2024, down by 31.6% month-over-month. Of the 13 sold homes, 38% were sold under asking, 62% were sold at asking, and 0% were sold over asking.

Days on Market for Canyon Lake, CA

How long does it take to sell a home in Canyon Lake, CA?

Average Sale Time

Nov 2023Nov 2024CHANGE
65 Days54 Days-16.0%

Summary: Homes in Canyon Lake had an average of 54 days on market in Nov 2024, down by 16% compared to last year.

Breakdown of Home Sale Times

6 Homes Were Sold
Under 30 Days

4 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During November 2024, 13 homes were sold in Canyon Lake; 46% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 23% 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 22 Days Ago

Newest Listings in Canyon Lake, CA

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