Is 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, Palm Desert has remained a Seller's Market.
Key Takeaway
Palm Desert is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Palm Desert, CA
How much do homes in Palm Desert, CA cost?
Median Sold Price
$574,084
$336/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Palm Desert have sold for 3.2% less than they did a year ago.
Summary: The median home sold price in Palm Desert was $574,084 in May 2024, down 3.2% from last year, and the median price per square foot was $336.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $275K | $338.5K | +23.1% |
| 2 Bedrooms | $474.9K | $479K | +0.9% |
| 3 Bedrooms | $675K | $650K | -3.7% |
| 4 Bedrooms | $865K | $990K | +14.5% |
| 5+ Bedrooms | $1.1M | $975K | -12.2% |
Summary: Palm Desert housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 23.1%, 2 bedroom homes increased by 0.9%, 3 bedroom homes decreased by 3.7%, 4 bedroom homes increased by 14.5%, and 5+ bedroom homes decreased by 12.2%.
Median Sold Price Compared To Nearby Cities
| Indian Wells | $1.0M | $1.2M | +19.9% |
| Rancho Mirage | $856.5K | $886.2K | +3.5% |
| La Quinta | $773.9K | $791.9K | +2.3% |
| Cathedral City-Palm Desert | $668.2K | $674.1K | +0.9% |
| Palm Desert | $593.2K | $574K | -3.2% |
Housing Supply in Palm Desert, CA
How many homes are available in Palm Desert, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 783 | 813 | +3.8% |
Summary: The Palm Desert real estate market had 813 homes for sale in May 2024, a 3.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 11 | 15 | +36.4% |
| 2 Bedrooms | 316 | 321 | +1.6% |
| 3 Bedrooms | 321 | 324 | +0.9% |
| 4 Bedrooms | 102 | 119 | +16.7% |
| 5+ Bedrooms | 33 | 34 | +3.0% |
Summary: The Palm Desert housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 36.4%, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 0.9%, 4 bedroom homes increased by 16.7%, and 5+ bedroom homes increased by 3%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 168 | 159 | -5.4% |
Asking Price vs. Sold Price
100 Homes Were Sold
Under Asking
38 Homes Were Sold
At Asking
21 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palm Desert, you may be able to get a good deal. 62.9% of homes here sold below asking price last month.
Summary: A total of 159 homes were sold or pending in Palm Desert in May 2024, down by 5.4% month-over-month. Of the 159 sold homes, 63% were sold under asking, 24% were sold at asking, and 13% were sold over asking.
Days on Market for Palm Desert, CA
How long does it take to sell a home in Palm Desert, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 52 Days | 54 Days | +3.1% |
Summary: Homes in Palm Desert had an average of 54 days on market in May 2024, up by 3.1% compared to last year.
Breakdown of Home Sale Times
60 Homes Were Sold
Under 30 Days
69 Homes Were Sold
In 30 - 90 Days
30 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in Palm Desert has remained consistent over time.
Summary: During May 2024, 159 homes were sold in Palm Desert; 38% of homes were sold within 30 days, 43% of homes were sold within 30 to 90 days, and 19% 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.