Palm Springs, CA Real Estate Listings & Homes for Sale 

As of December 2023, the median home price in Palm Springs experienced a significant increase of 19.2% from the previous year, reaching $632K. Homes typically stayed on the market for an average of 60 days, slightly longer than the 55-day average in the previous year. The number of homes sold in December also rose, with 109 properties changing hands, an increase from the 92 homes sold during the same period last year. This data suggests a growing demand and a robust market in Palm Springs.

The Palm Springs real estate market is moderately competitive. Properties generally take 54 days to go under contract. Several homes receive more than one offer. On average, homes are sold at approximately 3% under the asking price and typically become pending within 54 days. In contrast, highly sought-after homes, often referred to as 'hot homes,' may sell close to their listed price and often become pending in a shorter duration, around 28 days. This trend indicates a market where buyers have some leverage, yet desirable properties move quickly and can command near-full price offers.

Between October and December 2023, there was a notable trend in the Palm Springs housing market. 20% of the homebuyers in Palm Springs were looking to relocate outside of the city, while a significant majority, 80%, preferred to remain within the Palm Springs metropolitan area.

Regarding inbound migration, 5% of homebuyers nationwide were interested in moving to Palm Springs from other metropolitan areas. The highest interest in relocating to Palm Springs came from San Francisco, with New York and Washington following closely behind.

On the other hand, when considering where Palm Springs residents were moving, the data revealed that 80% were searching for homes within the Palm Springs area itself. Among those looking to move out of Palm Springs, Las Vegas emerged as the top destination, with San Diego and Bakersfield also being popular choices.