January 2024: Palm Springs Real Estate Market

January 2024: Palm Springs Real Estate Market

The Palm Springs real estate landscape in 2024 presents an intriguing mix of challenges and opportunities. As a vibrant component of the broader Coachella Valley market, here are some notable trends Palm Springs has witnessed.
 

Market Dynamics

1. Price Variations

The median price of detached homes in the Coachella Valley, including Palm Springs, was $660,000 in January, showing a slight decrease from the previous year. However, the attached home market fared better, with a 9.2% year-over-year increase to a median price of $475,000.
 

2. Sales Trends

Sales in January were 28.6% below normal but showed signs of recovery. The Coachella Valley, including Palm Springs, experienced a rise in three-month sales compared to the previous year, indicating a gradual resurgence in market activity.
 

3. Inventory Insights 

Inventory levels reached their highest since 2020, but still fell short of the normal range. This suggests a tightening market, potentially leading to competitive conditions for buyers.
 

4. Days on Market

The median number of days properties stayed on the market remained stable. Faster sales in certain areas, like Coachella and Desert Hot Springs, indicate pockets of high demand.
 

5. Price Adjustments

A significant portion of homes sold above list price, though this trend showed a slight decline. This indicates a market that is slowly balancing, with price adjustments reflecting real-time market conditions.
 

Forward Outlook

As we progress through 2024, key indicators suggest an evolving market. Lower inflation and mortgage rates are expected to bolster sales, pushing them closer to normal levels. The real estate scene in Palm Springs and the broader Coachella Valley is poised for a dynamic year, with a balanced interplay of supply and demand likely to shape the market trajectory.
 
Palm Springs, nestled in the heart of Coachella Valley, continues to be a real estate beacon, mirroring the valley's broader trends. While challenges persist, the resilience and dynamic nature of this market make it a fascinating study for buyers, sellers, and investors alike.
 
What other questions do you have?
 
Consider an experienced and knowledgeable local real estate agent (like me) to help you make sense of things.
 
If you’re ready to buy and or sell yourself, I look forward to assisting you. I promise to give you a much more targeted answer than Google or the news will ever be able to.
 
Please feel free to give me a call, text, email me – or let’s schedule a Zoom meeting.
 
I’m looking forward to hearing from you!
 
Your Palm Springs Insider,
Glen Nadeau
 
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PS- Are you a part of the LGBTQ+ community and looking to relocate to Palm Springs and the Coachella Valley? Check out our FREE “Palm Springs Enthusiasts LGBTQ+ Relocation Guide” and find out why Palm Springs is such an oasis of Pride and inclusivity – brought to you by The Palm Springs Guys and Glen Nadeau Real Estate 🏳️‍🌈

*We cannot guarantee any of the above statements or third-party links. Before you enter any transaction, you should read and review all contracts, leases, and information as they are unique and subject to changes. We recommend you consult with your accountant, attorney, tax advisor, and local real estate professionals prior to any real estate transactions.

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