Click here for the full Desert Luxury Housing Report for October 2024.
Nested in the heart of the Coachella Valley, Palm Springs continues to shine as the crown jewel of desert luxury. With homes priced at $2.8 million and above, the October 2024 real estate market is buzzing with activity. Whether you’re looking to invest, sell, or dream about your next desert oasis, this market update provides the insights you need to navigate the world of high-end real estate in Palm Springs and beyond.
The State of the Market: A Luxury Surge
The October 2024 Desert Luxury Report reveals an exciting surge in the Palm Springs real estate market. Active listings for $2.8M+ homes have increased by 36%, reaching 151 available properties. But what’s truly remarkable is the spike in new listings, which are up by an astounding 93%. With 77 fresh properties entering the market, buyers now have more options than ever to find their perfect slice of desert paradise.
Meanwhile, homes are moving fast. The average days on market (DOM) for these luxury properties dropped by 20% to just 85 days, while median DOM plummeted by 58% to a mere 30 days. For sellers, it’s clear: if you’ve been waiting for the right time to list, that time is now.
Price Trends: What $2.8M+ Gets You
Let’s talk numbers. The average price for luxury homes in Palm Springs has ticked up by 2% to $6.16 million. Median prices are also on the rise, currently sitting at $4.4 million. For buyers, this means that while prices are inching higher, they still reflect the strong value and prestige associated with the Palm Springs lifestyle.
But here’s the kicker: some of the most jaw-dropping properties in the Coachella Valley redefine opulence. In La Quinta, for example, an estate priced at a staggering $36 million has captured the spotlight. Meanwhile, Indian Wells boasts homes with unparalleled privacy and panoramic views, including listings just shy of $10 million.
Desert City Highlights: Palm Springs vs. The Rest
While Palm Springs leads the charge as a luxury destination, its neighboring desert cities are not far behind.
Indian Wells
Known for exclusivity, this city saw its highest-priced listing climb to $9.97 million. Properties here blend architectural sophistication with serene desert landscapes.
La Quinta
Home to sprawling estates and celebrity hideaways, La Quinta has emerged as a powerhouse in the luxury market. Its $36 million listing exemplifies the grandeur buyers can expect.
Palm Desert
For those who prioritize space, homes here offer some of the largest lots in the valley, paired with competitive price-per-square-foot values.
Buyer and Seller Insights: What This Means for You
For buyers, now is the perfect time to explore Palm Springs luxury real estate. With inventory levels high and market momentum strong, you’re positioned to negotiate and secure your dream property before prices rise further.
Sellers, on the other hand, are enjoying unprecedented advantages. Homes in the $2.8M+ range are moving faster than ever, with increased interest from out-of-state buyers seeking investment opportunities and year-round luxury living. If you’ve been considering selling, take advantage of the current market dynamics to maximize your property’s value.
What’s Next for 2024?
As we move into the holiday season, the Palm Springs market is expected to stabilize while maintaining strong demand. Buyers and sellers alike can look forward to a balanced landscape that continues to attract both local and international interest. Whether you’re looking for an investment property or a forever home, Palm Springs offers unparalleled opportunities.
What’s Your Home Worth?
Curious about what your home might be worth in today’s market? Use our Home Valuation Tool for a free, instant estimate. Whether you’re buying, selling, or just exploring, Palm Springs real estate is your gateway to desert luxury. Let us help you find your oasis.
Palm Springs is more than a market—it’s a lifestyle. Its blend of luxury, inclusivity, and world-class amenities makes it an unparalleled destination for homebuyers and investors alike. Whether you’re seeking a serene retreat, a high-yield investment, or a vibrant community, Palm Springs has it all.
Do you think now is the best time to invest in luxury real estate? Why or why not?
What other questions do you have?
Consider an experienced and knowledgeable local realtor (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 ChatGPT, Google or the news will.
Please feel free to give me a call, text, email me – or let’s schedule a Zoom meeting.
I’m looking forward to connecting with you!
Your Palm Springs Insider,
Glen Nadeau
📱 Call or Text: 805-220-8097
📨 Email: [email protected]
📅 Zoom: Click here and let's schedule it!
💻 Website: https://www.modernlivingpalmsprings.com/
🔎 My Google Business Profile: https://goo.gl/maps/hipgpHfDezGWBTxd6
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.
