Palm Springs Real Estate Market Update: Spring 2023

Palm Springs Real Estate Market Update: Spring 2023

As we enter the Spring of 2023, the Palm Springs real estate market is showing no signs of slowing down. Despite concerns over rising interest rates and supply chain disruptions, the market in Palm Springs and the Coachella Valley continues to remain strong.

One of the main drivers of the Palm Springs real estate market is the area's popularity among retirees and second-home buyers. With its warm climate, stunning scenery, and excellent amenities, Palm Springs has long been a sought-after destination for those looking to escape the cold and enjoy a relaxed, outdoor lifestyle. This demand has only increased over the past few years, as more and more people have sought out second homes and retirement properties in desirable locations.

As a result, home prices in Palm Springs and the surrounding areas have continued to rise. According to the latest data from
Zillow, the median home value in Palm Springs is now $765,000, up 12% from this time last year. The median listing price per square foot is $425, which is a 17.8% increase from last year.

While rising prices may be cause for concern for some, the good news is that there is still plenty of demand in the Palm Springs market. In fact, homes are selling faster than ever before, with the median days on market dropping to just 34 days. This is down from 48 days at the same time last year and 62 days in 2019.

Another factor driving the Palm Springs real estate market is the continued growth of the Coachella Valley. Over the past few years, the region has seen a surge in new development, with many new communities, resorts, and commercial properties being built. This growth has brought with it new job opportunities and a growing economy, which in turn has attracted more people to the area.

Despite these positive trends, there are some potential challenges on the horizon for the Palm Springs real estate market. Rising interest rates could make it more difficult for some buyers to qualify for mortgages, which could slow down demand. Additionally, supply chain disruptions could lead to delays in construction, which could limit the supply of new homes coming onto the market.

However, for now, the Palm Springs real estate market remains strong and vibrant. If you are thinking about buying or selling a home in the area, now may be an excellent time to make a move.

Market Reports for Palm Springs and the Coachella Valley

For a deeper data dive, check out these market reports for Palm Springs and the Coachella Valley:

Additional Sources

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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