Click here for the full Desert Housing Report for September 2024.
The Palm Springs real estate market is one of the most dynamic and sought-after in California, offering both year-round residents and second-home buyers a unique opportunity to live in a desert paradise. As we head into the last quarter of 2024, the market has seen a few notable changes. Whether you’re looking to buy a new home or sell your existing property, here’s what you need to know about the latest real estate trends in Palm Springs and the surrounding Coachella Valley.
Palm Springs Home Prices: A Closer Look
The median price of a detached home in the Coachella Valley dropped for the fifth consecutive month in September 2024, settling at $640,000. While that might sound like a downturn, here’s the kicker: it’s still $3,750 higher than where we were last year. So, while prices are cooling slightly, it’s clear that the market remains strong in the long term.
When we zoom in on Palm Springs specifically, the story gets a little more interesting. Home prices here have actually fallen by 9.1% over the last year. That’s good news for buyers, and remember—you’re still buying into a lifestyle that’s truly priceless. Palm Springs continues to offer a world-renowned desert vibe, complete with its retro charm, sunny weather, and close-knit community.
Why does this matter for buyers and sellers? A slight drop in prices may mean it’s a great time to make your move, especially if you’ve been holding out for a better deal. And sellers? Well, while prices have dipped, they’re still significantly higher than they were just a few years ago.
Rising Inventory Means More Choices for Buyers
In terms of inventory, we’ve seen a notable increase. As of October 1st, 2024, there were 2,421 active listings across the Coachella Valley—619 more than this time last year. That’s good news for buyers, as increased inventory means more homes to choose from. It also signals a shift towards a more balanced market.
Cities like Palm Springs, Palm Desert, and Indio are leading the charge with the highest number of available homes for sale. So if you’ve been eyeing one of these areas, now is the time to start exploring your options.
For sellers, this rise in inventory means that competition is heating up. Pricing your home right and working with an experienced Realtor (like us!) is more important than ever.
Sales Slow Down: What It Means for You
On the sales front, the Coachella Valley is experiencing a bit of a cooldown. In September 2024, we saw an average of 496 homes sold per month, down from 555 at the same time last year. Overall, sales are sitting about 33.5% below what we’d consider “normal” for this area.
What does this mean for you as a buyer or seller? For buyers, it could mean you have more leverage during negotiations. Fewer homes are selling above asking price, and homes are sitting on the market a little longer. For sellers, you might need to adjust expectations slightly when it comes to how quickly your home will sell. But don’t worry—homes are still moving, and we’re here to help you position your property for success.
Discounts on the Horizon: Buyer Opportunities
Here’s another piece of good news for buyers: homes in the Coachella Valley are selling at an average discount of 2.1%, up slightly from last year’s 1.8%. In cities like Indian Wells, discounts are even higher, averaging around 3.6%.
If you’ve been waiting for a better deal, now might be the time to jump in. A small discount could mean big savings, especially in a market that’s been as competitive as Palm Springs in recent years. But don’t wait too long—historically, Palm Springs real estate tends to hold its value and bounce back quickly, so now is your window of opportunity.
Thinking About Selling? Get a Free Home Valuation
If this market update has you wondering what your home is worth, we’ve got you covered. Head over to our website and use our free home valuation tool. Whether you're considering selling soon or just curious about your property’s current value, we’ll give you an accurate estimate that reflects today’s market conditions.
Why Investing in Palm Springs Real Estate Is a Smart Move
Despite the fluctuations in prices and sales, Palm Springs remains a fantastic place to invest. The area’s lifestyle appeal—combined with its proximity to Los Angeles, incredible weather, and growing reputation as a resort and vacation destination—makes it a unique and resilient real estate market. Whether you're looking for a primary residence, a vacation home, or an investment property, Palm Springs offers long-term value that’s hard to beat.
In summary, while the Palm Springs real estate market is experiencing some shifts, it’s still full of opportunities for buyers and sellers alike. With rising inventory, slightly discounted prices, and homes that continue to sell, now is an ideal time to either enter or re-enter the market. And remember, whether you’re buying or selling, having a local expert on your side can make all the difference.
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.
