Palm Springs, CA Real Estate & Homes for Sale | realtor.com® (2024)

FAQs

Are Palm Springs home prices dropping? ›

Palm Springs, CA housing market

The median listing home price in Palm Springs, CA was $795K in June 2024, trending down -7% year-over-year. The median listing home price per square foot was $476.

The median home value for Palm Springs is about $396,300. Right now, it's appreciated by about 7.9 percent in the past year, but it's still less than the California average. Likewise, real estate won't keep up with California here. Still, there should be a 2.4 percent increase in home value.

The Real Estate Market in Palm Desert is Strong

Secondly, The median home price in Palm Desert is over $500,000, and the market has been consistently appreciating for the past several years. This makes Palm Desert a good investment for those looking to grow their wealth over time.

The housing market in California is dynamic and extremely complex. At present, the state is notorious for housing shortages, but there is high demand that continues to drive prices upwards. Factors that intensify the competition for homes include: Low mortgage rates.

The best month for housing inventory in Palm Springs

You'll likely find the highest number of listed homes in January and might have better luck negotiating the price of a property during this month when there are more houses on the market. In Palm Springs, you'll find the fewest available listings in April.

What's the average HOA fee for all communities in the Palm Springs area? The average HOA fee for all communities in the Palm Springs area is approximately $370.

Chino Canyon

With a median home price of $14,753,708 and a median rent of $1,232, Chino Canyon is the most expensive neighborhood on our list. Based on the growth in home prices in Chino Canyon over the last 3 years, it ranks No. 1 among all the neighborhoods in Palm Springs.

Movie Colony

Movie Colony is located just outside of downtown Palm Springs, offering a mix of historic charm and modern amenities. This neighborhood is home to iconic pastel homes and palm tree-lined streets. The Movie Colony is known for its history with Hollywood stars and many famous homes like the Cary Grant House.

Palm Springs, California, is known as a resort city with a luxurious and laid-back lifestyle. The Palm Springs area has long been a destination location and second home/vacation destination for people all over the world.

The property tax rate in Palm Springs, as in Riverside County, is 1.25% of your property's appraised value.

Is it affordable to retire in Palm Springs? ›

If you're thinking about moving to Palm Springs, you might be wondering just how far your budget will go. Fortunately, the cost of living in Palm Springs is about 15% less than the average in California. However, it's still about 20% higher than the national average.

Transportation, rental prices, utilities, and recreational costs push the Palm Springs, CA cost of living index a fair bit upwards. But there's a silver lining. Surprisingly, the housing market trends in Palm Springs show that the prices are far less here than the state average.

California's median home price is forecast to climb 6.2 percent to $860,300 in 2024, following a projected 1.5 percent decrease to $810,000 in 2023 from 2022's $822,300. Housing affordability* is expected to remain flat at 17 percent next year from a projected 17 percent in 2023.

In May, San Diego County's median single-family home prices surpassed $1 million, according to CoreLogic, up 9% from 2023. Los Angeles prices are also up from 2023, rising 8.4% in May 2024, putting it fourth on the list of fastest-rising home prices nationwide.

Joshua Tree Housing Market Trends

In June 2024, Joshua Tree home prices were down 31.7% compared to last year, selling for a median price of $350K. On average, homes in Joshua Tree sell after 103 days on the market compared to 84 days last year. There were 12 homes sold in June this year, down from 20 last year.

Chino Canyon

With a median home price of $14,753,708 and a median rent of $1,232, Chino Canyon is the most expensive neighborhood on our list. Based on the growth in home prices in Chino Canyon over the last 3 years, it ranks No. 1 among all the neighborhoods in Palm Springs.

She said hundreds of people are experiencing homelessness in the city, more than can be accommodated by the city's navigation center. A 2023 point in time count found 239 unsheltered people in Palm Springs. The navigation center, which is partially complete, has 50 shelter beds available.