A Beginner’s Guide to Palm Springs Real Estate Market

Palm Springs’s real estate market has become popular among investors in recent years. So what’s making it popular? Keep reading this article to get answers.

An Overview of Palm Springs

Located in southern California, Palm Springs is a city known for its golf courses and desert hot springs. As of January 2024, about 46,000 people live in Palm Springs. This city’s economy is primarily powered by tourism. Thousands of visitors arrive in Palm Springs every year to enjoy the city’s warm weather. The booming tourism sector has led to the establishment of hundreds of hotels.

7 Real Estate Market Trends in Palm Springs

1. Housing prices have recorded a yearly average growth rate of about 6.1% over the past three years.

2. The median home price per square foot in Palm Springs is $473.

3. Palm Springs homes sell 1.9% below the asking price.

4. As of January 2024, the demand and supply in the Palm Springs real estate market is balanced.

5. On average, Palm Springs homes sell 65 days after they are listed on the real estate market.

6. Single-family homes have seen their demand surge 35%. Also, demand for condos is up 39%.

7. The Old Las Palmas neighbourhood is the most expensive, with an average home price of $3.8 million, while the Racquet Club West neighbourhood is the cheapest, with an average house price of $205,000.

Palm Springs Home Types

Here are the home types available for sale in Palm Springs:

Single-Family Homes – These properties have an asking price of $770,000. In most cases, they stay on the market for about 90 days.

Townhomes – A townhome in Palm Springs goes for approximately $500,000. They remain on the market for 86 days.

Condos – The cheapest Condo goes for $379,000. They can be listed for 93 days before finding a buyer.

Multi-Family Homes – A Palm Springs-based multi-family home usually gets listed for $1.49 million. It remains on the market for about 95 days.

Palm Springs Leading Real Estate Markets

These are the hottest real estate markets in Palm Springs:

Old Las Palmas – As mentioned earlier, the most expensive homes are found in this neighbourhood. The average housing price is $3.8 million.

Deepwell Estates – This neighbourhood hosts both condos and homes. The housing price is estimated to be $1.7 million.

Indian Canyons – Here, you will find both traditional and modern homes. The average housing price is $1.9 million.

The Mesa – This neighbourhood is situated in the foothills of San Jacinto Mountain. When buying a home in The Mesa, expect to spend at least $2 million.

Racquet Club Estates – The neighbourhood is located in northern Palm Springs. Its average housing price is $1.2 million.

Movie Colony – In the 1900s, Movie Colony was home to hundreds of Hollywood stars. The cheapest house goes for $2.9 million.

Vista Las Palmas – This northern Palm Springs-based neighbourhood hosts luxurious homes with an average price of $2.4 million.

Sunrise Park – The neighbourhood is located at the centre of Palm Springs. It is known for hosting spacious homes. The average price is roughly $1.4 million.

Downtown Palm Springs – Popular for its modern amenities, Downtown Palm Springs hosts houses that sell for around $1.3 million.

Andreas Hills – Another neighbourhood in the foothills of San Jacinto Moutain is Andreas Hills. The housing price here is $2.3 million.

Budget-Friendly Neighbourhoods in Palm Springs

You can find homes with low prices in these neighbourhoods:

Auville – The housing price in this neighborhood is $250,000. Auville is situated close to downtown Palm Springs.

Sunmor Estates – Located on the eastern side of downtown Palm Springs, Sunmor Estates offers homes with an average price of $210,000.

Racquet Club West – As stated earlier, houses in this neighbourhood are the cheapest. They sell for an average price of $205,000.

Canyon Country Club Estates – If you wish to buy a home in Canyon Country Club Estates, set aside at least $225,000.