Is Palm Springs Becoming a Buyer's Market?

By Will Cook

A seasoned professional with an unwavering commitment to excellence, Will Cook has firmly established himself as one of the top real estate agents in the Greater Palm Springs Area.

Is the Palm Springs area housing market finally turning into a buyer’s market? Well, the answer is yes in some places, but not everywhere. The April numbers show that the market is softer, more selective, and much more local than the headlines would suggest.

What’s happening in Palm Springs isn’t what’s happening in Indian Wells, and Desert Hot Springs is a different story entirely. Here’s what the data actually shows.

Sales below historic norms. Sales across the Coachella Valley are running 16.4% below historic norms. Buyers haven’t disappeared. They’re still active, just more cautious, more value-focused, and far less likely to rush into a decision. The urgency that defined the pandemic-era market is gone, replaced by buyers who are taking their time and waiting for the right home at the right price.

Median detached home price at $690,995. The median detached home price ended April at $690,995, which is 4.6% lower than April of last year. A meaningful adjustment, though not a crash. Prices are still holding much of the gains they made during the pandemic, which suggests we’re seeing a recalibration rather than a collapse.

Inventory at 3,534 homes valley-wide. Inventory sits at 3,534 homes across the Coachella Valley, which is actually 7% lower than last year. Buyers have more choices than they did at the height of the frenzy, but supply hasn’t ballooned. Homes aren’t piling up unsold, which is a good thing for sellers and a sign that the market is settling rather than unraveling.

Pricing by city tells the real story. For single-family detached homes, price changes range from a near-flat 0.4% in Indian Wells to a sizable 14.6% drop in Palm Springs, where the median is now $1.131 million. For attached homes and condos, the spread is even wider, from up 3.7% in Indian Wells to down 21.2% in Desert Hot Springs.

You can’t really talk about the Coachella Valley as one market. The city you’re buying or selling in matters enormously, and a buyer’s market in one corner of the valley can sit right next to a market that’s still holding firm in another.

Median selling time at 49 days. Homes are taking a median of 49 days to sell, only one day longer than last year. Selling times in the region have been running between 40 and 60 days for over two years now, and the current numbers are right in that range.

Here’s where it gets interesting: selling times typically stretch out as prices climb, with luxury homes sitting on the market longer than entry-level homes. We’re not seeing that right now. Selling times are fairly balanced across price brackets, even in the higher ranges, which is a positive signal that well-priced homes at every level are still finding buyers.

What this means for buyers and sellers. If you’re buying, you have more leverage and less pressure than you’ve had in years. You can take your time, negotiate, and focus on finding the right home rather than chasing the market.

If you’re selling, the rules have changed. Pricing, preparation, and presentation matter more than ever. The market has shifted, but well-priced great homes are still selling. The sellers who win in this market are the ones who treat their listing like a product that needs to compete, not a property that will move on its own.

If you’d like to talk through your specific situation in Palm Springs or anywhere else in the Coachella Valley, I’d love to help. Give me a call or text at (760) 774-3066, email will@willcookrealestate.com, or visit palmspringsrealty.com. Every neighborhood is moving differently right now, and the right strategy depends on where you are and what you’re trying to do. I look forward to hearing from you.