Get a clear view of where the Palm Springs housing market stands right now.
If you are looking to buy, sell, or invest in Palm Springs, you are probably wondering what is happening in the real estate market. Many people are asking the same question because they want to know if now is the right time to buy or sell, especially as we head into the busy spring season. The truth is, the market is shifting—but not in a dramatic way. Here’s what we’re seeing in the Greater Palm Springs area as of April 2025.
Sales are steady but still below normal. Over the last three months, the average number of home sales was 645, which was almost exactly the same as last year. So, activity hasn’t dropped off, but it hasn’t picked up much either. We’re still about 18.5% below the historical average for this time of year.
Home prices are climbing again. The median price for detached homes is now $710,000, which is $11,000 higher than last year’s April. That’s the fifth straight month of price increases. While that may sound strong, prices have seen very little overall growth in the past three years. What we’re seeing is a typical seasonal pattern where prices rise in the spring and dip in the fall.
“Palm Springs inventory is at its highest since before the pandemic.”
Inventory is one of the biggest changes. As of April 1, we had 3,667 homes for sale across the valley, which is 1,271 more homes than last year. In fact, this is the highest inventory level we’ve seen since before the pandemic. Based on seasonal trends, the inventory may have already peaked for the year.
What does this mean for buyers? Mortgage rates have dipped just below 6%, which is the lowest they’ve been in quite some time and that is giving buyers a little more breathing room. Many are jumping in now to lock in better rates before they climb again to make sure they buy or invest at a great price. As demand increases, competition could follow and you may soon see prices going higher.
What does this mean for sellers? More homes on the market means more competition. Price cuts are becoming more common as sellers try to attract serious buyers. If you’re planning to sell, make sure your home is priced correctly from day one. It also needs to show well and be in great condition. Buyers today are selective, and many are asking for concessions or repairs.
Consumer confidence is also starting to dip due to uncertainty in the financial markets and this could slow buyer activity in the months ahead. This makes it even more important to work with an experienced agent who understands the local trends and knows how to position your home. If you’re thinking about making a move in the current market condition, feel free to call or text me at 760-774-3066 or email me at Will@WillCookRealEstate.com. Let’s talk about your goals and what’s happening in your neighborhood.
