Palm Springs, CA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Palm Springs, CA Housing Market Trends

With 44,575 people, 24,136 houses or apartments, and a median cost of homes of $524,098, real estate costs in Palm Springs are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive California communities.

Single-family detached homes are the single most common housing type in Palm Springs, accounting for 38.13% of the city's housing units. Other types of housing that are prevalent in Palm Springs include large apartment complexes or high rise apartments ( 24.38%), row houses and other attached homes ( 23.92%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.91%).

People in Palm Springs primarily live in small (one, two or no bedroom) single-family detached homes. Palm Springs has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Palm Springs built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Palm Springs built between 1940-1969 ( 29.97%). A lesser amount of the housing stock also hails from between 2000 and later ( 12.15%). There's also some housing in Palm Springs built before 1939 ( 2.57%).

A decent proportion of the Palm Springs housing stock is seasonally occupied. That is, homes and condos in Palm Springs are occupied by people for a portion of the year - mainly for vacation purposes - and then locked up and left unoccupied for the remainder of the year as owners return to their primary residences. This characteristic of the Palm Springs housing market speaks to its popularity as a vacation location of choice.

Palm Springs Home Appreciation Rates

In the last 10 years, Palm Springs has experienced some of the highest home appreciation rates of any community in the nation. Palm Springs real estate appreciated 143.49% over the last ten years, which is an average annual home appreciation rate of 9.31%, putting Palm Springs in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Palm Springs definitely has a track record of being one of the best long term real estate investments in America through the last ten years.

Appreciation rates are so strong in Palm Springs that despite a nationwide downturn in the housing market, Palm Springs real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Palm Springs appreciation rates continue to be some of the highest in America, at 20.66%, which is higher than appreciation rates in 94.52% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Palm Springs. Palm Springs appreciation rates in the latest quarter were at 7.68%, which equates to an annual appreciation rate of 34.45%.

Importantly, this makes Palm Springs one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to California, our data show that Palm Springs's latest annual appreciation rate is higher than 80% of the other cities and towns in California.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Palm Springs differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Palm Springs - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Palm Springs real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$524,098

Palm Springs, CA HOME PRICES

> $1,465,000
7.8%
7.8%
$1,098,001 - $1,465,000
8.3%
8.3%
$732,001 - $1,098,000
19.8%
19.8%
$586,001 - $732,000
13.0%
13.0%
$439,001 - $586,000
16.7%
16.7%
$293,001 - $439,000
12.3%
12.3%
$146,001 - $293,000
10.8%
10.8%
$73,001 - $146,000
5.6%
5.6%
$0 - $73,000
5.8%
5.8%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Average for CA

Value Relative To Nation

Number Of Homes And Apartments:
24,136

Palm Springs Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CA*
Compared To
America*
Latest Quarter:
2021 Q2 - 2021 Q3
Last 12 Months:
2020 Q3 - 2021 Q3
Last 2 Years:
2019 Q3 - 2021 Q3
Last 5 Years:
2016 Q3 - 2021 Q3
Last 10 Years:
2011 Q3 - 2021 Q3
Since 2000:
2000 Q1 - 2021 Q3
248.88% 5.91%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,776 / per month

Homeownership Rate

Owners
60.3%
60.3%
Renters
39.7%
39.7%
Vacant
37.2%
37.2%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
12.1%
12.1%
1970 - 1999
55.3%
55.3%
1940 - 1969
30.0%
30.0%
1939 or Older
2.6%
2.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
38.1%
38.1%
Townhomes
23.9%
23.9%
Small Apt. Buildings
7.9%
7.9%
Apt. Complexes
24.4%
24.4%
Mobile Homes
5.7%
5.7%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
4.1%
4.1%
1 Bedroom
17.3%
17.3%
2 Bedrooms
41.1%
41.1%
3 Bedrooms
28.7%
28.7%
4 Bedrooms
7.8%
7.8%
5 or more bedrooms
1.0%
1.0%
0.0% 100.0%
% OF HOMES