Rancho Mirage, CA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




Highest
Lowest

Highest Appreciating Rancho Mirage Neighborhoods Since 2000




Rancho Mirage, CA Real Estate Data

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 Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Rancho Mirage Housing Market Information

With a population of 18,083, 9,176 total housing units (homes and apartments), and a median house value of $526,031, real estate costs in Rancho Mirage 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 Rancho Mirage, accounting for 57.25% of the city's housing units. Other types of housing that are prevalent in Rancho Mirage include row houses and other attached homes ( 24.97%), large apartment complexes or high rise apartments ( 7.87%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 5.88%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Rancho Mirage. Owner-occupied housing accounts for 77.40% of Rancho Mirage's homes, and 59.13% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Rancho Mirage 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 Rancho Mirage built between 2000 and later ( 25.44%). A lesser amount of the housing stock also hails from between 1940-1969 ( 11.95%).

A decent proportion of the Rancho Mirage housing stock is seasonally occupied. That is, homes and condos in Rancho Mirage 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 Rancho Mirage housing market speaks to its popularity as a vacation location of choice.

Rancho Mirage Home Appreciation Rates

Rancho Mirage's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Rancho Mirage during the period has been just -1.04%, which is lower than 70% of US communities.

Over the last year, Rancho Mirage appreciation rates have trailed the rest of the nation. In the last twelve months, Rancho Mirage's appreciation rate has been 2.37%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Rancho Mirage were at 2.02%, which equates to an annual appreciation rate of 8.32%.

Importantly, this makes Rancho Mirage 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 Rancho Mirage's latest annual appreciation rate is lower than 90% 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 Rancho Mirage differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Rancho Mirage - 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 Rancho Mirage real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$526,031

Rancho Mirage, CA HOME PRICES

Value Range
> $1,226,000 7.2
$919,001 - $1,226,000 11.7
$613,001 - $919,000 23.0
$490,001 - $613,000 13.7
$368,001 - $490,000 13.0
$245,001 - $368,000 11.2
$122,001 - $245,000 9.2
$61,001 - $122,000 3.6
$0 - $61,000 7.5

High for CA
Very High for Nation

Value Relative to Nation Value Relative to State
5.25020508613618 36.3756613756614

Number Of Homes And Apartments:
9,176

Rancho Mirage Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
72.27% 3.20% 4 9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,683 / per month

Homeownership Rate

Homeownership
Owners 77.40
Renters 22.60
Vacant 41.41

Housing Market Details

 

Age of Homes

AGE OF Rancho Mirage HOMES
2000 or Newer 25.4
1970 - 1999 62.2
1940 - 1969 12.0
1939 or Older 0.4

Types of Homes

TYPE OF Rancho Mirage HOMES
Single-Family 57.2
Townhomes 25.0
Small Apt. Buildings 5.9
Apt. Complexes 7.9
Mobile Homes 3.9
Other 0.1

Home Size

SIZE OF Rancho Mirage HOMES
No Bedroom 3.04
1 Bedroom 5.37
2 Bedrooms 30.02
3 Bedrooms 45.80
4 Bedrooms 13.33
5 or more bedrooms 2.44