Rancho Mirage, 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 Q2 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

Rancho Mirage, CA Housing Market Trends

With 18,528 people, 9,290 houses or apartments, and a median cost of homes of $638,044, 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 53.87% of the city's housing units. Other types of housing that are prevalent in Rancho Mirage include row houses and other attached homes ( 20.92%), duplexes, homes converted to apartments or other small apartment buildings ( 12.11%), and a few large apartment complexes or high rise apartments ( 8.02%).

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 81.47% of Rancho Mirage's homes, and 60.58% 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 ( 25.92%). A lesser amount of the housing stock also hails from between 1940-1969 ( 11.17%).

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

In the last 10 years, Rancho Mirage has experienced some of the highest home appreciation rates of any community in the nation. Rancho Mirage real estate appreciated 84.59% over the last ten years, which is an average annual home appreciation rate of 6.32%, putting Rancho Mirage in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Rancho Mirage 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 Rancho Mirage that despite a nationwide downturn in the housing market, Rancho Mirage real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Rancho Mirage appreciation rates continue to be some of the highest in America, at 13.51%, which is higher than appreciation rates in 91.33% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Rancho Mirage. Rancho Mirage appreciation rates in the latest quarter were at 4.92%, which equates to an annual appreciation rate of 21.20%.

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 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 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:
$638,044

Rancho Mirage, CA HOME PRICES

> $1,346,000
9.8%
9.8%
$1,009,001 - $1,346,000
11.0%
11.0%
$673,001 - $1,009,000
23.8%
23.8%
$538,001 - $673,000
16.4%
16.4%
$403,001 - $538,000
11.3%
11.3%
$269,001 - $403,000
10.4%
10.4%
$134,001 - $269,000
5.7%
5.7%
$67,001 - $134,000
5.6%
5.6%
$0 - $67,000
6.0%
6.0%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for CA

Value Relative To Nation

Number Of Homes And Apartments:
9,290

Rancho Mirage Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
CA*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
136.14% 4.08%
5
9
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$2,087 / per month

Homeownership Rate

Owners
81.5%
81.5%
Renters
18.5%
18.5%
Vacant
41.4%
41.4%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
25.9%
25.9%
1970 - 1999
62.0%
62.0%
1940 - 1969
11.2%
11.2%
1939 or Older
0.9%
0.9%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
53.9%
53.9%
Townhomes
20.9%
20.9%
Small Apt. Buildings
12.1%
12.1%
Apt. Complexes
8.0%
8.0%
Mobile Homes
5.0%
5.0%
Other
0.1%
0.1%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
2.4%
2.4%
1 Bedroom
6.3%
6.3%
2 Bedrooms
27.6%
27.6%
3 Bedrooms
46.9%
46.9%
4 Bedrooms
13.6%
13.6%
5 or more bedrooms
3.2%
3.2%
0.0% 100.0%
% OF HOMES