The Ultimate Guide To Palm Springs' Housing Market

So you’ve scoured the unbelievably beautiful neighborhoods in Palm Springs and want a piece of that action? We totally get it. Between the near-genius architecture and all the opportunities for your family to have fun, moving here might be one of the best ideas you’ve had in a while. But first thing’s first—you’re going to need a house.

And while life in the desert might be slower-paced, the world of real estate is definitely not slowing down. In fact, it seems to be growing at dizzying speeds—this doesn’t surprise us one bit. Settling down in Palm Springs is sort of like being on permanent vacation; attending glamorous film festivals, dancing at your best friend’s wedding, experiencing fine dining, and all that. But before you start daydreaming, here’s all you need to know about Palm Springs’ housing market.

Palm Springs Real Estate Trends 

A Growing Market 

When the world faced the pandemic, real estate predictions for California, as well as the rest of the world, were not looking rosy at all. However, the Palm Springs real estate market not only stayed afloat, it actually thrived. And this odds-defying streak seems to be continuing, with an extremely rare trend of low inventory and low mortgage rates; they’re predicted to dip even lower in the coming months.

It's a Seller's World 

Low inventory and high demand for properties? Is it every seller's birthday? Palm Springs' housing market is currently very much in favor of the seller, and this trend is expected to stretch into 2022 as well. Transactions have become a piece of cake, as low-inventory properties attract multiple offers, further driving up the final sales price.

Renewed Interest in Investing 

The sunny Palm Springs has always been the go-to for investing in a second home or property. Real estate is pretty much one of the most reliable things in the ever-changing uncertain market. And this is where Palm Springs has another advantage. Their low property prices and stunning-year-round climate make it all the more appealing to invest, because, well, who wouldn’t want to own property in one of the top vacation destinations in the Golden State?

Away from the City Buzz

A handful of factors brought on by the pandemic have only added fuel to a certain spark—a migration away from the United States’ big cities. And this serves to the benefit of Coachella Valley, as many people relocate from more populated areas to the beautiful desert. Add a growing inclination towards remote work, and Palm Springs becomes even more ideal; employees from the Los Angeles area and Silicon Valley keep their jobs and choose somewhere else to live.

Types of Homes in Palm Springs 

Travel the entire Golden State and you won't be able to find mid-century modern homes like in Palm Springs. These are the area's secret weapon and probably one of the main reasons Palm Springs stands out in the real estate world in the first place. Even the presence of these charming abodes gives the community an old glamour flare. Since these homes come in an array of shapes and sizes, a highly diverse market is guaranteed.

So what do these quaint homes look like? Well, once you've seen a mid-century home, it’ll be very hard to mistake them for anything else. The style is highly distinctive, sleek, and angular, radiating functional elegance left, right and center. Sloped or flat roofs, huge, open garages, and splashes of color transport you to a bygone era; but you’ll find it’s kept alive through these extraordinary designs.

And since Palm Springs perfects the art of alfresco living, these homes usually come equipped with long, lounge-ready patios, deep sparkling pools, and—in pricier cases—tennis courts and spacious pergolas that make daily sunbathing sessions a must.

How Often Are There New Listings in Palm Springs 

Whether you're making the move to Palm Springs or deciding on whether the area is an investor’s goldmine (spoiler alert: it is), you'll want to form a solid timing strategy. Over the last years, the median Palm Springs real estate prices have almost doubled; expert home buyers know a good thing when they see it. While considering the timing of your Palm Springs real estate purchase, we suggest looking at the day, month, and time of year separately. So let's take a closer look together.

What's the Best Day of the Year to Buy a Palm Springs House

Like with any country, the main "good days" to buy a house are Christmas Day and Easter. Don't believe us? Ask any pro real estate agent. The reason is actually quite simple—have you ever thought about buying a home on either one of those days? We're willing to bet you haven't; the festivities put enough on your plate as it is. The same goes for the seller, who’s more likely to be caught off guard and settle faster during those days.

What's the Best Month to Buy Palm Springs Property?

If you're looking to buy property in Palm Springs, try to schedule your viewings around either August or November. The real estate market slows down in the summer and August is relatively slow in terms of real estate transactions. November is slow as well, mostly because people are busy preparing for the holiday season—no better time to put in an offer. 

However, if you do come across a home you truly fall in love with (regardless of what month you’re viewing the listing), we suggest purchasing it. Because let’s be real, it’s Palm Springs—you’re definitely not alone in your infatuation with their property.

What's the Best Time of Year to Purchase Palm Springs Homes?

In line with most areas in the country, the best time of the year to sell is spring. This means that by the time April rolls around, there's going to be plenty of activity in the market. From April to June, to be more specific, the selection is going to be rampant. But with more properties comes even more competition. As a buyer, you may want to wait until the market slows down in the summer months and put in an offer then.

Alternatively, you could look into buying at the end of October all the way through December. As we said before, this is the time when everyone starts thinking about holidays and the market slows down—use this to your advantage and thank us later.