City’s housing market sees home prices drop, sales up slightly compared to this time last year 

According to the latest Greater Palm Springs Realtors Desert Housing Report for March, the median price for a typical detached home in Palm Springs fell to $1.1 million, a 12.5% decrease compared to the year before. Attached home prices dropped 8% to $433,000.

The decline appears to reflect a market correction rather than a sharp downturn. In his March report, local Realtor Darryl Manco said recent price drops follow earlier gains, with the market “rebalancing” after a period of rapid appreciation.

Even as prices have softened, activity has picked up. Palm Springs recorded 137 sales during the three-month period ending in March, up seven homes from the year before. Homes are also selling faster than anywhere else in the valley, with a median 43 days on market — a sign that buyers remain active but are more sensitive to pricing.

Palm Springs has the second-highest inventory in the Coachella Valley, with 769 homes on the market at the beginning of April, down slightly from 823 a year earlier. Only Palm Desert, with 801 listings, had more inventory.

Valleywide, there were 3,557 homes for sale at the end of March, a 3% decrease from the year before. The median price for a detached home across the Coachella Valley was $690,000, down just under 3%, while attached homes dipped 2.6% to $500,000.

Trends vary across Palm Springs, with some neighborhoods continuing to see price gains while others have experienced more significant declines, particularly in the south end.

Across the valley, Coachella and Rancho Mirage were the only cities to post year-over-year price increases for detached homes, while La Quinta and Rancho Mirage saw gains in the attached market.

Homes in Palm Springs are selling for about 3% below list price on average, a smaller discount than the 4% seen a year ago.

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