Home Values

Palm Springs Home Prices & Values

Zillow Home Value Index

The Zillow Home Value Index is the median Zestimate valuation for a given geographic area on a given day. Learn more

$290,700

  • 10.5% 1-year change
  • 8.6% 1-year forecast

Market Temperature

Based on three metrics—sale-to-list price ratio, the prevalence of price cuts on home listings, and time-on-market—the market temperature provides information on the current balance of bargaining power between buyers and sellers in this city relative to other cities in the same metropolitan area. A particular city may be identified as a good market for buyers in a metro market favorable to sellers overall. Learn more

Cold

Buyers' Market
Sellers' Market

The median home value in Palm Springs is $290,700. Palm Springs home values have gone up 10.5% over the past year and Zillow predicts they will rise 8.6% within the next year. The median list price per square foot in Palm Springs is $211, which is higher than the Riverside Metro average of $165. The median price of homes currently listed in Palm Springs is $359,000 while the median price of homes that sold is $320,550. The median rent price in Palm Springs is $1,695, which is higher than the Riverside Metro median of $1,500.

Foreclosures will be a factor impacting home values in the next several years. In Palm Springs 1.6 homes are foreclosed (per 10,000). This is lower than the Riverside Metro value of 4.2 and also lower than the national value of 4.3

Mortgage delinquency is the first step in the foreclosure process. This is when a homeowner fails to make a mortgage payment. The percent of delinquent mortgages in Palm Springs is 6.0%, which is lower than the national value of 6.9%. With U.S. home values having fallen by more than 20% nationally from their peak in 2007 until their trough in late 2011, many homeowners are now underwater on their mortgages, meaning they owe more than their home is worth. The percent of Palm Springs homeowners underwater on their mortgage is 11.3%, which is lower than Riverside Metro at 18.0%.

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Relative ZHVI
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Palm Springs Market Overview

Data through Aug 31, 2014
  • $290,700 ZHVI
  • 8.6% 1-yr forecast
    The Zillow Home Value Forecast is Zillow's prediction of what the Zillow Home Value Index will be one year from now. Learn more
    (Aug 31, 2015)
  • $359,000 Median listing price
  • $320,550 Median sale price
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Palm Springs Market Health

Data through Aug 31, 2014
  • 8.6/10 Very healthy
    The Market Health Index illustrates the current health of a region's housing market relative to other markets across the country. The Market Health Index is based on up to 10 metrics including those capturing the past and projected evolution of home values, the prevalence of foreclosures, foreclosure re-sales, negative equity and delinquency, as well as whether homes are currently selling faster or slower than in the past.
  • No data Average days on Zillow
  • 11.3% Homes with negative equity (17.0% US Avg) (Jun 30, 2014)
  • 6.0% Delinquent on mortgage (6.9% US Avg) (Jun 30, 2014)

Homes foreclosed (per 10,000)

1.6 homes Palm Springs
4.2 homes Riverside Metro
4.3 homes United States
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Nearby Cities

Name Median ZHVI
Indian Wells $668,500
Rancho Mirage $487,400
Palm Desert $324,500
Name Median ZHVI
Cathedral City $235,100
Idyllwild $220,900
Anza $219,900
Name Median ZHVI
Banning $185,300
Desert Hot Springs $154,800
Morongo Valley $120,600

Listings & Sales

Data through Aug 31, 2014
  • $211 Median list price / sq ft
  • $215 Median sale price / sq ft
  • 32.0% Listings with price cut
18.6%
Sold below listing
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Palm Springs Rentals

Data through Aug 31, 2014
  • Zillow Rent Index

  • $2,119 Palm Springs
    $1,637 Riverside Metro
    $1,328 United States

    The Zillow Rent Index is the median Rent Zestimate valuation for a given geographic area on a given day. Learn more

  • 0.8 Breakeven horizon
    The breakeven horizon is the number of years after which buying is more financially advantageous than renting. Learn more
    (Jun 30, 2014)
  • $1,695 Rent list price
  • $1.47 Rent list price / sq ft
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