Market Report from Cathi Walter
Rancho Mirage, CA 92270
Single-Family Homes
760.218.5752 | Cathi@DesertAreaHomeFinder.com
Rancho Mirage, CA 92270
Sun Dec 22 2024
This week the median list price for Rancho Mirage, CA 92270 is $1,249,500 with the market action index hovering around 28. This is about the same as last month's market action index of 28. Inventory has increased to 236.
Market Action Index
This answers “How’s the Market?” by comparing rate of sales versus inventory.
Slight Buyer's Advantage
Market Narrative
The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.
Real-Time Market Profile
| Median List Price | $1,249,500 | |
| Median Price of New Listings | $1,212,500 | |
| Per Square Foot | $462 | |
| Average Days on Market | 103 | |
| Median Days on Market | 63 | |
| Price Decreased | 37% | |
| Price Increased | 2% | |
| Relisted | 16% | |
| Inventory | 236 | |
| Median Rent | ||
| Market Action | 28 | |
| Slight Buyer's Advantage | ||
Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, look for a persistent up-shift in the Market Action Index before we see prices move from these levels.
Market Segments
Each segment below represents approximately 25% of the market ordered by price.
| Median Price | Sq. Ft. | Lot Size | Beds | Bath | Age | New | Absorbed | DOM |
|---|---|---|---|---|---|---|---|---|
| $3,295,000 | 4,348 | 0.5 - 1 acre | 4 | 4.5 | 19 | 3 | 2 | 63 |
| $1,475,000 | 3,101 | 0.25 - 0.5 acre | 3 | 3 | 36 | 4 | 2 | 56 |
| $1,050,000 | 2,673 | 6,500 - 8,000 sqft | 3 | 2.5 | 41 | 5 | 4 | 70 |
| $779,000 | 1,928 | 6,500 - 8,000 sqft | 3 | 2 | 21 | 4 | 2 | 84 |