Desert Living: The Rancho Mirage Market Update
By Gregory Manns, Palm Springs Area Realtor, Palm Springs Area Realtor with HomeSmart Elite
(HomeSmart Elite Group - Palm Springs / La Quinta, CA)
In August, Rancho Mirage saw 55 homes sold, which is down about 10% compared to last year. The median sale price settled at $880,000, reflecting a 9% drop. On the flip side, inventory climbed to 337 homes, giving buyers more options, while the average time on market stretched to 72 days, up 16%.The market is leaning more balanced with 5.9 months of supply, though values are holding steady with the median price per square foot rising to $398, a 2.5% increase.For buyers, this means more choices, more time, and more negotiating power. For sellers, it’s all about pricing strategically — homes are still moving, but today’s buyers are more selective.The bottom line: Rancho Mirage is settling into a more balanced market, where both buyers and sellers can benefit. And with its golf courses, res...
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