2019 Palm Springs California Housing Market Forecast

Dated: 11/19/2018

Views: 4771

It’s that time of year again, 2019 Palm Springs California Housing Market Forecasts are popping up online.

Although every community is different, a general analysis of all housing markets across the country reveals that housing inventory is slowly moving toward balance with year-ago levels. This is the first indication in years that we may be approaching an inventory bottom. A trend of market balance is emerging as we approach the end of 2018. Stock markets experienced an October setback. There are many questions about where home prices will be next year as well as where they may be headed over the next several years to come. Some economy observers are pointing to 2018 as the final period in a long string of sentences touting several happy years of buyer demand and sales excitement for the housing industry.

From Real Estate experts to Bubble Pundits, what are they saying about the 2019 Palm Springs California Housing Market Forecast???  We have gathered the most reliable sources to help answer these questions (Note: This information was taken on 11/19/2018. Some organizations will update their information frequently).

2019 Palm Springs California Housing Market Forecast



California Association of Realtors

C.A.R. projects that existing home sales in California will decline 3.2 percent in 2018 and drop 3.3 percent in 2019. Home prices will continue to rise this year, growing by a projected 7.0 percent in 2018, and a more moderate 3.2 percent in 2019.

2019 Palm Springs California Housing Market Forecast


National Association of Realtor (National)

The national median existing home price is expected to rise by around 4.8% this year. For 2019, The NAR’s chief economist, Lawrence Yun is forecasting existing home sales to rise 2% and home prices to rise by around 3.5%.


first tuesday Journal | The California real estate news source

...When the recession arrives in 2020, the housing market will see sluggish sales and falling home prices. The good news is this recession is unlikely to result in another elongated recovery. In fact, the pent-up homebuyer demand today will fuel a quick recovery in sales volume and prices during the rebound from recession, expected in 2021-2022. Together with retiring and relocating Baby Boomers, large numbers of first-time homebuyers ready to pounce on the low prices made available following the recession will help propel the housing market to the next housing boom.

Michael Hilgenberg - Team Michael Keller Williams Realty



Zillow

  • Palm Springs: The median home value in Palm Springs is $395,000. Palm Springs home values have gone up 1.4% over the past year and Zillow predicts they will rise 4.9% within the next year.

  • Cathedral City: The median home value in Cathedral City is $289,700. Cathedral City home values have gone up 7.8% over the past year and Zillow predicts they will rise 4.9% within the next year.

  • Rancho Mirage: The median home value in Rancho Mirage is $497,300. Rancho Mirage home values have gone up 5.7% over the past year and Zillow predicts they will rise 4.7% within the next year. 

  • Palm Desert: The median home value in Palm Desert is $340,200. Palm Desert home values have gone up 4.8% over the past year and Zillow predicts they will rise 6.0% within the next year. 

  • Indian Wells: The median home value in Indian Wells is $714,000. Indian Wells home values have gone up 5.3% over the past year and Zillow predicts they will rise 5.9% within the next year. 

  • Indio: The median home value in Indio is $302,000. Indio home values have gone up 7.2% over the past year and Zillow predicts they will rise 5.0% within the next year. 

  • La Quinta: The median home value in La Quinta is $408,700. La Quinta home values have gone up 4.2% over the past year and Zillow predicts they will rise 6.6% within the next year. 

  • Coachella: The median home value in Coachella is $241,200. Coachella home values have gone up 5.5% over the past year and Zillow predicts they will rise 8.9% within the next year.

  • Desert Hot Springs: The median home value in Desert Hot Springs is $213,500. Desert Hot Springs home values have gone up 10.5% over the past year and Zillow predicts they will rise 5.8% within the next year. 


What do you think? Will the median home value in Coachella Valley go up in 2019?


Are you or anyone you know interested in buying, selling or investing in real estate? Call Team Michael Keller Williams Palm Springs today!

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