Home prices are beginning to soften in one of California\u2019s hottest luxury markets as the desert real estate market starts to cool off.<\/p>\n
Two upscale homes in Palm Springs most sought-after neighborhoods have recently undergone notable price cuts of about $70,000, signaling even luxury sellers are adjusting their expectations after years of soaring demand.<\/p>\n
One recently built custom home saw its asking price trimmed by $30,000, dropping from $1.585 million to $1.555 million.<\/p>\n
Home prices are beginning to soften in one of California\u2019s hottest luxury markets, with a pair of multimillion-dollar Palm Springs homes slashing their asking prices by a combined $70,000. Getty Images<\/p>\n
Aerial view of the Vista Las Palmas neighborhood in Palm Springs. Los Angeles Times via Getty Images<\/p>\n
Built in 2023, the 2,907-square-foot residence features three bedrooms, four bathrooms and sits on an oversized 0.41-acre corner lot with mountain views.<\/p>\n
The listing boasts 18-foot ceilings, three grand primary suites, custom furnishings, a professionally designed outdoor entertaining space with a barbecue bar, putting green and water feature, along with smart-home features.<\/p>\n
The fully furnished property is also marketed as Airbnb-friendly, with short-term rental licenses available.<\/p>\n
Another Palm Springs luxury home underwent an even steeper reduction, with its asking price falling $40,000 from $1.638 million to $1.598 million.<\/p>\n
Built in 2023, the 2,907-square-foot residence features three bedrooms, four bathrooms and sits on an oversized 0.41-acre corner lot with mountain views. Google Maps<\/p>\n
The remodeled mid-century modern home spans 1,887 square feet and includes four bedrooms and three bathrooms.<\/p>\n
Originally built in 1961, the residence features walls of windows overlooking a south-facing deck and swimmer\u2019s pool, as well as three bedroom suites in the main house and a detached guest wing complete with its own kitchenette and bath.<\/p>\n
The listing also highlights owned solar panels and a brand-new roof.<\/p>\n
The price cuts come as Palm Springs\u2019 once booming housing market settles down after the buying frenzy during the pandemic. <\/p>\n
Another Palm Springs luxury home underwent an even steeper reduction, with its asking price falling $40,000 from $1.638 million to $1.598 million. Google Maps<\/p>\n
Back then, low mortgage rates and more remote work led to high demand for second homes and vacation properties.<\/p>\n
These factors drove home prices up quickly and created strong competition among buyers.<\/p>\n
Today, the market is showing signs of balance. Zillow estimates the average Palm Springs home value is about $619,600, down 1.7% over the past year, while homes are now taking roughly 56 days to go under contract.<\/p>\n
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Inventory has also grown, giving buyers more options than they had during the height of the market.<\/p>\n
Redfin similarly describes Palm Springs as a \u201csomewhat competitive\u201d market, with homes typically selling for around 3% below their asking price and taking about 70 days to sell.<\/p>\n
Just 9.6% of homes are selling above list price, reflecting a market that has shifted away from the bidding wars that once defined the desert oasis.<\/p>\n
Although these two listings are just a small part of the market, their combined $70,000 in price cuts highlight a bigger trend. <\/p>\n
Sellers are adjusting their expectations, and buyers now have more room to negotiate in one of Southern California\u2019s best-known luxury areas.<\/p>\n","protected":false},"excerpt":{"rendered":"Home prices are beginning to soften in one of California\u2019s hottest luxury markets as the desert real estate…\n","protected":false},"author":2,"featured_media":422278,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[7,9,8,44006,13781,9549,388],"class_list":["post-422277","post","type-post","status-publish","format-standard","has-post-thumbnail","category-california","tag-california","tag-california-headlines","tag-california-news","tag-desert","tag-luxury-real-estate","tag-palm-springs","tag-real-estate"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/422277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=422277"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/422277\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/422278"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=422277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=422277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=422277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}