Coachella Valley home prices??? What’s going on here in the Coachella Valley with regards to the end of the second quarter in 2022. While our market has slowed to a more normal pace, it is still going pretty fast. Properties still receive multiple offers, but it’s not a charge. The mortgage rate increases, inflation, and the war in Ukraine are weighing heavy on economics in general, and has slowed our home selling market down.
A large percentage of our Coachella valley home buyers are cash, and our local inventory is still very low. I have seen less activity over the past few months in the 1 to 3 million dollar price point. Most of the homes sold last year were $600,000 or higher, while 35% were sold in that price point last year, the rest were lower. As prices have gone up, cash buyers have continued to pave the way for a large percentage of our valley buyers.
The economic impact on home prices is covered in this breakdown from Corelogic. Take a tour of this amazing 35 acre date farm in Coachella. Three parcels, two homes, date packing facility, great zoning, hard signalized corner location at 52/Van Buren. $8,500,000. If you are looking to buy or sell a home, equestrian property, or land, give me a call at 760-285-3578.