A cooler market has pushed Palm Springs home prices below the levels reached during the pandemic boom, with buyers now holding more leverage than during that surge.
Detached homes show the sharpest retreat, with values now more than 22% below the city's 2022 peak.
Here's what to know
Citing new figures from Greater Palm Springs Realtors, the Palm Springs Tribune reported that September 2026 estimates placed a standard single-family home in the area at 1.4% lower than in September 2025. Attached properties such as condos and townhomes fell 0.7% year over year.
Compared with the market's 2022 peak, the current single-family estimate is 22.3% lower, the paper noted. September's year-over-year drops were small, suggesting the reset has eased even as sales remain slower and buyers have more leverage than in the market's hottest period.
That shift is unfolding as seasonal residents, second-home buyers, and visiting shoppers typically refocus attention on Palm Springs real estate, according to the Tribune.
More background
The figures are standardized estimates, not reported median sale prices. To create them, the publication said Greater Palm Springs Realtors took the median price per square foot and applied it to a fixed home size, a process designed to reduce distortions from months when the homes that sell are unusually big or small.
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The Tribune noted that GPSR based its detached-home estimate on a 2,175-square-foot model and its attached-home estimate on a 1,250-square-foot one. On that basis, the single-family figure slipped from $1,118,046 in September 2025 to $1,102,246 in September 2026, while the attached-home estimate edged down from $428,463 to $425,614.
The citywide estimates combine activity across Palm Springs, including the 92262 and 92264 ZIP codes, but the report stresses that local conditions are far from identical. Pricing and demand can differ widely by neighborhood and by property type, whether the search is for a detached house, condo, or townhome.
What can be done?
With sales moving more slowly and prices still below their highs, the Tribune said the report suggests winter-season buyers have more room to negotiate on both price and terms than they did at the height of competition.
The paper noted that those broad figures do not capture every submarket. The report said neighborhood and property-type gaps can be large, so a condo in one area of Palm Springs may perform quite differently from a detached home elsewhere in the city.
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