Banning Housing Market Report December 2024•Riverside County, California

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Housing Prices in Banning, CA

How much do homes in Banning, CA cost?

Housing Market Conditions

Is Banning, CA a buyer’s or seller’s market?

Housing Market Conditions

This is the supply and demand for houses in an area based on home prices and trends.

Buyer’s Market

A buyer’s market occurs when the number of available properties for sale exceeds the number of buyers looking to purchase. In a buyer’s market, the supply exceeds the demand.

Neutral Market

A neutral market occurs when the number of buyers looking to purchase properties meets the number of available properties for sale. In a balanced market, there are enough homes to meet the demand.

Seller’s Market

A seller’s market occurs when there are more buyers looking to purchase properties than there are available homes on the market. In a seller’s market, the demand exceeds the supply.

Seller'sMarket

Buyer'sMarket

Banning is a Seller's Market

Difference Since December 2023

Since last year, Banning has remained a Seller's Market.

Insight

Banning is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Median Sold Price

Median Sold Price
This is the middle price for which all homes in the area were sold. Half of all the homes sold were below this price, and half were above.
$399,589$277/SqFt
+$27,629
+7.4%

Based on all homes sold in the last 12 months

Insight

Homes in Banning have sold for 7.4% more than they did a year ago.

Summary: The median home sold price in Banning was $399,589 in December 2024, up 7.4% from last year, and the median price per square foot was $277.

Median Sold Price By City

Median Sold Price By City
This is the middle price for which all homes in the area were sold compared to surrounding cities. Half of all the homes sold were below this price, and half were above.
CityChange YoY
San Gorgonio Pass
+9.5%
Banning
+7.4%
Big Bear
-4.9%

Median Sold Price By Bedrooms

Median Sold Price By Bedrooms
This is the middle price for all homes actively listed in an area broken out by the number of bedrooms. Half of the homes are listed below this price, and half are above.
BedsDec 2023Dec 2024Change YoY
1$165.5K$203K
+22.7%
2$352K$375K
+6.5%
3$385K$420K
+9.1%
4$513K$495K
-3.5%
5$415K$553.4K
+33.4%

Summary: Banning housing price by bedroom type for December 2024, compared to the previous year. The home price for 1 bedroom homes increased by +22.7%. The home price for 2 bedroom homes increased by +6.5%. The home price for 3 bedroom homes increased by +9.1%. The home price for 4 bedroom homes decreased by -3.5%. The home price for 5 bedroom homes increased by +33.4%.

Housing supply in Banning, CA

How many homes are available in Banning, CA?

Number of Homes For Sale

Number of Homes For Sale
This is the total number of homes actively listed in an area.
Last Month2 months agoChange MoM
171Last MonthDec 2024
1752 months agoNov 2024
-2.3 %
Change MoMNov – Dec

Summary: The Banning real estate market had 171 homes for sale in Dec 2024, a 2.3 % decrease compared to Nov 2024.

Number of Homes Sold

Number of Homes Sold
This is the total number of both homes sold and pending in an area.
Last Month2 months agoChange MoM
42Last MonthDec 2024
342 months agoNov 2024
+23.5 %
Change MoMNov – Dec

Homes For Sale By Bedroom Count

Homes For Sale By Bedroom Count
This is the total number of homes actively listed in an area by number of bedrooms.
BedsNov 2024Dec 2024Change MoM
113
+200.0%
28279
-3.7%
36865
-4.4%
41821
+16.7%
563
-50.0%

Summary: Banning housing inventory by bedroom type for December 2024, compared to the previous month. The inventory for 1 bedroom homes increased by +200.0%. The inventory for 2 bedroom homes decreased by -3.7%. The inventory for 3 bedroom homes decreased by -4.4%. The inventory for 4 bedroom homes increased by +16.7%. The inventory for 5 bedroom homes decreased by -50.0%.

Asking Price vs. Sold Price

How much do homes in Banning, CA cost?

Asking Price vs. Sold Price

The asking price is how much a home is listed for. The selling price is how much the home actually sold for.

Under Asking

Homes that sold for less than the asking price

At Asking

Homes that sold at their asking price

Over Asking

Homes that sold above the asking price

Over Asking Price13 Homes

At Asking Price10 Homes

Under Asking Price19 Homes

Insight

If you're buying a home in Banning, you may be able to get a good deal. 45.2% of homes here sold below asking price last month.

Summary: A total of 42 homes were sold or pending in Banning in December 2024, up by 23.5% month-over-month. Of the 42 sold homes, 45% were sold under asking, 24% were sold at asking, and and 31% were sold over asking.

Days on Market for Banning, CA

How long does it take to sell a home in Banning, CA?

Breakdown of Home Sale Times

Under 30 Days13 Homes

30 – 90 Days20 Homes

Over 90 Days9 Homes

Insight

Avg time on Rocket Homes in Banning has remained consistent over time.

Summary: During December 2024, 42 homes were sold in Banning; 31% of homes were sold within 30 days, 48% of homes were sold within 30 to 90 days, and 21% of homes were sold over 90 days.

Average Sale Time

Average Sale Time
This is the average number of days homes take to sell in an area.
This Year1 year agoChange YoY
60 DaysThis YearDec 2024
50 Days1 year agoDec 2023
+20.6 %
Change YoYDec 2023 – Dec 2024

Summary: Homes in Banning had an average listing age of 60 days in Dec 2024, up by 20.6% compared to the previous year.

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Newest Listings in Banning, CA

What homes are available in Banning, CA?

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Nearby markets

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MLS Disclaimers and Copyright

Based on information from California Regional MLS, for the period 01/01/2023 - 01/01/2025

IDX Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.

The information being provided by California Regional Multiple Listing Service, Inc. (“CRMLS”) is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Real estate listings held by brokerage firms other than this broker are marked with the Internet Data Exchange logo and detailed information about them includes the names of the listing brokers and listing agents. MLS search engine provided by IHR Technology Services. This data is updated every 2 hours. Some properties appearing for sale on this display may subsequently have sold and may no longer be available.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 1/17/2025, 10:20:58 PM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.