Perris, California Housing Market

What stands out in Perris?

• 11% of sellers have cut their price: among the lowest share of price cuts of 765 tracked cities. Sellers are holding firm on price.
• Asking price per square foot is up 5.7% on the year: among the fastest-rising asking prices per square foot of 765 tracked cities. Sellers will price off recent gains. Comp carefully.

Are Perris price gains broad or limited to a few ZIP codes?

Asking price per square foot in Perris is up 5.7% over the last year. Over five years the pace has been 3.2% a year. Underwrite closer to that than to the last twelve months.

How does Perris compare with other California markets?

Ranked among the 141 California markets we track:

• Asking price: 39th cheapest of 141. Perris is at $599,585. Closest: Menifee and Vacaville.
• Buyer competition: 9th most competitive of 138. Perris is at 0.60 buyers per home. Closest: Ontario and Fresno.
• Time on market: 38th longest time on market of 141. Perris is at a median of 57 days on market. Closest: Cathedral City and Lake Elsinore.
• Price cuts: 6th fewest price cuts of 141. Perris is at 11% of sellers cutting. Closest: Cathedral City and San Mateo.

Is now a good time to buy in Perris?

The median asking price is 13.5% below its May 2024 peak. You are not buying at the top. Prices are rising again. Every month you wait costs money. The question is no longer when. It is which house. Perris prices have risen in 85 of the last 111 months. Drops here have been short and shallow. Buying in a slow month has rarely hurt a long hold.

This market is turning. Which way is not settled yet. Check the monthly numbers above before you commit.

How much can you negotiate in Perris?

For every 100 homes still for sale, 60 are under contract. In 2017–2019 at this time of year it was 61. The rest are still waiting for a buyer. Few sellers are dropping their price. Asking prices are holding firm. Your discount will come from one stale listing.

The typical Perris listing has been on the market 57 days. That is 13% longer than a year ago. There are 146 homes for sale in Perris. That is 4.3 times the tightest month on record, but below the peak of 217. Supply is growing against last year.

What to do about it

• Judge each listing on its own.
• Homes listed 60+ days ago with a price cut are where your discount is.
• Fresh, well-priced homes will not move on price. Do not waste offers on them.

What is the fair market rent in Perris?

HUD sets one fair market rent for Riverside County. For fiscal year 2026:

• 1 bedroom: $1,777 a month. Down 4% on last year, up 88% since FY2016.
• 2 bedrooms: $2,201 a month. Down 5% on last year, up 85% since FY2016.
• 3 bedrooms: $2,912 a month. Down 5% on last year, up 74% since FY2016.
• 4 bedrooms: $3,514 a month. Down 6% on last year, up 71% since FY2016.

The figures include tenant-paid utilities and apply to all of Riverside County, so one home's rent can sit well above or below them. See fair market rent by city.

What numbers should you underwrite a Perris deal with?

• Price growth to assume — +3.2%/yr. Perris grew 6.5% a year over the decade. Ignore that rate. Most of it landed in the 2020 and 2021 boom. Without the boom, Perris grows about 3.2% a year. That is the number to type in. Prices rose 5.7% over the last year. Use it for timing. The five-year rate is the better guide.
• Odds you cut your price to sell — 1 in 9. 11% of Perris listings have cut their asking price. Underwrite your exit below asking.
• Competition when you exit — +6%. Homes for sale in Perris are up 6% on last year, so your resale faces more competition than today's comps did.

Read cash flow versus appreciation and how we read these numbers, then run the numbers on a deal.

What is the median home price in Perris?

The median asking price in Perris is about $600,000 as of Sep 2026, down 2.6% from a year ago. The typical listing is 5% smaller than a year ago, and asking price per square foot is up 5.7%. So the size of homes on the market explains much of the drop. This is the asking price on homes listed for sale. Sites that report sold prices or estimated home values will show a different number. Our Perris figures cover the 4 ZIP codes with a Perris mailing address, which can reach past city limits.

Is Perris a buyer's or seller's market in 2026?

Neither side has the upper hand in Perris right now. We compare Perris with 2017–2019 at this time of year: 11% of sellers have cut their price, against 20% then; the typical listing has been up 41% more days; there are 10% fewer homes for sale.

Are Perris home prices going up or down?

The median asking price is 13.5% below its May 2024 peak. You are not buying at the top. Prices are rising again. Every month you wait costs money. The question is no longer when. It is which house.

What is the best month to buy a house in Perris?

Across 9 full years, Perris asking prices ran lowest in March, about 5.3% below the year's average. They peaked in August. The most homes for sale show up in September, about 15% above the yearly average.

What price growth should I assume for Perris?

Assume +3.2% a year. Perris grew 6.5% a year over the decade. Ignore that rate. Most of it landed in the 2020 and 2021 boom. Without the boom, Perris grows about 3.2% a year. That is the number to type in. Prices rose 5.7% over the last year. Use it for timing. The five-year rate is the better guide.

What is the fair market rent in Perris?

HUD's fiscal year 2026 fair market rent for Riverside County is $2,201 a month for 2 bedrooms and $2,912 for 3 bedrooms. The figures include tenant-paid utilities and cover the whole county.