Rancho Mirage, California Housing Market

What stands out in Rancho Mirage?

• 40.1% of homes are vacant: among the highest vacancy of 765 tracked cities. Tenants have choices. Budget extra vacancy.
• 10% of sellers have cut their price: among the lowest share of price cuts of 765 tracked cities. Sellers are holding firm on price.
• 17 homes are under contract for every 100 still for sale: among the fewest homes under contract per listing of 584 tracked cities. Demand is light. Your offer may be the only one.

How far have Rancho Mirage prices fallen?

Asking price per square foot in Rancho Mirage is 12.1% below its Apr 2022 high and down 5.3% over the last year. Prices were above the year before in 65% of months since the data starts, so drops here have not always reversed quickly. 10% of sellers have cut their price. Underwrite with no price growth for now and let the seller carry the next cut.

What does a shrinking population mean for Rancho Mirage landlords?

The population in Rancho Mirage's ZIP codes fell 3.5% over five years. 40.1% of homes are vacant, higher than 98% of tracked cities. Households fell 3.1% while the housing stock changed -5.2%. Fewer households means a thinner tenant pool. Budget extra vacancy and buy where renters already concentrate.

How much can you negotiate in Rancho Mirage?

For every 100 homes still for sale, 17 are under contract. In 2017–2019 at this time of year it was 26. The rest are still waiting for a buyer. Few sellers are dropping their price. Your discount will come from one stale listing.

The typical Rancho Mirage listing has been on the market 72 days. That is 5% shorter than a year ago. There are 267 homes for sale in Rancho Mirage. That is 4.2 times the tightest month on record, but below the peak of 655. Supply is growing against last year.

What to do about it

• Judge each listing on its own.
• Homes listed 90+ 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.

Is now a good time to buy in Rancho Mirage?

The median asking price is 29.5% below its Jan 2022 peak. Per square foot the gap is smaller: 12.1% below the Apr 2022 high. Part of the drop is smaller homes coming to market. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower. Rancho Mirage prices rose in only 72 of the last 111 months. This market goes up and down. Timing matters here. Growth will not rescue a bad price.

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

Who will rent from you in Rancho Mirage?

Only 18 out of every 100 Rancho Mirage households rent. This is an owners' town. That share has held steady for five years. Renter households average 2.1 people. Singles and couples rent here. Two bedrooms beat four.

The median Rancho Mirage household earns $107,364 a year. Incomes here have grown 6.4% a year since 2019. Incomes are rising faster than home prices. Affordability is improving. A typical home costs 8.4 times the median income. Most locals cannot buy. That keeps rental demand deep. It also caps the rent they can pay. At 30% of income, a tenant on the median income can pay about $2,684 a month.

To see what one Rancho Mirage address would rent for and cash flow, run it through the app.

How does Rancho Mirage compare with other California markets?

Ranked among the 141 California markets we track:

• Asking price: 51st priciest of 141. Rancho Mirage is at $899,000. Closest: Vista and Escondido.
• Buyer competition: 3rd least competitive of 138. Rancho Mirage is at 0.17 buyers per home. Closest: Napa and Palm Desert.
• Time on market: 8th longest time on market of 141. Rancho Mirage is at a median of 72 days on market. Closest: Napa and Yucca Valley.
• Price cuts: 4th fewest price cuts of 141. Rancho Mirage is at 10% of sellers cutting. Closest: San Mateo and Oakland.

What numbers should you underwrite a Rancho Mirage deal with?

• Price growth to assume — +0.5%/yr. Rancho Mirage grew 6.0% a year over the decade. Ignore that rate. Most of it landed in the 2020 and 2021 boom. Without the boom, Rancho Mirage prices are flat. Assume no growth. Prices fell 5.3% over the last year. Use it for timing. The five-year rate is the better guide.
• Months of carrying cost — 3. Budget at least 72 days of holding costs, the current median listing age, when you exit or refinance.
• Odds you cut your price to sell — 1 in 10. 10% of Rancho Mirage listings have cut their asking price. Underwrite your exit below asking.
• Comp on price per square foot — $394/sqft. The typical Rancho Mirage listing shrank from 2,770 to 2,370 sqft since Jul 2016. So median price hides real growth: 77% per sqft versus 55% on the median. Comp on median price and you will overpay for small homes.
• Competition when you exit — +6%. Homes for sale in Rancho Mirage are up 6% on last year, so your resale faces more competition than today's comps did.

Read how price cuts signal a market turning and how we read these numbers, then run the numbers on a deal.

What is the median home price in Rancho Mirage?

The median asking price in Rancho Mirage is about $899,000 as of Sep 2026, down 7.5% from a year ago. 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 Rancho Mirage figures cover the 1 ZIP code with a Rancho Mirage mailing address, which can reach past city limits.

Is Rancho Mirage a buyer's or seller's market in 2026?

Neither side has the upper hand in Rancho Mirage right now. We compare Rancho Mirage with 2017–2019 at this time of year: there are 17 pending sales per 100 listings, against 26 then; 10% of sellers have cut their price, against 14% then; there are 21% fewer homes for sale.

Are Rancho Mirage home prices going up or down?

The median asking price is 29.5% below its Jan 2022 peak. Per square foot the gap is smaller: 12.1% below the Apr 2022 high. Part of the drop is smaller homes coming to market. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower.

What is the best month to buy a house in Rancho Mirage?

Across 9 full years, Rancho Mirage asking prices ran lowest in August, about 4.1% below the year's average. They peaked in December. The most homes for sale show up in January, about 14% above the yearly average.

What price growth should I assume for Rancho Mirage?

Assume +0.5% a year. Rancho Mirage grew 6.0% a year over the decade. Ignore that rate. Most of it landed in the 2020 and 2021 boom. Without the boom, Rancho Mirage prices are flat. Assume no growth. Prices fell 5.3% over the last year. Use it for timing. The five-year rate is the better guide.

What is the fair market rent in Rancho Mirage?

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.