Home Prices Continue to Rise in Palm Springs
Nestled within Coachella Valley in the Colorado Desert, Palm Springs is a popular resort city in Riverside County, California. A desirable retirement location as well as winter tourist destination, the population in Palm Springs is about 44,575, but the number of residents triples between November and March. Over 10% of the city’s land is designated as part of the Agua Caliente Band of Cahuilla Indians reservation and the capital of the most populated reservation in California. The mid-century modern architecture, recreational activities, elements of design, and arts and cultural scene make Palm Springs memorable.
Palm Springs has long been a valuable location for real estate investors. During the pandemic, this city’s real estate market defied all odds and continued to grow throughout 2020 and 2021, and this growth continues into 2022. Palm Springs is currently in a moderately competitive seller’s market, with houses typically selling for anywhere from 2% up to 5% above asking price, selling within 35 days of going on the market. The median price of homes in Palm Springs has increased 12% from last year to $593,000 for all home types. For single family homes, the architectural works of art that Palm Springs is known for, the median sale price is $1,050,000.
The area is also looking profitable for land owners looking to rent out their property. The median monthly rent is over $1,800, and rent for single-bedroom properties has increased as much as 30% from last year. Two-bedroom apartments are up about 10%.
Art Events in Palm Springs
Let’s take a look at some of the cultural events that make Palm Springs so notable and lively. The Palm Springs International Film Festival and International Festival of Short Films (also known as “ShortFest”) are nationally-known red-carpet events that showcase the film industry and the creators and stars within it. To mirror the impressive architecture displayed throughout the city, Modernism Week occurs over the course of 11 days every February, featuring mid-century modern architecture through tours, lectures, films, and the Modernism Show & Sale.
The Agua Caliente Cultural Museum holds the Festival of Native Film & Culture each year in the Camelot Theaters. Additionally, the Palm Springs Cultural Center holds a variety of annual events such as The Palm Springs LGBTQ Film Festival, the Certified Farmer’s Markets, and the Arthur Lyons Film Noir Festival. Other notable events include the circuit White Party held in April, the Club Skirts Dinah Shore Weekend, considered the “largest girl party in the world”, and the Palm Springs Desert Resorts Restaurant Week held every June.
Notable Neighborhoods
These are some of the most iconic and popular neighborhoods that make the city of Palm Springs a beautiful and beloved destination for snowbirds, retirees, celebrities, and more:
Vista Las Palmas
This neighborhood features much of the stunning midcentury architecture that makes Palm Springs what it is. The neighborhood first gathered attention in the early 20th century, and is still home to a variety of Hollywood celebrities, performers, and entertainment executives.
Twin Palms
Twin Palms is an important neighborhood in Palm Springs because it is the birthplace of Modernism at a large scale in the city. The Alexander Construction Company completed the first midcentury modern neighborhood here, directly leading to the large sweep of this architectural style over the city of Palm Springs.
Sunrise Park
This centrally-located neighborhood is home to the Camelot Theatre, an important location for many of the film related events and celebrations in the city. Located less than a mile from both downtown and uptown Palm Springs, Sunrise Park is sprinkled with midcentury modern homes, many of which are post-WWII tract houses developed by some of the most influential architectural names of the era.
The Movie Colony
Sitting just northwest of Sunrise Park, this area takes its name from its notable Hollywood History. Featuring many unforgettable homes designed by architects like Donald Wexler, Albert Frey, and E. Stewart William, this area was a hotspot for Hollywood stars beginning in the mid 1920’s. Residents such as Marilyn Monroe, Gloria Swanson, Cary Grant, and Rory Calhoun are known to have taken residence in the Movie Colony.
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