California’s hottest luxury homes are getting cheaper. But why?

The luxury real estate market in Palm Springs is witnessing notable price drops following an unprecedented surge. Properties are lingering on the market longer and frequently selling for less than their listed prices. This trend suggests a cooling off as inventory levels rise. On average, home values have slightly dipped compared to last year, marking a shift after a period driven by remote work opportunities and attractive low rates.

By TOI REAL ESTATE DESK