Riverside Real Estate & Homes For Sale

Riverside Housing Market Update

The Riverside housing market is currently experiencing a high level of competitiveness, characterized by rapid sales and multiple offers. As of September 2023, the median sale price for a home in Riverside stood at $605,000, marking an increase of 4.3% compared to the same period last year. This upward trend suggests a market that is favorable for sellers, with prices showing a moderate but consistent rise.

In terms of cost per square foot, Riverside has seen an increase of 5.7% over the last year, bringing the median sale price per square foot to $392. This figure complements the overall trend in home prices and indicates that buyers are willing to pay a premium for space, albeit not as substantially as in some other markets.

The average time a home stays on the market in Riverside has considerably decreased to 22 days, compared to 39 days in the previous year. This acceleration in sales pace underscores the competitiveness of the market. Homes generally receive two offers, and some even receive multiple offers with waived contingencies, further emphasizing the market's favorability towards sellers.

On average, homes in Riverside sell for approximately 1% above the listing price and go pending in around 27 days. However, properties considered "hot" can sell for about 4% above the list price and can go pending in as little as 9 days, revealing a subset of the market that is exceptionally dynamic.

Despite these indicators of a seller's market, it's noteworthy that the number of homes sold has decreased from 237 in September of last year to 151 this year. This decline in volume may be attributable to a variety of factors including economic conditions, interest rates, or possibly inventory constraints.

Much like any other real estate market, Riverside is subject to a multitude of external influences, from local economic factors to broader market trends. Anyone contemplating entering this market, whether as a buyer or seller, would do well to stay informed about these variables and consider seeking advice from a real estate professional specialized in the Riverside area.