The Riverside CA housing market has been characterized by a robust demand for homes, which has led to a steady increase in home prices and a relatively quick turnover rate for listed properties. It continues to attract attention from both local and out-of-state buyers.
Riverside CA Market Trends and Data
Recent data by Redfin indicates that the median sale price of a home in Riverside was $625,000 in February 2024, marking a 5.0% increase since the previous year. The median sale price per square foot stood at $395, reflecting a 11.1% rise from last year. These figures underscore the sustained growth and competitiveness of the Riverside housing market.
Homes in Riverside are selling after an average of 41 days on the market, a significant decrease from the 65 days observed last year. This faster pace of sales is a testament to the high demand and the very competitive nature of the market, where many homes receive multiple offers, some with waived contingencies.
The market's inventory has also seen changes, with 618 homes for sale in February 2024, which is a 7.0% increase from January 2024. This subtle shift could signal a move towards a more balanced market, providing more options for buyers without diminishing the sellers' advantage.
Projections and Outlook
Moreover, Riverside has been projected to be one of the top real estate markets for 2024, with an estimated average sales growth of 13.1%. This projection is particularly noteworthy as it contrasts with a sales decline of 4.1% for other California areas in the top 100, highlighting Riverside's unique position in the state's real estate landscape.
For those considering investing in or relocating to Riverside, the current trends suggest a market that is still very much in favor of sellers, with homes selling quickly and often above the asking price. However, the slight increase in inventory and the stabilization of prices may offer opportunities for buyers as well.
Riverside Housing Market Forecast 2024 & 2025
According to Zillow, in Riverside, California, the average home value stands at $622,996, reflecting a 6.8% increase over the past year, with homes going to pending status in approximately 18 days as of February 29, 2024. These figures paint a vivid picture of the current state of the Riverside housing market.
As of the latest data available, there's no indication of home prices dropping in Riverside. On the contrary, the market has witnessed a 6.8% increase in average home values over the past year, reflecting sustained growth and demand.
Speculating about a housing market crash involves considering various economic indicators, historical trends, and market fundamentals. While no one can predict the future with certainty, the Riverside housing market currently shows resilience and stability, with consistent appreciation in home values and robust demand.
When delving deeper, it's essential to understand several key housing metrics that define the market's behavior:
- For sale inventory: As of February 29, 2024, there were 392 properties listed for sale, indicating the available housing stock in the market.
- New listings: On the same date, 160 new properties were listed, providing insight into the pace of market activity and potential growth.
- Median sale to list ratio: As of January 31, 2024, the median sale to list ratio stood at 1.000, highlighting the relationship between listing prices and actual sale prices.
- Median sale price: Data from January 31, 2024 reveals a median sale price of $619,167, indicating the typical price point for homes sold in Riverside.
- Median list price: As of February 29, 2024, the median list price was $662,833, providing a benchmark for sellers and buyers alike.
- Percent of sales over/under list price: The market dynamics are further illuminated by the percentage of sales exceeding (47.0%) or falling below (36.0%) the list price as of January 31, 2024.
Riverside MSA Housing Market Forecast
The Riverside Metropolitan Statistical Area (MSA), encompassing various counties in California, is a significant player in the regional real estate landscape. Stretching across Riverside County and parts of neighboring areas, this MSA boasts a substantial housing market, attracting both buyers and sellers with its diverse offerings and opportunities.
Looking ahead, the Riverside MSA Housing Market Forecast indicates promising growth. Based on data projections, as of February 29, 2024, the forecast predicts a 0.2% increase by March 31, 2024, followed by a 0.5% uptick by May 31, 2024, and a 1.1% rise by February 28, 2025. These forecasts provide valuable insights for stakeholders navigating the Riverside real estate terrain.
Is Now a Good Time to Buy a House in Riverside?
For prospective homebuyers, assessing whether now is a good time to buy a house in Riverside depends on individual circumstances, financial readiness, and long-term goals. While market conditions may favor sellers, opportunities exist for buyers who are well-prepared and informed. With low mortgage rates as compared to last year and favorable financing options, some may find the current market conducive to purchasing a home.
In conclusion, the Riverside housing market in 2024 presents a picture of health and momentum, with a competitive environment that benefits sellers while also offering potential for buyers. Whether you're looking to sell, buy, or invest, keeping a close eye on the market trends will be crucial in making informed decisions in this vibrant Southern California community.