In the bustling real estate landscape of Riverside, California, 2024 has marked a year of notable shifts and opportunities. As summer draws to a close, prospective buyers and sellers alike are taking stock of the latest housing market data, and the numbers reveal a dynamic, if not intriguing, scenario.
Riverside Housing Stats, August 2024
Closed Transactions: 218
Average Sold Price: $691,831
Average Days on Market: 28
New Listings: 175
The Price Tag of Homeownership
Riverside County saw record high prices in August. The median home price in Riverside has climbed to $651,030, reflecting an 8.5% increase from last year. This price hike has pushed the city further into a seller’s market, where demand continues to outstrip supply. At $388 per square foot, the cost of living the Riverside dream is rising, but it hasn’t deterred buyers from flocking to this vibrant community. Mortgage rates continue to drop and last week reached their lowest rates since February 2023, so we can expect to see more buyers coming into the market.
The Data
In this heated market, homes are receiving an average of four offers, often sparking bidding wars. While the sale-to-list price ratio sits at 100.5%, a slight dip from the previous year, it underscores the fierce competition among buyers. With homes typically spending just 33 days on the market, sellers are finding themselves in a strong position. Interestingly, 2024 has seen a slight cooling in some areas. Of the 199 homes sold in Riverside in August, 32% were sold under asking, suggesting that while the market remains hot, buyers are finding pockets of opportunity to negotiate. However, with nearly half of the homes still selling above the asking price, the overall momentum remains robust.
What’s Next for Riverside?
Despite whispers of a potential housing bubble, most economists, including those from Business Insider, are not forecasting a market crash in 2024 or beyond. Instead, the Riverside market appears poised for continued, albeit measured, growth. For those looking to buy, patience and strategy may pay off, while sellers can continue to capitalize on the city’s desirability.As Riverside's housing market evolves, one thing is clear: the dream of homeownership in this sun-soaked city is alive and well, but it comes at a premium. Whether you're buying, selling, or just watching from the sidelines, Riverside remains a market to watch.
Looking to learn more? Check out Windermere Tower Properties’ listing offerings in all price ranges. For questions regarding these properties and all your real estate needs, visit our website at windermeretower.com so we can connect you to one of our real estate professionals.
