It will be a quiet week at City Hall, with no City Council meeting and two canceled commission meetings. The Cultural Heritage Board will review the City's plan to convert historic district streetlights to LED technology.
The Riverside real estate market has been buzzing with activity this past September. If you’ve been keeping an eye on the market, you’ve likely noticed a few key shifts that have both buyers and sellers talking. So, what exactly happened, and where does the Riverside market stand as we move forward into fall?
Let’s break it down.
Riverside Housing Stats, September 2024
Closed Transactions: 195
Average Sold Price: $692,908
Average Days on Market: 34
New Listings: 149
Inventory is Up, and So Are Days on the Market
One of the most noticeable changes we saw in September was the increase in housing inventory. After months of limited options, buyers suddenly found themselves with more properties to choose from. But more choices often mean longer decision times. Consequently, homes stayed on the market a little longer than we’ve been used to. But don’t be alarmed—this isn’t necessarily a sign of trouble.
Homes that were priced right—the ones that didn’t overshoot the market’s expectations—saw multiple offers come in quickly. These were the homes that stood out for their condition and presentation. On the flip side, properties that need a little extra TLC found themselves lingering, sometimes sitting on the market a bit longer than their shiny, turn-key counterparts.
Still a Seller’s Market—But Choose Your Strategy Wisely
Despite the slight uptick in inventory and days on the market, Riverside remains firmly in a seller’s market. Sellers are still gaining equity across most neighborhoods, making this a strong time to sell. However, there’s a crucial caveat: pricing is everything. Buyers are savvier now, and with more options, they’re taking the time to evaluate homes before jumping in. Sellers who price according to market conditions—not personal expectations—are the ones reaping the rewards with quick sales and competitive offers.
Rate Buzz and the Fed’s Role in Shaking Things Up
Perhaps the most exciting part of September was the buzz surrounding the Fed and interest rates. In a market that’s seen rate increases in recent years, the prospect of a drop had everyone talking. Some predicted a modest quarter-point cut, while others hinted at something more substantial—a half-point or even the bold possibility of a three-quarter cut. It wasn’t just market speculation either; the U.S. Senate weighed in, pushing for a significant rate decrease to help combat inflation and stabilize the banking system.
When the dust settled, the Federal Reserve made a move, dropping rates to 5.99%. This marked the lowest mortgage rate in two years, a welcome relief for both buyers and sellers. Lower rates mean increased purchasing power for buyers, and that, in turn, keeps the demand high and prices stable for sellers.
What Does This Mean Moving Forward?
So, where does Riverside stand now? Buyers may have more options, but they’re also more discerning, meaning sellers need to be thoughtful with their pricing and presentation. Homes that hit the sweet spot will continue to move quickly, while those that miss the mark may need to adjust their strategies. The market remains strong, and with the recent rate cut, we could see an uptick in activity as more buyers jump into the game before rates climb back up.
As always, it’s crucial to stay informed and work with a knowledgeable local agent to navigate this ever-evolving market.
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.
