Riverside Market Update and Market Appreciation Data for Q3, 2022, by Ruby Frazier.

Riverside Market Update and Market Appreciation Data for Q3, 2022

PHOTOS FROM 123RF

By Ruby Frazier

THE HOUSING MARKET IN RIVERSIDE

Riverside is a city named after the Santa Ana River in California, the USA. The city remains a seller market as home prices increase daily and the number of home buyers continuously floods the market. Twenty-six neighborhoods surround it; the best are La Sierra, Orangecrest, and Canyon. Compared to other cities in the USA, Riverside is affordable. It hosts about 3 million residents. In the last decade, the town has experienced massive growth. In 2008, the United States experienced losses, and most towns went down in the real estate sector. It was again hit by the Covid 19 virus that affected almost every part of the world. However, Riverside portrays a remarkable improvement in the real estate sector. After the virus, employees are quickly recovering their jobs and finding it best to buy homes in the area. Riverside records high inventory levels as few sellers are willing to put their houses on the market, and in the last years, many people from the outskirts have been flooding in. Home costs between $12.9K and $14M.In April 2022, home prices increased by 20% year over year, where homes went for about $639K median price. Markets days for homes are 15 days compared to 16 in the last year, showing a slight difference. However, this year in May, the real estate investors sold fewer houses because 257 homes were sold last month, while at the same time the previous year, 340 houses were sold out by investors. In 2022 compared with last year, Riverside has experienced high home price interest rates, limiting most buyers. Real estate investors concluded that in the third quarter of this year, home prices will go up again and that there will be constant interest rates. Market days will reduce, and more houses sold in the three months.

Single-family homes in May went for an average of $642,500.In the month, there was an increase of 19.8% compared to May last year, when the median home pricing cost was slightly below $550,000.It indicated an increase of about $100,000. Houses in May were priced at $507,500, recording a 29.3% increase. Riverside has not only shown a price increase in townhouses and single-family homes but also recorded a significant increase in price in condos. The median sale price for condos was $403,500 and, like other types, recorded a rise year over year percent, which was 20.4 in May last month. Last year May, the median sale price was approximately $280K.

MEDIAN MARKET DAYS

As mentioned, homes last month stayed for about 15 days before being sold, a decrease of 1% yearly. Since last year, the median market days for allfamily homes have been 16. It is an improvement in the second quarter of 2022. However, for townhouses, the median market days last month were 37 showing a 17% increase year over year, while the median market days were 12 in May 2022, indicating a decrease of 8% year over year.

The home market in Riverside is very competitive as a home receives more than one offer, and some buyers give offers with waived contingencies. Average homes sell for 3% above the listing price and go pending for around 17 days before selling. Homes on high demand sell at 7% above the listing price and pend for about one week before selling. In the third quarter of 2022, home prices will likely remain the same or have minimal changes. of 2% from May to June this year, whereby the price per foot of a home is $353 from $352 last month, indicating a slight difference. Riverside experienced 11% in June this year compared to the previous month, with only 806 houses available for sale. It could be a reason for the increase in house prices resulting from the imbalance between supply and demand. Another reason that leads to the housing gap in Riverside is the proximity of the city to Los Angeles and San Diego, whereby Los Angeles is a busy port and San Diego is a dynamic city.

THE MEDIAN PRICE PER SQUARE FOOT OF A SINGLE-FAMILY HOME IN RIVERSIDE

In May last month, the median price was $355 per square foot; the same month the previous year, it cost about $307 for a single-family home. February this year, the median price was lowest at $335, while in June, the price was slightly above $355, showing a possibility of an increase in cost per square foot in the third quarter of 2022.

THE MEDIAN PRICE PER SQUARE FOOT FOR A CONDO IN RIVERSIDE

In May 2022, the median price per square foot for Condos was 4334, while in May last year, it was $307. However, in June, the cost per foot decreased slightly above $325.

CONCLUSION

Generally, the median list price for all homes in Riverside is slightly lower at $633K from $650 in May 2022. The median home size decreased in June 2022 to 1805sqft from 1849sqft last month. However median price per square foot has increased from $352 in May to $353 in June.