Riverside market update, by Ruby Frazier.

Riverside Market Update

By Ruby Frazier

The Riverside market has continued to grow as years pass by due to the high demand for houses mainly driven by the high population. Since 2000, the population has increased by a whopping 30 percent due to decreased poverty, high employment rates, improved supply of houses, and suitable mortgage rates. Riverside market has also recorded a high homeownership rate of 67.1% higher than the national average as it has been a great place for most people to live in. Homeownership in the Riverside market is more affordable to most people than its neighbor - LA and Orange counties, which is also a pulling factor for most people to prefer it.

Riverside real estate home price has increased by 18.4% for a single-family home which is now up to $564,000. This year, if you are to buy a new home, you have to work with the local team agent to buy offmarket listings, which will help widen your home search. Although the home price seems not to move down south of California, the prices are starting to ease, as revealed by the latest market report from CAR. In most southern California markets, home prices remained the same though they moved down within Los Angeles, which contradicts the past years where all counties in southern California have seen double-digit growth.

TREAD IN RIVERSIDE MARKETS

There is a 50 percent absorption rate as homes are spending an average of 28 days in the market. In post COVID world, the mortgage rate seems to be moving up, which has eased the demand for houses in the Riverside market. Due to high demand and low supply, home price increases as sellers think this is the most suitable time to make more profit. The median house price of single-family houses that are in existence has moved up to $560000. Riverside counties have created a seller’s market where inventory has reduced because of the buyer’s demand. The single-family home is 5083, which is a drop of 5.4% in the past three months. Inventory has reduced from last year, but homes are still moving faster in the luxury home, with an average of $1003315price in Palm Springs that take 28 days in the market.

COVID- 19 has increased the value of the house in the market, strict lender requirements, and raised house demand. This is as we expected the pandemic to disrupt the real estate market and causes house price to rise quickly to an irrational level. Although the inventory is still low, we do not expect the housing market in the riverside real estate to drop; however, the price is starting to ease, according to the late market report.