Real estate experts agree that there is always a demand to live in the state of California, and the current market in Riverside makes it a compelling choice. The constant need for property in California contributes to the low supply and inventory of available homes. Even with higher real estate prices than most others across the country, interest in this region doesn’t wane, and prospective buyers are undeterred. If the American dream is your goal, California is a great place to be.
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California Housing Market Trends 2022
What makes California so compelling? Well, for one thing, the climate. Who doesn’t want to experience California weather year-round? You can’t beat the coastal beauty and scenic wonder of living alongside the mighty Pacific Ocean. While 2021 was a record-setting year for real estate sales across the state, 2022 also shows great promise. While inventory is still relatively low, the Median Listing Home Price is $737.8K, compared to the peak median price of just under $899,000. This slight reduction could mean the best time to buy is nigh, especially if you believe interest rates will continue to increase.
Riverside CA Housing Market Trends
So, what makes Riverside, California, any different than the rest of the state? Well, for one thing, according to Redfin, the Median Sale Price is $630,000- significantly less than the state of California. The market in Riverside County is very competitive, with Redfin giving the area a score of 77 out of 100. Generally, properties last about 15 days on the market, indicating that demand remains high. Still, buyers could be seeing a shift from the sellers’ market that has dominated the state and country since the pandemic hit in 2020.
Notably, this year, almost 1500 homes have sold in Riverside above the listing price. On the flip side, around 600 homes sold below the seller’s listing price; just over 500 sold at the listing price.
Riverside CA New Construction Real Estate Market
Since available listings on the market seem scarce, the option of new construction may be any buyer’s best bet. In Riverside, new construction homes stay active for an average of 46 days at the time of writing. Depending on your source, there are between 32 and a couple of hundred active new home listings in the Riverside area. Zillow has 29 homes listed by agents and three ‘other’ listings. This number could represent the number of move-in-ready homes, but Realtor.com claims there are 56 homes available. Other sources claim a few hundred homes are available, but it’s unclear when these homes will be move-in-ready. Regardless, it’s hard to know how accurate Zillow and Realtor.com are since the data may reflect only the homes sold by their advertisers. The median listing price for new construction homes is $634,900, according to Realtor.com.
Riverside CA Real Estate Predictions
Real estate experts rate the Riverside, CA, housing market as very competitive, showing no signs of slowing down. However, prospective buyers and investors should know that the area’s market is changing, making it easier to find that perfect property. Factors influencing Riverside’s local real estate market include interest rates, days on the market, and inventory. However, buyers may not find a tremendous change in prices. If you have been thinking of moving or buying in Riverside, this may be your year! Thus far, 2022 has shown favorable conditions to prospective buyers after a somewhat one-sided sellers’ market the last couple of years.
Are you interested in real estate in Riverside? Talk to an agent or broker for the most up-to-date information and to learn more.
Frequently Asked Questions (FAQs)
What are the Best Places to Live in California?
The best places to live in California come down to what you are looking for in terms of schools, community, location, and more. Some of California’s most coveted, sought-after, and expensive areas to buy property include San Francisco, San Jose, San Diego, Calabasas, Santa Rosa, Santa Barbara, Sacramento, and Los Angeles.
Why are Houses So Expensive in California?
California is a place where many people want to live, which drives up the cost of available homes and properties. Supply and demand are mainly why houses seem more expensive in California than in other areas. Other factors, including the weather and politics, play into why some migrate to the west coast. California has been the number one destination for several decades for most Americans and foreign investors. The state has lost that luxury; things have changed dramatically over the last few years.
What is the Average Price of a House in California?
According to many real estate sites, the median price of a home sold in California ranges from $630K to $635K. These prices represent a year-over-year increase of roughly 10%.
Where are the Cheapest Places to Buy Homes in California?
While California has some of the country’s highest-priced homes, some areas with slightly lower median home values may be more affordable for buyers. You may find less costly Californian property in Riverside, Midtown West, Anderson, Swain Oaks, Wilson Heights, Stockton, and University. Talk to a real estate broker or agent to learn more and for questions about your situation.
The demand for homes and property in California may never cease altogether. Many buyers and investors want to own a piece of the glorious California coast- and Riverside is an attractive option. Investors are finding a comparable demand for rentals and multifamily dwellings to satiate the growing demand for housing across the state. If you want to own property, the market in California is firm, with no apparent or immediate signs of slowing this year.