Interested in learning more about the Riverside County real estate market? Here are the latest trends, stats, and median homes prices.
How is the housing market in Riverside County?
According to the Riverside County Real Estate Market Update for November, the median sale price for single-family homes is up to $560,000, an increase of 18.4% year-over-year. Helping drive up prices is low active inventory. If you’re in the market for a new home this year, work with a local First Team agent in order to shop our selection of off-market listings to help widen your home search.
Browse the full report below to learn more and check out the latest trends in your city. This is a great time to sell for top dollar thanks to limited inventory and overwhelming buyer demand that is continuing into the winter market!
Riverside Housing Market Trends For November
- Inventory: With 5,083 single-family homes for sale on the market in November, inventory has dropped 5.4% over the last three months. Low inventory across Riverside County and the entire country has created a seller’s market where inventory can’t keep up with unprecedented buyer demand.
- Buyer Demand: With mortgage rates still at historic lows and Americans valuing home more than ever in our post-COVID world, buyer demand is off the charts. Homes are spending an average of 28 days on market. To help measure demand on the real estate market we’ve also calculated the absorption rate, which compares the number of homes sold in a month to the total number of homes for sale on the market. In November, the absorption rate was 50%. For reference, anything over 20% is considered a seller’s market.
- Home values in Riverside, CA: With low supply and high demand, home prices have naturally been increasing, with home prices hitting record highs all year long across Southern California. Currently, the median housing price of existing single-family homes is up to $560,000.
- Luxury Highlight: The average sale price in Palm Springs is up to $1,003,315. Even though inventory is only down from this time last year, homes are moving even faster. Typically, luxury homes sit on the market for several months longer than lower-priced homes but in Palm Springs the average days on market is only 28 days.
Are home prices dropping in Southern California?
No, home prices aren’t dropping across Southern California. However, prices are finally starting to ease according to the latest market report from CAR. Across most of Southern California, home prices remained level over the last month but they did drop within Los Angeles. But if we look at the past year, all counties within Southern California have seen impressive double-digit growth.
Don’t expect prices in the CA housing market to start dropping because inventory is still so low, but the drastic month-to-month increases have subsided. Many expected COVID-19 to disrupt the real estate market and cause another housing bubble like the Great Recession, however, the pandemic has only increased the value of housing. With low-interest rates, strict lender requirements, and greater importance placed on our home life, the real estate market is booming.
Is Riverside CA a good place to live?
With an increasing population of 29.9% since 2000, decreasing poverty rate, and a high homeownership rate, Riverside CA is a great place to live. The homeownership rate across Riverside County is 67.1%, higher than the national average, and the cost of real estate is significantly more affordable than it’s near neighbors Orange and LA Counties.
According to CAR’s latest Affordability Index, here’s how Riverside compares:
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What are the best neighborhoods in Riverside?
Home buyers interested in Riverside should check out the following neighborhoods in Riverside County, ranked by residents as the most popular:
- Temecula: Best known as Southern California’s go-to wine county, Temecula has grown into a thriving place to live and raise a family. With great schools, lots of parks, and tons of neighborhoods to choose from with newly constructed homes, the city has grown significantly over the last decade. Offering tons of entertainment for the whole family, the area is probably best known for its hot air balloon rides and tours, Pechanga Resort, and Old Town Temecula which is home to events like car shows, western days, and more.
- Eastvale: Built in the 1990s, Eastvale is a part of the Corona-Norco Unified School District and shares a zip code with the city of Corona. MONEY previously listed Eastvale, CA as #17 of 50 Best Places to Live in America and #1 Best Place to Live in California. Homes for sale in Eastvale generally have larger lots with spacious backyards, ranging from the mid $500,000s to nearly $1 million.
- Mission Grove: One of Riverside’s newer developments, the area offers high-quality schools and a diverse population. Real estate in Mission Grove includes a mix of single-family residential, apartments, condos, and retail that was developed beginning in the 1980’s. The northern half of the neighborhood is the most popular, consisting of medium to low-density residential tract homes with three-car garages and large side yards.
- Orangecrest: Adjacent to Mission Grove, Orangecrest is another popular neighborhood within Riverside County. According to niche.com, Orangecrest is the #1 neighborhood in Riverside, CA. Offer the best public schools in Riverside, continually rising property values, and a strong family community, the neighborhood is very friendly, diverse, and well-educated.
- Canyon Crest: Ideally located within the city of Riverside close to Orange County and LA County, the atmosphere of Canyon Crest is similar to a small town. Offering a variety of shopping centers, parks, and quality public schools, the area has become a popular place for Southern Californians in search of lower home prices and high quality of living.
Homes for Sale in Riverside County
Now’s the perfect time to start your home search! Click here to view all homes for sale in Riverside County.