Riverside, in California’s Inland Empire, is known for its citrus orchards, University of California campus and historic Mission Inn. With its proximity to Los Angeles and affordable housing options, it’s an appealing spot for homebuyers.
NerdWallet determined Riverside’s market trends by analyzing March 2016 data from real estate site Agent Ace. If you’re considering moving to Riverside, here’s what you should know about the local real estate market.
Real estate market in Riverside
How hot is the Riverside real estate market? Should you expect to spend more or less than asking price?
Is it a buyer’s or seller’s market?
With high demand for housing and quick inventory turnover, Riverside is considered a seller’s market, according to Agent Ace. However, many active listings are available, and homebuyers can still nab a deal at less than the asking price.
Most popular homes in Riverside
Nearly all sales in Riverside in March were single-family homes. Of 228 total home sales, only three were townhomes and 14 were condos.
How long are homes on the market?
Of the 228 homes sold in March, 84 took more than three months to sell, but the large majority sold in one to three months. Nine homes sold in one month or less. Central Avenue was the hottest street in Riverside for home sales.
How long are listings active?
In March, it took a median of 70 days for a listing to sell in Riverside. That was a 21% decrease from the previous month, indicating that inventory is moving faster. In January, the median time on the market was closer to 90 days.
Buying a home in Riverside
If you’re sold on living in Riverside, homes are available at a variety of prices, and many sell for less than the asking price.
How much did buyers pay?
Buyers paid more than the asking price in fewer than one-sixth of all March home sales in Riverside. Although Riverside is considered a seller’s market, nearly three times as many buyers paid less than the asking price than paid higher than the asking price.
Cost of a Riverside home
The median list price for a Riverside home was $360,000 in March. The good news for sellers — and bad news for buyers — is that home prices have been on the rise here since December 2015. The median price in March rose $20,000 from the previous month.
As a large geographic area with many housing options, Riverside has homes for sale from $60,000 to more than $2 million.
Learn more about what it’s like to live in Riverside.
Can you afford Riverside?
You’re ready to move to Riverside, but do you know how much home you can afford? Try our home affordability tool to determine how much you can spend. If you’re moving to Riverside, try our cost of living calculator to make sure you can afford it.
Real estate agents in Riverside
Are you in the market for a house in Riverside? Riverside real estate agents can help you find your dream home.
Infographics courtesy of Agent Ace.