The Power Is Now Magazine West Coast Edition | December 2020

Page 37

THIS IS WHY RIVERSIDE HAS REMAINED THE COUNTRY’S TIGHT HOUSING MARKET!

Ruby Frazier

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he latest insights on what’s happening around the Riverside housing market are as follows; the median listing price in Riverside was $509,900 as of November 23, representing a less than 1% change from October 2020, according to Movoto. Moreover, home resale inventories in Riverside were 312, representing a 10% decline since October 2020. Data from Movoto also shows that the median list price per square foot in Riverside market was $276, which is the same figure for October 2020. Also, distressed properties such as foreclosures and short sales didn’t change in November from October in the Riverside housing market. From the few insights above, it is clear that the Riverside real estate market is thriving well and tight with housing activities amid the pandemic. You may be wondering why the Riverside market has remained tight and thriving better than most markets across the country. Below are some of the reasons.

1. HOME APPRECIATION RATES.

Over the last ten years, the Riverside housing market has recorded some of the largest home appreciation rates compared to other markets countrywide. The market has appreciated 103.12% over the last ten years, translating to 7.34% annual home appreciation rate. This puts Riverside in the top 10% nationally for housing appreciation. Further, according to NeighborhoodScout, Riverside market recorded a 4.58% home appreciation rate in the last 12 months, which is slightly above the national average. Appreciation rates in the Riverside housing market have made it so attractive to homebuyers and investors.

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