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Riverside Market Update and Market Appreciation Data for Q3, 2022 By Ruby Frazier THE HOUSING MARKET IN RIVERSIDE Riverside is a city named after the Santa Ana River in California, the USA. The city remains a seller market as home prices increase daily and the number of home buyers continuously floods the market. Twenty-six neighborhoods surround it; the best are La Sierra, Orangecrest, and Canyon. Compared to other cities in the USA, Riverside is affordable. It hosts about 3 million residents. In the last decade, the town has experienced massive growth. In 2008, the United States experienced losses, and most towns went down in the real estate sector. It was again hit by the Covid 19 virus that affected almost every part of the world. However, Riverside portrays a remarkable improvement in the real estate sector. After the virus, employees are quickly recovering their jobs and finding it best to buy homes in the area.
Riverside records high inventory levels as few sellers are willing to put their houses on the market, and in the last years, many people from the outskirts have been flooding in. Home costs between $12.9K and $14M.In April 2022, home prices increased by 20% year over year, where homes went for about $639K median price. Markets days for homes are 15 days compared to 16 in the last year, showing a slight difference. However, this year in May, the real estate investors sold fewer houses because 257 homes were sold last month, while at the same time the previous year, 340 houses were sold out by investors. In 2022 compared with last year, Riverside has experienced high home price interest rates, limiting most buyers. Real estate investors concluded that in the third quarter of this year, home prices will go up again and that there will be constant interest rates. Market days will reduce, and more houses sold in the three months. JULY 2022 | 55
