Riverside Property Values Soar in 2023 Amid Fierce Housing Market Trends

In 2023 Riverside, CA, saw an increase in house values. From December 2022 to December 2023, the average value in Riverside increased from $599,000 in November 2022 to $625,000 in December 2023. This rise in property valuation suggests a booming housing market, indicating that it might be the right time for both investors and buyers to consider this thriving market.

While average values show an increasing trend, the average sold prices fluctuated over the course of the last 12 months. This suggests a more dynamic market that responds to numerous factors, such as seasonal changes or macroeconomic conditions. Riverside’s average sold prices peaked at $618,753 in November 2022 before slightly dropping to approximately $617,982 by December 2023.

Price Per Square Foot

Another important trend worth noting is the average price per square foot which, despite fluctuations, exhibits an upward trend over the year in Riverside. The price per square foot commenced at $350 in November 2022 and saw an increase, ending at $377 by December 2023. This data is vital for property investors and potential homeowners as it gives a consistent measure to compare property prices across different-sized properties.

Nearby City Trends

The dataset also points out the difference in property values in the cities surrounding Riverside. Notably, Jurupa Valley exhibits a higher average value ($798,888 by December 2023) compared to Riverside, whereas Colton presents a lower average value ($449,000 by December 2023). These differences provide an insightful comparative analysis of real estate trends across the region.

Property and Sold Property Count Trends

There were 487 properties listed for sale in Riverside in November 2022, which then dropped to 301 by December 2023. Meanwhile, 3610 properties were sold at the peak in November 2022, contrasted with 2932 properties in December 2023.

Moreover, over the past six months, the median transaction value was $595,000 which is slightly higher than the 12-month median transaction value of $590,985.

Foreclosure Rates

The dataset highlights the number of foreclosures in Riverside and their average values. There are 106 foreclosures with a median value of $611,750, slightly lower than the recently sold median value of $618,942. These stats shed light on the proportion of distressed sales in the market.

Finally, different submarkets within Riverside saw variable average list prices, sales prices, and values per square foot. For example, the zip code 92508 has a higher median list price of $799,900 compared to 92501 with a median list price of $537,500. Understanding these micro-market dynamics can help homebuyers and investors target their search more precisely.

In conclusion, the Riverside housing market shows promising potential with generally increasing median property values. However, fluctuations in sold prices, price per square foot, and property counts suggest a multifaceted market influenced by an array of factors. By diving deep into the data, prospective buyers and investors can more accurately gauge the implications and potential of their property investments in the Riverside area.