Riverside Real Estate Value Soars, Average Property Hits $675K in April 2024

The Riverside, CA real estate market has been experiencing noticeable upward trends over the past year, particularly in average property values and sale prices per square foot. Data analysis from May 2023 to April 2024 indicates that the average property value in Riverside has risen from $615,000 to $675,000, marking a substantial increase for homeowners and investors alike.

Simultaneously, the sale price per square foot has climbed from $346 to $355 over the same period. This progression points towards a growing demand for properties in the area, signaling a seller’s market where buyers are willing to pay more for the perceived value of land and buildings.

The average sale price per square foot for properties has gone from $360 in May 2023 to $386 by April 2024. These statistics underscore a robust market where property values are appreciating, offering opportunities for both current owners looking to sell and prospective buyers hoping for long-term investments.

Comparative Market Analysis with Nearby Cities

It’s clear that Riverside’s real estate market is competitive, especially when compared to neighboring cities. As of April 2024, nearby cities showcase a diverse range of property values and sale prices per square foot.

Below is a summary of how nearby cities are trending:

• Jurupa Valley average property values sit at $835,000, and a price per square foot of $416, which exceeds Riverside’s statistics despite having a lower per square foot value of $330. There are only 12 homes for sale in Jurupa Valley, which is common in more exclusive markets.
• Grand Terrace reports a lower average property value of $392,450 and a sale price per square foot of $357. With only 18 properties available for purchase, this market may offer more affordable options for buyers compared to Riverside’s growing prices.
• Norco presents has the highest average property value among the listed cities at $899,000, alongside the highest sale price per square foot of $420. With 23 properties, Norco may also be appealing to premium property seekers.
• Colton, with an average property value of $495,000 and a sale price per square foot of $378, hosts 35 properties and provides a market contrast to Riverside, offering lower-valued options.
• Lastly, Bloomington’s market appears robust in terms of sale price efficiencies, with an average property value of $604,000 and a notable sale price per square foot of $424. With 23 properties, the real estate dynamics in Bloomington might be attractive to those seeking a balance between value and sale price.

These comparative figures highlight a broad and varied real estate market landscape, with Riverside positioned as a focal point of growth amidst varied pricing structures and market sizes in the neighboring regions. Read our Riverside report from earlier this year.