Current Insights into Riverside, CA Real Estate Market

The housing market in Riverside, CA is moderately competitive, with some homes receiving multiple offers. On average, homes sell for about 1% below their list price and take around 50 days to go pending. However, homes in excellent condition can sometimes sell for about 2% above their list price and go pending in around 20 days.

In March of this year, there were 183 homes sold in Riverside, which is a decrease from 272 sold last year. The average home sells after 43 days on the market, which is longer than the 21 days it took last year. Homes for sale in Riverside, CA take an average of 29 days to sell, compared to 36 days last month and 20 days last year.

Currently, there are 703 homes for sale in Riverside, which is 2% higher than it was at the same time last year. In March, 259 homes were listed for sale, which is 5% lower compared to the same time last year but 18% higher compared to last month.

The median sale price of a home in Riverside was $589K last month, a decrease of 1.8% since last year. The median sale price per square foot in Riverside is $356, down 2.5% since last year.

Regarding migration and relocation trends, in January '23 - March '23, 18% of homebuyers in Riverside searched to move out of the area, while 82% looked to stay within the metropolitan area. 6% of homebuyers across the nation searched to move into Riverside from outside metros, with San Francisco homebuyers searching to move into Riverside more than any other metro, followed by Chicago and New York. 82% of Riverside homebuyers searched to stay within the Riverside metropolitan area, with Las Vegas being the most popular destination followed by San Diego and Phoenix.