Low Inventory, Quick Sales, and Price Surge
Riverside's real estate market is buzzing with activity, driven by just 2.15 months of inventory, which signals a strong seller's market where demand surpasses supply. Although the 12-month inventory has increased by 44.3%, suggesting a potential shift towards a more balanced market, homes are selling rapidly, with a median time of just 20 days on the market.
Properties are achieving 99.8% of their asking prices, reflecting fierce competition among buyers. With a median sold price of $675,000, the market is vibrant and competitive. Both buyers and sellers need to act swiftly and strategically in this dynamic environment.
