Supply is still low, and demand is also still high in Riverside County.
Home Values. The Median Sale price in March 2020 was $419,945. The median home price in March of 2021 was $516,000. That is an increase of $95,055, which is a +22.9% increase in home values compared to last year.
The average Days a house was on the Market in March 2020 was 27 days. In March 2021, the average number of days a home was on the market was down to 8 days. That is a decrease of 70.4%; homes are selling faster.
In March 2020, there were 2,558 closed sales. In March 2021, there were 3,166 closed sales.
There is also a decrease of 59.5% in the number of homes that are active on the market. In March 2020, there were 8,420 active listings. In March 2021, there were only 3,414 active listings on the market.
In addition, 44.54% change year over year of homes in Riverside County are selling for 100% or more of the asking price year over year. In March 2020, 51.68% of the homes sold at 100% or more of the asking price. In March 2021, 74.7% of homes sold at 100% or more of the asking price.
There are also 27.4% more pending sales this year compared to last. In March of 2020, there were 2,127 pending sales; in March 2021, there were 2,710 pending sales.
Interest Rates moved up a bit from the record lows but continue to be at a low. Mortgage Rates continue to fuel and drive demand. People are still wanting to lock in a low 30 Year Interest Rate and payment as an inflationary hedge.
If you would like a market outlook and see the trends specific to your area, a free market evaluation to determine what your home is worth, or if you know someone who is interested in buying or selling a home, call me at (951) 400-4463 or pass on my number.
