Riverside CA Real Estate

Median

Since December of 2021, there has been a drop of $25,000 in value. You should look at median as half the homes being priced above and the other half below. The median value is the one right in the middle.

Average Price

We can see from the chart that prices are trending down from July 2022. The prices have not come crashing down. Rather, they are coming in for a soft landing.

Average Days On Market

Notice that homes are taking much longer to sell. Also, notice that in the red hot summer market that homes were flying off the shelf. This was caused by high buyer demand. If you want to get your home sold you have to price it appropriately and sell round the average time. You don't want your home to just be sitting on the market because that's a signal to buyers that you might accept a lower offer.

Closed Sales

We can see from the chart that the number of homes closed is down from December 2021. We can also notice that the trend is that less homes are closing each subsequent month. This may be due to higher interest rates or falling buyer demand. For the next few months, we can expect that there will be close to the same amount of closings per month as December 2022.

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Real estate is a complicated thing. No two situations are the same. If you need any clarification or would like a consultation, don't hesitate to reach out.

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Enrique Carbajal Jr., MBA

Real estate is a multi-faceted industry. I'm always learning and hope to provide the utmost customer service. I've sold many homes in the Inland Empire. I hold a bachelor in computer science and a masters in finance.

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