Riverside is a city in, and the county seat of, Riverside County, California, United States, located in the Inland Empire metropolitan area. It is named for its location beside the Santa Ana River. It is the most populous city in the Inland Empire and in Riverside County, and is located about 55 miles (89 km) east of downtown Los Angeles. It is also part of the Greater Los Angeles area. Riverside is the 58th most populous city in the United States and 12th most populous city in California. As of the 2010 Census, Riverside had a population of 303,871.
Riverside was founded in the early 1870s. It is the birthplace of the California citrus industry and home of the Mission Inn, the largest Mission Revival Style building in the United States. It is also home to the Riverside National Cemetery.
The questions most often asked of us by Riverside home sellers are “How much will my home sell for?” and “How quickly will it sell?”. Of course, the answers are quite property specific, but the below charts show the local market average for the last year.
Another major factor for Riverside buyers and sellers should be listing competition. The charts below show market trends for new listings as well as the current number of active homes for sale.
These next charts are perhaps more useful for us Brokers, but are key market indicators nonetheless. Months of Inventory estimates how long it would take to sell all the homes currently on the market if no new listings were added. Most brokers still consider six months to equal a “balanced market”. Less than that is a “sellers’ market”, more is a “buyer’s market”.
The number of pending sales indicates the actual number of properties under contract. This data is particularly helpful when compared to the number of listings.
Lastly, potential buyers regularly ask about buying foreclosure properties (in search of a better deal). Since recovery from the great recession of 2008, foreclosures have remained at record lows.