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June 2024 Housing Market Update: The Flight to Quality

Windermere Tower Properties provides insights into last month’s housing market.

16940 Tava Lane, in Riverside, sold by Windermere Tower Properties agent, Sharene Greer at $1,125,000.

June 2024 marked a pivotal moment in Riverside’s housing market, characterized by a “flight to quality.” Buyers flocked to homes in pristine condition, especially those priced over $700,000, sparking bidding wars for properties ranging from $700,000 to $1.7 million. This trend underscores the resilience and appeal of Riverside real estate amidst economic fluctuations and evolving buyer preferences. Let’s delve into the key statistics that shaped last month’s Riverside real estate landscape.

Riverside Housing Stats, June 2024

  • Closed Transactions: 213
  • Average Sold Price: $719,779
  • Days on Market Avg: 30
  • New Listings: 178

A Robust Number of Closed Transactions

June 2024 saw 213 closed transactions, indicating a healthy level of market activity. This figure suggests that despite economic uncertainties and fluctuating interest rates, buyers and sellers in Riverside remain confident in the market’s direction. Riverside’s strategic location within the Inland Empire, rich cultural heritage, and robust local economy make it an attractive destination for homebuyers. Additionally, the city’s ongoing investments in infrastructure and community amenities continue to enhance its livability, drawing in both new residents and investors.

Rising Home Values

The average sold price in June 2024 was $719,779, reflecting a significant appreciation in property values. This marks a continued upward trend in home prices, reinforcing Riverside’s reputation as a desirable place to live and invest.

Several factors contribute to the rising home values. The limited supply of homes relative to demand is a primary driver. Riverside’s desirable climate, proximity to major employment hubs, and quality of life make it a sought-after destination. Furthermore, as remote work remains a viable option for many, the city’s appeal to those seeking a balance between urban amenities and suburban tranquility has only grown.

The lowest price for a home sold in June was $315,000, while the highest reached $1,700,000. Homes in the $1 million and above price range had a median days on market (DOM) of just 10 days, indicating strong demand at the higher end. $1 million doesn’t get you much in Orange or LA counties, but it’s still a tremendous value in Riverside.

Market Efficiency and Seller Expectations

The average DOM for June 2024 stood at 30 days. This statistic is particularly telling of the market’s efficiency and the level of buyer demand. A DOM of 30 days indicates that homes are selling relatively quickly, often within a month of being listed. This brisk pace suggests buyers are motivated and ready to act when they find a suitable property.

This is encouraging news for sellers. A shorter time on the market generally leads to fewer holding costs and a smoother transaction process. However, it also means that sellers need to be well-prepared. Homes that are priced right and presented well are likely to attract swift interest, while those that miss the mark may still linger despite overall market health.

A Tightening Inventory

The number of new listings in June 2024 totaled 178, highlighting a tightening inventory. When new listings are fewer than closed transactions, it signals a potential imbalance that could drive prices even higher. This trend underscores the importance of new construction and development to meet ongoing demand.

Real estate broker associate James Monks commented, “The Riverside market is still strong. There is a lack of inventory and tremendous pressure within entry-level priced homes (under $600k).” This pressure at the entry-level further exacerbates the tight inventory situation, making it a challenging environment for first-time homebuyers.

The Bottom Line

June 2024 was a month of significant activity and trends in the Riverside housing market. With 213 closed transactions, an average sold price nearing $720,000, homes moving in just 30 days, and 178 new listings, the market is dynamic and full of potential. For buyers, the key will be to act swiftly and decisively. Preparing and pricing homes appropriately will be crucial for sellers to capitalize on this vibrant market. As Riverside continues to grow and evolve, its real estate market will undoubtedly remain a focal point of interest and opportunity.

Looking to learn more? Check out Windermere Tower Properties’ listing offerings in all price ranges. For questions regarding these properties and all your real estate needs, visit our website at windermeretower.com so we can connect you to one of our real estate professionals.

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