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May 2024 Housing Market Update: Inventory Slightly Increases, Land Properties in High Demand

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

6160 Tiburon Drive, Riverside 92506 sold at $2,400,000 by Brent Lee and Lauren Sawyer.

In May 2024, the real estate market experienced a slight increase in inventory, reflecting a dynamic and competitive landscape. According to Windermere Tower Properties Realtor Associate, Leighton Silva, "The inventory saw a modest increase in May, though the market remains highly competitive. High-end properties continue to sell quickly, provided they are in turnkey condition. Currently, properties with land are the most sought-after real estate, capturing significant interest from buyers. A notable challenge we face is the phenomenon of 'golden handcuffs,' where homeowners with mortgage rates below 4% are hesitant to sell. This creates a unique situation for those considering downsizing or upsizing."

Riverside Housing Stats, May 2024

  • Closed Transactions: 201
  • Average Sold Price: $717,272
  • Days on Market Avg: 27
  • New Listings: 143

This month’s data indicates that while more properties are becoming available, the competition among buyers remains fierce. High-priced homes continue to move swiftly, provided they are in turnkey condition. However, land properties have emerged as the most sought-after type of real estate, attracting significant attention from investors and developers.

The phenomenon referred to by Silva as the "golden handcuffs" poses a unique challenge. Homeowners with mortgage rates below 4% are hesitant to sell their properties, creating a bottleneck in the market. This hesitation impacts both potential sellers and buyers who are considering downsizing or upsizing.

As the market evolves, staying informed and understanding the trends is crucial for both buyers and sellers. Real estate professionals continue to navigate these complexities, providing valuable insights and guidance to their clients.

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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