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 day 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 was 2,558 closed sales. In March 2021 there were 3,166 closed sales.

There is also a decrease of 59.5% of homes that are active on the market.In March 2020 there were 8,420 active listings. In March 2021 there are 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. 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 that is interested in buying or selling a home call me at (951) 400-4463 or pass on my number.