May 2021 Housing Market Report in Riverside County
Here is an update you on Riverside County’s Housing numbers for single-family residences comparing May 2020 to May 2021. Supply is still low and demand is also still high across cities in Riverside County.
Home Values. The Median Sale price in May 2020 was $418,000. The median home sale price in May of 2021 was $518,000, which is an increase of $100,000 which is a +23.9% increase in home values compared to last year.
The average Days a house was on the Market- In May 2020, was 29 days. In May 2021, the average day home was on the market was down to 9 days. That is a decrease of 69%.
In May 2020 there were 10,257 closed sales. In May 2021 there were 13,616 closed sales. There is also a decrease of 58.8% of homes that are active on the market. In May 2020 there were 9,084 active listings. In May 2021 there were only 3,744 active listings on the market.
In May 2020 51.04% of the homes sold at 100% or more of the asking price. In May 2021, 80.65% of homes sold at 100% or more of the asking price. There are also 22% more pending sales this year compared to last. In May of 2020, there were 11,345 pending sales, in May 2021 there were 13,845 pending sales.
Interest Rates have fluctuated 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.
Overall, the Real Estate market in Riverside County and throughout California remains strong. As long as we continue to see a lien supply of homes for sale and high demand, we’ll continue to experience price appreciation.
If you would like a market outlook and see the trends specific to your area or a free-market Evaluation to determine what your home is worth. Call me today at (951) 400-4463. 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. Thank you for taking the time to listen in.