June 2024 Housing Market Update: The Flight to Quality
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