It’s a seller’s market for homes in the Riverside metropolitan area, where one in three recently listed properties were sold above the list price, a real estate tracking firm reported Thursday.
According to Zillow Group, 33.4% of single-family homes that went on the market in the Riverside area in September netted the sellers an average $19,533 beyond the advertised price.
Homes most in demand fell into the $397,667 to $486,667 price range, Zillow reported. In the third quarter of this year, the median price for a single-family dwelling in Riverside County was $475,000, according to the California Association of Realtors.
“The housing market is taking us all back to Economics 101 and teaching lessons about supply and demand,” Zillow Senior Economist Chris Glynn said.
“A persistent interest in buying and moving is creating an imbalance that is driving prices higher than we typically see at this time of year …,” he Glynn. “With tight inventory, low interest rates and robust demand from households re-evaluating their housing needs, a strong, competitive market with many transactions is likely here to stay into 2021.”
Zillow’s analysis found that nationwide, 22.4% of homes that changed hands in September sold over their list price.
Only 16.4% of purchases in the Riverside area were “over-list” acquisitions in September 2019, according to the report.
The inventory of available homes locally is down 46% compared to a year ago, according to Zillow.
More information is available at www.Zillow.com/data.