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August 10 2009

Homes for Sale - Riverside Market Conditions July 2009

by brook

Riverside Market Conditions

Is it possible to find reasonably priced housing in Southern California, particularly in an area where buyers aren’t forced to compromise their standards of living? The answer is yes in Riverside, CA. Homes for sale in this booming area are more affordable than in Los Angeles, while still more upscale than in its further inland counterparts.

How affordable, exactly? As of this week, the median price of homes sold in Riverside (an average of single family home and condominium prices) was $215,000; this is 2.5% decline in pricing from July. Are these new homes? It should be noted that Riverside is known for its more traditional, if not historic homes; so, in a word, no. However, those who long for a new model shouldn’t despair; there are plenty of brand new homes in Riverside! Currently, their median price is $432,480.

What about foreclosures? Reports show that there are now 5,861 foreclosed property listings in Riverside; their median price, also down 2.5% since July, stands at $226,987. For an area traditionally regarded as expensive when compared to its surrounding cities, this presents a great opportunity for buyers! Because forecasters predict an eventual bottoming out, now is a good time to start looking.

 

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