End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Riverside, CA (Jan-Nov 2023)

End of Year Report: Metro New Construction Median Sale Price Per Square Foot in Riverside, CA (Jan-Nov 2023)

Executive Summary:

This report provides a comprehensive analysis of the median sale price per square foot for newly built houses in Riverside, CA, from January to November 2023. The data, sourced from Zillow, offers valuable insights into market trends, fluctuations, and potential implications for buyers and sellers.

Table of Contents:

1. Introduction
2. Analysis of Monthly Data
3. Trends and Relationships
4. Highs and Lows
5. Monthly Percentage Changes
6. Annual Average
7. Quarterly Averages
8. Closing and Ending Figures
9. Conclusion and Market Predictions

1. Introduction:

The Riverside real estate market is dynamic and ever-changing, influenced by various factors such as economic conditions, housing demand, and supply. This report focuses on the median sale price per square foot for newly constructed homes in Riverside, CA, throughout 2023.

2. Analysis of Monthly Data:

The monthly median sale price per square foot for newly built houses in Riverside, CA, from January to November 2023, is as follows:

3. Trends and Relationships:

Upon analyzing the data, it’s evident that there are fluctuations in the median sale price per square foot throughout the year. However, there is an overall upward trend with occasional dips.

4. Highs and Lows:

The highest median sale price per square foot was observed in May ($287.30), while the lowest was in August ($271.92).

5. Monthly Percentage Changes:

6. Annual Average:

The annual average median sale price per square foot for newly built houses in Riverside, CA, in 2023 is $280.91.

7. Quarterly Averages:

• Q1 (Jan-Mar): $279.33
• Q2 (Apr-Jun): $282.68
• Q3 (Jul-Sep): $278.81
• Q4 (Oct-Nov): $282.34

8. Closing and Ending Figures:

The median sale price per square foot for November 2023 stands at $287.77. This indicates a positive trend towards the end of the year.

9. Conclusion and Market Predictions:

Based on the analysis of the monthly data, 2023 presented opportunities for both buyers and sellers. The market witnessed fluctuations, with occasional dips offset by upward trends. Overall, the median sale price per square foot showed a positive trajectory, indicating a healthy real estate market in Riverside, CA.

For buyers, particularly those looking to invest in newly constructed homes, early to mid-2023 presented favorable conditions with lower prices. However, for sellers, the latter part of the year showcased increasing prices, suggesting a growing demand and potentially higher returns on investment.

Looking ahead to 2024, it’s reasonable to anticipate continued growth in the Riverside real estate market. Economic stability, low mortgage rates, and increasing demand for housing are likely to support this trend. However, external factors such as global economic conditions and policy changes may influence market dynamics.

In conclusion, 2023 offered a mixed bag of opportunities for both buyers and sellers in the Riverside, CA real estate market. As we move into 2024, maintaining a watchful eye on market trends and adapting strategies accordingly will be crucial for maximizing returns and making informed decisions in this dynamic environment.