RIVERSIDE (CNS) - Home prices in Riverside County have shown little impact from the coronavirus pandemic and are poised to tick up in the coming months, according to a study released today.
The Zillow Group's analysis found that the county's median sale price in May was $383,068, 3.8% higher than the same month a year ago.
A tight market that is seeing homes being snatched up in record time helps explain the trend, researchers said.
"As surprising as it might have seemed at the time, sellers who forged ahead with listing their homes this spring were richly rewarded, when buyers buoyed by record-low mortgage rates flooded their listings with offers," said Zillow economist Jeff Tucker.
According to Zillow, new listings of the most expensive homes in the county were down 20.8% yea