There were 1,923 homes sold in May, with a median sale price of $613,000 — a 6.6% increase over the $575,000 median sale price during the same period of the previous year. In comparison, 2,041 homes were sold in Riverside County in May 2023.
Based on the latest available data from 2021, the median sales tax in Riverside County was $2,264, which stands at 0.4% of May's median home sale price.
The U.S. housing market has soared in recent years, with its total value nearing $50 trillion in 2024. This is almost five times greater than the market's value in 2000.
“The value of America’s housing market will likely cross the $50 trillion threshold in the next 12 months as there are not enough homes being listed to push prices down,” said Redfin Economics Research Lead Chen Zhao.
The following histogram displays changes in median sales prices in Riverside County from May 2023 to May 2024.
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