Is Riverside, IL a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Riverside is a neutral's market

Buyer's
Market

Difference Since May 2023

At the same time last year, Riverside was a Seller's Market.

Key Takeaway

Riverside is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Riverside, IL

How much do homes in Riverside, IL cost?

Median Sold Price

$380,000

$246/sqft

Based on all homes sold in the last 12 months.

Difference Since May 2023

-$5,000(-1.3%)

Key Takeaway

Homes in Riverside have sold for 1.3% less than they did a year ago.

Summary: The median home sold price in Riverside was $380,000 in May 2024, down 1.3% from last year, and the median price per square foot was $246.

Median Sold Price By Bedroom Count

# BEDSMay 2023May 2024CHANGE
1 $110.5K$132.2K
+19.7%
2 $260K$300K
+15.4%
3 $417.5K$357.5K
-14.4%
4 $599.9K$639K
+6.5%
5+ $560K$616.5K
+10.1%

Summary: Riverside housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 19.7%, 2 bedroom homes increased by 15.4%, 3 bedroom homes decreased by 14.4%, 4 bedroom homes increased by 6.5%, and 5+ bedroom homes increased by 10.1%.

Median Sold Price Compared To Nearby Cities

Berwyn
+10.5%
Riverside Township
+9.8%
North Riverside
+8.5%
Lyons
+2.9%
Riverside
-1.3%

Housing Supply in Riverside, IL

How many homes are available in Riverside, IL?

Number of Homes For Sale

Apr 2024May 2024CHANGE
5761+7.0%

Summary: The Riverside real estate market had 61 homes for sale in May 2024, a 7.0% increase compared to April 2024.

Homes For Sale By Bedroom Count

# BEDSApr 2024May 2024CHANGE
1 31
-66.7%
2 1411
-21.4%
3 2422
-8.3%
4 1119
+72.7%
5+ 58
+60.0%

Summary: The Riverside housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 66.7%, 2 bedroom homes decreased by 21.4%, 3 bedroom homes decreased by 8.3%, 4 bedroom homes increased by 72.7%, and 5+ bedroom homes increased by 60%.

Number of Homes Sold

Apr 2024May 2024CHANGE
219-57.1%

Asking Price vs. Sold Price

1 Home Was Sold
Under Asking

2 Homes Were Sold
At Asking

6 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Riverside, you could pay more than the asking price. 66.7% of homes here sold above asking price last month.

Summary: A total of 9 homes were sold or pending in Riverside in May 2024, down by 57.1% month-over-month. Of the 9 sold homes, 11% were sold under asking, 22% were sold at asking, and 67% were sold over asking.

Days on Market for Riverside, IL

How long does it take to sell a home in Riverside, IL?

Average Sale Time

May 2023May 2024CHANGE
11 Days7 Days-37.2%

Summary: Homes in Riverside had an average of 7 days on market in May 2024, down by 37.2% compared to last year.

Breakdown of Home Sale Times

9 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Riverside are selling fast, if you're buying plan to act quickly.

Summary: During May 2024, 9 homes were sold in Riverside; 100% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 1 Day Ago

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