How's the real estate market in Riverside, IL?
Riverside - home of gas lights, streets and parks by Olmsted (Central Park), the Chew-Chew (watch for it on Check, Please!), Higgins Glass (mid-century modern art glass) and Aunt Diana's Fudge. Hometown to my husband and home of Riverside-Brookfield High School, our alma mater. Quaint METRA station, too, for a short commute to the city. Top-rated schools. So how's real estate doing there? My market analysis, shared from MRED LLC, the MLS in this area, is coming right up, but just a note of caution. Riverside is an aquired taste. It's quaint, historic, and small. And with Olmsted's twisty, turn-y streets, some clients and agents are afraid to venture in, lest they never come out again. Fear not - you'll always hit a major street like Harlem or 1st Avenue, 26th or Ogden - so explore with abandon. That being said, real estate always operates at a bit slower pace in Riverside. Don't let numbers that are less bright and shiney than those of other towns fool you...the recovery is coming to Riverside, too. The months of inventory as of December 2012 stood at 6.6, as opposed to 17.0 in Dec., 2011 - a 61.1% drop. Wow! The percentage of original list price to the sold price was 83% in Dec. 2012, compared to 77.5% in 2011, a 7.2% increase. Riversiders are still over-estimating their true price, but they're getting better. Market time is 108 days, compared to 422 days, down 74.3%. Wow! All in all, a vast improvement in a year. This market update included all types of residential real estate in Riverside.