Riverside Luxury Homes Sales Plummet in 4th Quarter

Sale of expensive homes in the United States fell by a whopping 38% in the three months ending November 30th, 2022 according to a new report from real estate company Redfin. That’s the largest drop since Redfin began tracking the data in 2012. The Inland Empire city of Riverside ranked 4th in the country, with high-end sales plummeting 55.6%.

Luxury declines outpaced non-luxury numbers, which dropped 31.4%,  thanks to similar factors like higher interest rates and recession fears, but other reasons contributed. Luxury items are the first to go during economic stress, high-end home sales spiked during the pandemic, thus have more room to fall, and affluent buyers are getting hurt by declining stock values.

Expensive coastal markets led the decline in home sales, as buyers pulled back during the downturn. Nassau County, NY ranked first with a massive 65.6% drop, followed by four California cities: San Diego, San Jose, Riverside and Anaheim.