According to area realtors, Riverchase remains a great long-term investment for home buyers.
On average, our neighborhood home values are continuing to rise. In 2015, the average price per square foot in Riverchase was $107.14 and the average home price was $297,000. This year, the price per square foot has increased to $125.41 and the average sales price grew to $301,000.
In 2015 the average time on the market for homes in Riverchase was 46 days, this year the average time has dropped significantly to just 30 days. “Of course, this can vary depending on pricing, updates and yard space, but it’s definitely a positive trend,” said Renee Hamilton, real estate agent and Riverchase resident.
So what is fueling the increased demand?
“We are seeing a growing number of young families who recognize the value they can get in Riverchase versus buying a new construction home,” said Pat Morgan, local agent and Riverchase resident. “We are also seeing a growing number of families who are looking in Riverchase specifically for the elementary school and Spain Park High School.”
Increased demand is also leading to multiple offers for some homeowners. “The last two homes I listed both sold in under 14 days and each had multiple offers,” said Hamilton. “Remodeled properties tend to sell faster and for higher asking prices. Homes under $300,000 tend to sell faster because the price is more attractive to first time home buyers and young families.”
“Inventory is helping bring in multiple offers,” said Morgan. “Currently, the number of homes for sale in Riverchase are at a historic low.”
Hamilton agrees, “At one point, a few years ago, we had upwards of 75 homes for sale in Riverchase, now we are bouncing somewhere between 20 and 30 active listings at any given time.”
That’s only 1% of the homes in the neighborhood which tells us Riverchase is more than a stopover point for homeowners, it’s where families are choosing to stay and raise their families; and not only that, many of the families who are selling are doing so because they’re buying another Riverchase home!
“It’s not uncommon to see families who want to stay in the neighborhood but increase their square footage as their families grow,” said Morgan. “In fact, some families are on their third Riverchase homes!”