If current economic indicators are to be believed, when it comes to buying real estate in Riverside, CA, there may indeed be no time like the present.

After a having reached their peak in 2006, much like the rest of the country, housing prices experienced a rather significant tumble in the four years since, due, of course, to the economic crisis and the resulting burst of the housing bubble. Luckily, however, it appears that the property values in Riverside, CA are beginning to show signs of having stabilized to a great extent.

Real estate sales in Riverside, CA seem to be currently humming right along with sales having increased by a healthy percentage over the past year, and nearly 5,000 houses having been recently sold. There are also a fair number of houses that are in foreclosure or pre-foreclosure, so there may be some significant bargains to be had.

Current numbers that relate to property values in Riverside, CA are showing that the median sales price is just over $209,000, with an average listing price of $ 278,537. While these numbers are down from a few years ago, increased real estate sales in Riverside, CA are a good indication that prices may be going up, meaning that now would be a great time to jump in.

If you are a first-time homebuyer, there is one very good reason that you may want to take a good look at purchasing a house in Riverside in the near future. The state of California is offering a significant tax credit for first time buyers who purchase a principal residence between May 1, 2010 and January 1, 2011. The tax credit amounts to 5% of the purchase price up to $10,000. Previous tax credits of a similar nature have really helped charge up the housing market, and there is no reason why it won't happen again this time.

Some of Riverside's more popular neighborhoods include La Sierra, Orangecrest, and Canyon Crest. Riverside has proven to be a popular relocation spot due to its great neighborhoods, beautiful weather and fairly relaxed lifestyle when compared to the hustle and bustle of neighboring Los Angeles.

With its population of around 300,000, Riverside offers a great alternative to living in Los Angeles, while keeping all that the area has to offer within easy driving distance. Many residents of Riverside do, in fact, commute to the metropolitan area for work, while choosing to live in the quieter and more affordable Riverside.