More Negotiating, Longer Market Times and Plenty of Buyers Still Making Moves
September brought another solid month of activity to Riverwest, with eight homes sold and more than $7.4 million in total sales volume. Inventory moved in the opposite direction, dropping from 24 active listings in August to 19 at the end of September. The month also gave us a pretty good picture of the give and take happening between buyers and sellers right now. Homes that sold had often traveled a fair distance from their original asking prices but once sellers adjusted to the market, buyers were willing to get considerably closer to the final price.
Median Price Drops to $800,000
Riverwest’s September median sale price was $800,000, down from $1,098,000 in August.
That's a dramatic looking month to month change but Riverwest is a great example of why using one month's median price as a shortcut for determining whether neighborhood home values are rising or falling. Only eight homes sold in September. With relatively small monthly sales counts and a neighborhood that includes everything from older cottages and modest single level homes to extensively remodeled properties and newer construction the mix of homes sold can move the median substantially.
We've seen that throughout 2026. Riverwest's monthly median has ranged from $800,000 in September to $1,242,000 in January. Through September, the average monthly median is about $982,250. So September was certainly on the lower end of this year's range but that doesn't mean Riverwest homes suddenly lost nearly $300,000 in value from August.
Price Per Square Foot Tells a Similar Story
The median price per square foot came in at $391, down from $536 in August. That's also well below the January-through-September monthly average of $492 per square foot. Again, property mix matters. One of the best attributes of Riverwest is that homes here do not make for a cookie cutter neighborhood, where every home is roughly the same size, age and condition. An original older home and a beautifully remodeled home a few blocks away can produce very different numbers.
That's part of what gives Riverwest its character and part of what makes neighborhood averages useful for spotting trends but less useful for valuing an individual property.
Eight Sales Keeps the Market Moving
September recorded 8 closed sales, exactly matching August.
That's also very close to the neighborhood's 2026 pace of about 7.4 sales per month through September. Total September sales volume reached $7,425,000. Through the first nine months of the year, Riverwest has generated approximately $67.2 million in residential sales volume. So despite the lower median price and longer market times, buyers clearly haven't left the neighborhood.
Inventory Tightened Up
Riverwest ended September with 19 active listings, down from 24 in August and 27 in June. Based simply on September's eight sales, that's about 2.4 months of inventory. Inventory has changed dramatically since the beginning of the year. Riverwest started January with only two active listings, followed by three in February and four in March. By June, that number had climbed all the way to 27. We've now moved back below 20. For buyers, 19 listings still provides considerably more selection than we had last winter and early spring. For sellers, declining inventory means a little less competition but that hasn't eliminated the need to price realistically.
The Difference Between Starting Price and Selling Price
September's pricing percentages may tell the clearest story of the month.
Homes sold for 89.64% of their original list price, but 97.92% of the list price at the time of sale. That's quite a spread. It suggests that some September sellers had already made meaningful adjustments before reaching the price that finally connected with a buyer. Once they got there, however, buyers came reasonably close to the asking price. A 97.92% final-list-to-sale ratio doesn't look like a market where buyers are simply throwing out low offers and sellers are accepting them. Instead, it looks more like the negotiation may have started before the offer ever arrived, through earlier price reductions.
For sellers, there's a useful lesson in that: starting substantially above the market can mean spending additional time getting back to where buyers are willing to engage.
Seller Concessions Were Part of the Conversation
Price wasn't the only negotiating tool being used.
Five of September's eight transactions included seller concessions totaling $42,372. That's more than 60% of the month's sales involving some type of seller contribution. Concessions can be used in different ways depending on the transaction, but they're another reminder that the headline sale price doesn't always tell us everything about a deal. Today's buyers and sellers have several ways to put a transaction together. Sometimes it's price. Sometimes it's a concession. Sometimes it's a combination of the two. In September, Riverwest saw plenty of both.
Homes Took Longer to Sell
Median days on market increased to 62 days, compared with 40.5 in August and 23 in July.
That's quite a change from spring. April and May both had a median market time of just three days, followed by seven days in June. Since then, the pace has slowed considerably. For some perspective, the January-through-September monthly average is about 37 days, while the July-through-September average is nearly 42 days. So September's 62-day median is clearly on the slower side of this year's market. But slower doesn't mean stopped. Eight homes still closed, which is the same number that sold in August. Buyers are simply taking longer to decide which properties offer the right combination of home, location, condition and price.
Financing Continues to Outpace Cash
Of September's eight purchases, three were cash and five were financed the same split we saw in August. Through the first nine months of 2026, Riverwest has averaged approximately 3.2 cash sales and 4.2 financed sales per month. Overall, financed transactions have represented roughly 57% of Riverwest sales this year, with cash accounting for about 43%.
That's a fairly balanced mix and another reminder that Riverwest attracts a broad range of buyers.
A Look at the Third Quarter
Now that September is complete, we can also take a quick look at July through September.
Riverwest averaged approximately: $906,000 median sale price, $473 per square foot, 20 active listings, 8.3 sales per month and about 42 days on market. Total third quarter sales volume reached approximately $24.2 million. Compare that with the April through June period, when the average monthly median was just over $1.01 million and market time averaged only about four days and the seasonal shift becomes pretty obvious.
Riverwest hasn't stopped selling. The pace and negotiating environment have simply changed.
What Does This Mean for Buyers?
Riverwest buyers have more breathing room than they did earlier this year.
Homes are taking longer to sell, sellers are making price adjustments, and concessions are showing up in a significant number of transactions. That creates opportunities but I wouldn't assume every seller is ready to give away the farm. The 97.92% final list to sale ratio tells us that once a home reaches a price the market accepts, the eventual negotiation may not be particularly large.
The better opportunity may be identifying properties where the seller's expectations haven't quite caught up with current conditions.
And for Sellers?
There are still buyers for Riverwest homes.
Eight sales in September, another $7.4 million in volume and inventory dropping to 19 homes are all encouraging numbers. But buyers have become more patient. If your home isn't getting activity, waiting for the market to magically come around may not be the best strategy. September's difference between 89.64% of original asking price and 97.92% of final asking price is a pretty good illustration of how important positioning can be. The goal isn't necessarily to be the least expensive home on the market. It's to make your home look like the best value among the alternatives a buyer is considering.
The Bottom Line
Riverwest had a steady September with eight sales, $7.425 million in sales volume and inventory declining to 19 homes.
The median sale price dropped to $800,000 and median market time increased to 62 days, but those numbers don't tell the entire story. Sellers were adjusting prices. Buyers were negotiating concessions. And once homes reached a price buyers were comfortable with, they ultimately sold for 97.92% of their final asking price.
That's a pretty good description of Riverwest right now: buyers are still there, but they're taking their time and paying attention to value.
And that's probably not a bad thing. Riverwest has such a wide variety of homes that averages can only take us so far. An original 1960s or '70s home, a beautifully remodeled property and newer construction can all live within a few blocks of one another—and each can have a very different market.
If you're thinking about buying or selling in Riverwest, I'm happy to dig into the individual properties and see how your particular home or the one you're considering fits into the neighborhood market.
