Inflation

54 Terrace Avenue in Riverside is a new listing today, priced at $1.695 million. There’s nothing at all wrong with the house and I’m sure it will sell quickly, but I suppose because I’ve seen this home remain basically unchanged during my entire time in Riverside, its price evolution struck my eye:

1997: $455,000 ($741,000, constant dollars)

2012: $805,000 ($959,000, constant)

2015: $1,455,000 (1,679,000, constant)

2021: $1.695

During all this time it has remained a cute, 1926 cottage comprising 1,600 sq. ft. and a tiny, detached one-car garage, all on 0.2 acre. A new roof’s been added, though not central air, and the baths and kitchen were redone, modestly, but in all essentials it’s the same house.

This is not a critical commentary, just an observation.