A Region on the Rise
Riverside County has evolved from a commuter-friendly suburb to a stand-alone real estate hub. Fueled by lower home prices, new developments, and flexible work arrangements, it’s now a destination of choice for families, first-time buyers, and investors priced out of Los Angeles or Orange County.
Home to cities like Riverside, Temecula, Murrieta, Palm Springs, and Corona, the county spans a wide variety of property types—from suburban tract homes to desert retreats. Over the past few years, growth in population, infrastructure, and employment hubs has brought national attention to the area.
Price Trends and Market Movement
As of Q2 2024, Riverside County’s median home price sits around $560,000, which is roughly 8% lower than the statewide average. This relative affordability continues to drive demand, especially among buyers relocating from higher-cost coastal counties.
Price appreciation has remained steady, even in the face of higher interest rates. Over the past year, the county has seen 4–5% annual growth—driven by low inventory, high migration, and persistent interest from both local and out-of-area buyers. While some higher-end markets have cooled slightly, entry-level and mid-tier homes remain highly competitive.
Low Inventory, Fast Sales
Housing inventory across the county remains tight. New construction is active, particularly in Menifee, Beaumont, and Murrieta, but not fast enough to meet the continued demand. Homes under $600K frequently receive multiple offers, especially if they’re move-in ready and located near schools or commuter corridors.
The average days on market is around 23–30 days, though homes in sought-after school districts or near popular downtown areas often sell within two weeks.
Shifting Buyer Demographics
Many buyers in Riverside County are young families looking for room to grow. Remote workers, drawn by larger lots and lower costs, are also driving up demand in cities like Temecula and Eastvale. Retirees seeking value and sunshine continue to target areas like Palm Desert and Hemet.
Investor activity is present but somewhat reduced from the post-pandemic peak. That said, the ADU market is gaining traction, as buyers look for ways to supplement income or house extended family members affordably.
Commuting and Infrastructure Still Matter
While more people now work from home, proximity to major highways like the 91, 15, and 60 Freeways continues to influence buyer preferences. Cities along these corridors, such as Corona and Norco, benefit from faster access to Orange and L.A. Counties, making them popular with hybrid commuters.
Metrolink access also boosts appeal, especially for those commuting part-time to Downtown Los Angeles. Planned expansions and ongoing road improvements are likely to enhance these benefits further over time.
School Districts and Lifestyle Amenities
School quality remains a major driver of value. Areas with well-rated public schools—like Murrieta Valley, Temecula Valley, and Corona-Norco districts—consistently command higher home prices and shorter time on market. For buyers with kids, school rankings often rank as high as square footage or lot size.
Temecula and Murrieta continue to thrive not only because of schools but also because of amenities—parks, wineries, restaurants, and newer shopping centers. As cities invest in community development and recreation, these lifestyle features are becoming even more of a draw.
New Construction and Suburban Growth
New housing tracts, especially in places like Menifee, Winchester, and Perris, are addressing some of the county’s housing shortage. These areas attract first-time buyers and move-up buyers looking for brand-new homes with larger footprints and more modern layouts.
Builders are also including energy-efficient features and ADU-ready lots—another sign that affordability and flexibility are the driving forces in this market. While some developments have waitlists, incentives such as closing cost assistance or temporary rate buydowns are occasionally available.
The Rental Market
Riverside County’s rental market remains strong, though rent growth has stabilized. Two-bedroom apartments in urban centers rent for around $2,000–$2,500, while single-family homes in family neighborhoods can command $2,800–$3,500+, depending on amenities and location.
Investors are showing renewed interest in multi-family and SFR rentals, particularly in areas with projected job growth or university access (UC Riverside, Cal Baptist). Additionally, increasing ADU activity may add much-needed supply to the rental ecosystem.
Forecast for the Remainder of 2024
The Riverside housing market is expected to stay resilient through the rest of 2024. While interest rates will continue to affect affordability, pent-up demand, population growth, and an ongoing preference for suburban lifestyles will support pricing.
Expect modest appreciation across most cities, with pockets of higher growth in new construction zones and high-demand family areas. Inventory will likely remain constrained unless mortgage rates drop significantly and unlock more listings.
Buyer and Seller Takeaways
For Buyers: Riverside County still represents one of the best values in Southern California. Come prepared—pre-approval, local knowledge, and quick decision-making are essential. Be open to emerging areas with strong development plans or infrastructure improvements.
For Sellers: If you’ve owned your home for several years, you’re likely sitting on solid equity. Proper pricing and presentation are key, but demand is there—especially in family-friendly neighborhoods, near good schools, and in walkable suburban communities.
Final Thoughts
Riverside County is no longer just an affordable alternative to coastal living—it’s a thriving market in its own right. With steady growth, increasing infrastructure investment, and broad lifestyle appeal, it remains one of Southern California’s most promising regions for buyers and sellers alike.
.avif){kind=spacer}