Housing
Riverside’s housing market has experienced growth in recent years due to a trend of coastal residents moving inland. This trend is not exclusive to the city of Riverside, but is characteristic of many inland communities in Southern California. As home prices continue to rise in Orange County and Los Angeles County, prospective buyers are looking to Riverside and other inland cities for more affordable options. The entire Inland Empire has been forecasted to be one of the Top 10 strongest housing markets between 2004 and 2008. Between 2000 and 2004, Riverside County had the second highest new home construction activity, next to Los Angeles County, of all of Southern California. Over the next five years, the county is expected to take the top spot in this measure, adding more than 100,000 housing units.
Housing options in Riverside include detached, single-family homes, condominiums/townhouses and a smaller selection of undeveloped land. Prices for detached, single-family homes range from $250,000 up to $2 million or more. Condominium/townhouse prices demonstrate a smaller range, from $200,000 to $500,000. These ranges include a wide range of living options, including urban areas, family neighborhoods, golf course homes and water view homes. Many properties feature scenic views of the nearby mountains and/or city lights. The age of Riverside homes varies as well, from early 20th-century homes to modern subdivisions. Modern, three- or four-bedroom family homes are typically priced in the $500,000s, as are properties with fairway locations adjacent to Jurupa Hills Country Club and other golf courses.
The condominium/townhouse market is much smaller than that of single-family homes, but quality options are available. Most units have two or three bedrooms and 1,000 to 1,600 square feet of living space. Many of the complexes have swimming pools and several offer enclosed parking.