Riverside real estate market overview
- Average Monthly Rent: $2,164
- Home Price/Value Percentage Change: 0.80%
- Median Home Value: $584,286
- Best Time To Sell a Home: September
- Affordability Index: Low
- Days To Sell a House: 58
- Job Market: Fair
- Public School Ranking: 40
Location and weather
With a rich history in agriculture including growing silk and citrus, Riverside is in southern California and is on the Santa Ana River. With San Bernardina and Ontario, it is a part of a metropolitan area east of Los Angeles. The Santa Ana River Trail is a 13-mile biking trail near Riverside that is a favorite for bicyclists, joggers and hikers. The trail runs next to the Santa Ana River Wildlife Area with beautiful views of Mr. Rubidoux.
Riverside's warm season is from late June to late September with an average high temperature above 89 degrees and lows in the mid 60's. The cool season is from late November to mid-March with an average high temperature below 72 degrees and low in the 40's. Along with outdoor parks, the famous Mission Inn serves as a community focal point in Riverside.
Population, job market and cost of living
The population in 2023 is 318,337 with an annual growth rate of 0.35%.
The job market decreased since last year with -5.76%. The ten-year predicted growth is 38.68%. Light industry and manufacturing is the base of Riverside's economy with engineering, technology and banking an added source of employment. Some of the major companies to work for are Bourns, Riverside County Sheriff’s Dept, California Baptist University, Riverside Community Hospital and Riverside Community Health Foundation.
The cost of living is high because of the Riverside real estate market with a higher cost of homes. Riverside's job market has increased by 2.2% over the last year. With the Santa Ana Trail and warm climate, job growth and growing population, Riverside will continue to attract those who want to live an outdoor lifestyle in a beautiful city.
Riverside real estate market details
- Canyon Crest
- La Sierra
- Presidential Park
There has been a 0.8% increase in median home value over the last year. As of 2023, the median home value is $584,286.
The best time to sell a home for the highest valued sale is during September. For the quickest sale, homeowners should sell in August.
The top ranked public schools are Western Center Academy, Tuscany Hills Elementary School, Temecula Preparatory, George Washington charter and Temescal Canyon High School. This information is based on data measuring academic performance and equity.