When consulting on real estate in Riverside, I often meet people curious about the area around Victoria Avenue. This boulevard lined with palm and eucalyptus trees is one of the oldest and most expensive residential areas in Riverside.

The median home price near Victoria Avenue ranges from $900,000 to $1.3 million, which is over 60% higher than the overall median home price in Riverside, which is around $550,000 to $600,000. It is also notable that large mansions built by citrus farmers in the late 19th century still remain.

Canyon Crest is also considered a representative upscale residential area in Riverside. This area, which features a golf course, is close to UC Riverside and is home to many faculty and professional families, with a median home price reported to be between $800,000 and $1 million.

Mission Grove is another area worth examining. This relatively recently developed area has large lots and well-maintained community facilities, making it popular among emerging middle-class families, with a median home price ranging from $750,000 to $900,000.

The background of these areas becoming affluent is tied to Riverside's history. Victoria Avenue began as a residence for the wealthy during the citrus industry boom in the 19th century, and the landscape created by large lots and old trees has been preserved, maintaining its significance. Canyon Crest and Mission Grove are newer developments centered around infrastructure like universities and golf courses.

• Victoria Avenue: 19th-century citrus farmer mansions, median price $900,000–$1.3 million
• Canyon Crest: Golf course near UC Riverside, $800,000–$1 million
• Mission Grove: Newly developed area, $750,000–$900,000

From the perspective of Korean investors, Riverside is seen as a relatively less burdensome market compared to Orange County or LA, as recent trends indicate. Households that have businesses near Riverside and reside in Canyon Crest or Mission Grove are often seen.

The gap between these areas and the general region is not significantly large when looking at the entire city of Riverside. Victoria Avenue shows the highest premium, but the gap is relatively moderate at 60% to 130% compared to affluent areas in LA or Orange County.

However, Riverside is an area where summer temperatures are high and commuting distances should be considered. For families wanting a larger home while reducing their budget, emerging developments like Mission Grove may be a priority, while those valuing historical significance and landscaping might prioritize areas near Victoria Avenue.