Looking at the price graph for Riverside over the past five years, the trend of becoming a prominent alternative housing area in California post-pandemic is clearly evident in the numbers. The rental demand centered around UC Riverside and the sales demand in emerging neighborhoods have supported the market. The city, known as the gateway to the Inland Empire, has also seen a steady increase in jobs in logistics and healthcare, contributing to its unique background.

At the beginning of 2021, the median home price in Riverside was around $460,000. As of 2026, it is estimated to be around $640,000, resulting in a cumulative increase of approximately 39%. Considering that the national average increase during the same period is around 35-40%, Riverside appears to have recorded a rise similar to or slightly above the national average. It is also notable that the increase was more pronounced in newly developed areas on the outskirts than near the city center.

From 2021 to the first half of 2022, low interest rates and the spread of remote work led to a sharp increase in prices due to demand from LA and Orange County. From the second half of 2022 to 2023, the impact of rising interest rates resulted in a decrease in transaction volume and a noticeable slowdown in price increases, with a trend of gradual increases and stabilization expected to continue after 2024. Recently, as inventory has gradually increased, there have been instances where buyers have gained negotiation power.

Factors influencing Riverside's pricing include a clear price advantage compared to LA and Orange County, job growth centered around logistics and healthcare industries, and a relatively ample supply of new homes. However, the long commuting distance can also act as a limiting factor for demand. The influx of population throughout Riverside County is also mentioned as a background supporting the local market. Recently, the rise of hybrid work arrangements, combining remote work and commuting, seems to have somewhat alleviated the burden of long-distance commuting compared to the past.

Looking ahead, a cautious perspective on the market seems necessary. If the proportion of remote work decreases, the burden of long-distance commuting may resurface, potentially slowing the pace of demand growth.

For Korean households, Riverside is considered a region where they can consider homeownership at a relatively low entry price. If contemplating a purchase, it is essential to prioritize commuting conditions and job locations, while those considering selling should monitor whether demand increases in line with interest rate reductions. The burden of cooling costs due to summer heat should also be a factor to consider when making living decisions.

Nationally, cities with similar price advantages to Riverside, such as the outskirts of Las Vegas or Phoenix, have also shown price increases of around 40% over the past five years. A commonality among these cities is their ability to consistently attract population inflow by offering lower prices compared to nearby major cities, and Riverside appears to exhibit a similar structure.

In terms of mortgage rates, Riverside, with its relatively lower price range, experiences less perceived burden from rate changes compared to other areas. However, this is a relative statement, and first-time homebuyers may find it beneficial to explore down payment assistance programs or FHA loan conditions as practical help.

Ultimately, Riverside is a market that has consistently absorbed demand by leveraging its price advantages, and it is expected to continue a gradual trend rather than experiencing significant fluctuations in the future. Korean households considering their first home should compare prices and commuting conditions with several nearby cities.