• Although sales volumes are down in a majority of West Riverside County cities , median sales prices remain high and are showing relatively significant gains in multiple cities even with the resale market continuing to be at nearly historic lows as homeowners cling on to pre-interest rate hike pricing . New home construction is supplying much of Riverside County ’ s inventory .

• Winchester is “ Ground Zero ” for new home development in the US , as the influx of new home development in the area has resulted in a 21 % increase in sales volume compared to this time last year , far outpacing any other city in the region . Although median sales price has dropped by 2 %, this is expected with so many new homes being delivered by various different builders .

• Finished lot values are up across the board , highlighting the demand for shovel ready lots from home builders . Builders that have previously stayed away from the leg work of entitlement heavy projects are now pursuing such opportunities to meet their internal quotas .

• While interest rates appear to be having a minimal effect on market pricing for new singlefamily homes , multi-family development has been hit hard due to inflation in development costs and expensive financing .

• Cities in closer proximity to Orange and San Diego Counties continue to have the highest demand from developers and builders . However , infill land is in short supply in these areas and will emphasize the need for creativity and some level of flexibility from local , regional , and state governing bodies .

• As highlighted in our Economic Outlook section , the challenges facing the California housing market are all relevant to the West Riverside County region and will need to be addressed in attempt to make progress towards the state and region-wide housing shortage .

Beaumont 10 % 9 % $ 545,000 $ 260 $ 195,000 $ 210,000 Corona -6 % 8 % $ 795,000 $ 389 $ 320,000 $ 350,000 Eastvale -33 % 2 % $ 900,000 $ 357 $ 350,000 $ 370,000 Hemet -24 % 6 % $ 450,000 $ 249 $ 175,000 $ 195,000 Jurupa Valley 24 % -6 % $ 665,000 $ 397 $ 240,000 $ 275,000 Lake Elsinore -21 % 6 % $ 600,000 $ 290 $ 235,000 $ 270,000 Menifee 3 % 3 % $ 600,000 $ 288 $ 235,000 $ 275,000 Moreno Valley -7 % 6 % $ 560,000 $ 319 $ 235,000 $ 250,000 Murrieta 4 % 0 % $ 655,000 $ 327 $ 275,000 $ 300,000 Perris -7 % 10 % $ 560,000 $ 295 $ 195,000 $ 230,000 Riverside -7 % 6 % $ 660,000 $ 373 $ 275,000 $ 300,000 San Jacinto -12 % 7 % $ 485,000 $ 251 $ 175,000 $ 195,000 Temecula -21 % 3 % $ 765,000 $ 365 $ 305,000 $ 315,000 Wildomar -31 % 7 % $ 620,000 $ 299 $ 215,000 $ 275,000 Winchester 21 % -2 % $ 615,000 $ 278 $ 215,000 $ 265,000

6 | Coldwell Banker Commercial Land Team 2024 Riverside County Market Report Source : Inland Empire Board of Real Estate