”Survey says” looks at various rankings and scorecards judging geographic locations, noting that these grades are best seen as a mix of art and data.

Buzz: Homes in the Inland Empire were worth a combined $699 billion at the end of 2021, a chunk of real estate dollars equal to all the residences in Tennessee.

Source: Zillow calculated total home values in the nation’s 50 largest metropolitan areas and all 50 states. This math includes all homes, not just those that sold. The data compares last year’s pandemic-fired home-buying frenzy with 2011, the early days of the Great Recession’s recovery — and the decade’s changes include the value of newly constructed residences. And Zillow’s regional price indexes are much like a median price.   

Details

This study reminds us of the real estate heft of Riverside and San Bernardino counties: the Inland Empire is the nation’s 12th most-valuable housing market.

Yes, high prices are a factor. A typical inland residence is worth $534,393, the 13th highest of all large metros. In Tennessee, with the same total value statewide, home values run $263,989. 

The I.E. caught up to the housing worth of the state known for whiskey and country music by outpacing some fast growth. Values in the Inland Empire’s rose 175% since 2011, ranking it 13th among the top 50 metros. Tennessee was up 134%, No. 14 among the states.

Or, look at the Inland Empire’s real estate oomph this way: Housing values are slightly more than that of seven states — Delaware, West Virginia, Vermont, Alaska, South Dakota, Wyoming and North Dakota. Homes in these states add up to $654 billion of value, up only 62% in a decade.

Caveat

Let’s remember that Inland Empire housing is nowhere near the size of its coastal cousin — the metro of Los Angeles and Orange counties, where homes are worth $3.27 trillion.

Not only is that No. 1 among all metros, but it’s also slightly above the No. 2-sized state, New York and its $3.18 trillion value. Only California at $9.2 trillion is bigger.

Also, note that L.A.-O.C.’s housing wealth is also greater than 19 states combined — Maine, Oklahoma, Kansas, New Mexico, Iowa, New Hampshire, Montana, Arkansas, Mississippi, Rhode Island, Nebraska, District of Columbia, Delaware, West Virginia, Vermont, Alaska, South Dakota, Wyoming and North Dakota.

Those 19 states’ collective $3.06 trillion value is up 74% in a decade vs. L.A-O.C’s 133% gain, No. 26 among the 50 metros.

Bottom Line

Southern California is lucky to have a housing “bargain” in the Inland Empire.

You may think the two-county region is pricey, for its location. But please note the three metros just ahead of the I.E. in the value rankings are all popular destinations for California relocations: Salt Lake City at $553,658, Austin at $545,850 and Portland at $540,550.

So Riverside and San Bernardino counties provide the region a real estate relief valve, a place where folks can remain Southern Californians without dealing with L.A.-O.C.’s $868,350 home values, third-most-expensive among all U.S. metros, or San Diego’s $834,199 — No. 4.

Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at [email protected]

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