By Eric Engelbert
In the national real estate landscape, the median home price for
Single Family Homes has eased to $415,000 from its peak in May 2022 at $450,000. Reflecting on December 2021, the median price stood at $375,000, with the annual high in 2021 reaching $394,000. This seasonal dip aligns with the historical trend of declining home values during the holiday season over the past two decades. In Orange County, the median list price for Single Family Homes is currently $1,400,000, showcasing a substantial increase from the December 2021 median sales price of $1,200,000, marking a notable 14% rise.
Despite these shifts, we do not anticipate a real estate crash. Both Orange County and national inventories remain at remarkably low levels. Nationally, our inventory is 36% lower than in 2019, with a slight increase compared to the pandemic years. In Orange County, our current inventory stands at 3,017, marking a 44.5% decrease from April 2019, pre-pandemic. The limited inventory serves as a safeguard against a massive real estate crash. While values may experience adjustments, the substantial scarcity of inventory acts as a buffer against significant losses. Stay informed for more updates on the evolving real estate landscape.
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