By Eric Engelbert
Welcome to Orange County Real Estate, Inc.'s market report! We aim to provide you with up-to-date statistical information to help you make informed decisions about real estate in Orange County, California, whether you're a buyer, seller, or considering a move into or out of the state.
Market Overview:
Buyer demand in Orange County has been unexpectedly strong, defying previous predictions after mortgage rates spiked in 2022. Although home prices experienced a slight drop, this year has seen a consistent increase in prices week to week. Looking ahead, home prices are expected to remain stable, but higher mortgage rates could lead to a potential correction in the market. Conversely, lower rates may motivate more buyers to enter the market and further drive up home prices.
Current Home Prices:
In the US, the median single-family home price is $450,000, just below last year's high of $455,000. However, in Orange County, the median list price for single-family homes currently stands at $1,800,000, which is slightly higher than the figure recorded on May 1st, 2023, at $1,720,000. Condos and Townhomes have also seen a slight increase, with a current median price of $800,000.
Inventory and Market Activity:
The inventory in Orange County has seen a slight uptick, reaching 2,558 listings. Over the last week, there have been 581 new listings and 510 closings. The days on the market continue to be low across all price ranges, with under 1 million at 19 days, 1-2 million at 22 days, and over 2 million at 53 days.
Market Performance:
Over the last 7 days, homes in Orange County sold for approximately 1/2% over their asking prices, indicating a competitive market with demand exceeding supply.
We source our data directly from the MLS in real-time to ensure accuracy. If you have any questions about the data or would like further insights, please don't hesitate to reach out to us.
As the real estate market is subject to change, we will regularly update this report to provide you with the most relevant and current information. Whether you are buying, selling, or considering a move, we are here to assist you with any real estate needs and help you navigate the dynamic Orange County market. Feel free to explore our website and social media platforms for more valuable resources and personalized assistance.
