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However, with the Federal Reserve clamping down on inflation and raising interest rates, many buyers are holding back, fearing a recession. The Orange County housing market is also shifting from hot to more balanced conditions. In 2016, the median home price for a single family home in Orange County went up by four percent from 2015.
Inventory is partially responsible for the increase in home values. There’s more than enough demand from prospective buyers, but there’s a lack of homes for sale to satisfy that demand. Home buyers are fiercely competing for low inventory, especially for homes priced at the lower end where multiple offers thrive. Many house hunters were scared off by surging mortgage rates that cut buying power by 35% in a year that made high home prices unaffordable. Overall economic unease, especially soaring inflation, further spooked potential buyers.
Nearby County Housing Markets
Another interesting statistic in June, was the $500,000 median price of all Southern California homes. The record high for median home price for all Southern California homes was $505,000, attained on three instances and all in the year 2007. The 30-year mortgage averaged 6.9% in October vs. 3.1% 12 months earlier.
A comparison shows 21 percent of Orange County household are able to comfortably purchase a home this spring vs. just 12 percent in 2007. Orange County may have 73% more million-dollar ZIP codes in a year, but sales fell 37% in those seven-figure neighborhoods during the past 12 months. Many homes in Orange County are selling fast, if you're buying plan to act quickly. Orange County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster. In 2021, the number of single-family home sales in Lake, Orange, Osceola and Seminole counties in Florida reached record high.
How hot is the Orange County housing market?
The viewer is prohibited from copying, redistributing or retransmitting any of the data or information provided by MLSListing, Inc. Access beautifully-designed, local housing market reports drawn from CRMLS' data each month. In September 2022, Orange County home prices were up 6.7% compared to last year, selling for a median price of $960K.
My trusty spreadsheet, filled with June homebuying stats from DQNews/CoreLogic for 83 Orange County ZIP codes, explored how home pricing has changed in the past two years. “Expensive” ZIPs have median sales prices $1 million and higher while “affordable” neighborhoods have medians of $750,000 or below. Listing Broker has attempted to offer accurate data, but buyers are advised to confirm all data provided. California Association of Realtors figures released in October showed a slowdown in the Southern California housing market, with sales dropping both from the previous month and year. Sales dropped massively if you compare them with last year.
Sales totaled 6,749 in the two counties — down 4,153 from October 2021
June had 34% fewer sales at all price levels compared with a year earlier, and the 45 seven-figure ZIPs had 37% fewer purchases. Sales in ZIPs below $750,000 were off 26% in the same period. Any information relating to a property referenced on this web site comes from CRMLS. Properties may or may not be listed by the office/agent presenting the information. Some properties appearing for sale on this display may subsequently have sold and may no longer be available.
Homebuying’s slump in Los Angeles and Orange counties pushed sales down 38% in October as house payments jumped 57% or more. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources.
School service boundaries are intended to be used as reference only. To verify enrollment eligibility for a property, contact the school directly. Track your home’s value and compare it to nearby sales.
But as recently as May 2020, $750,000 bought you a median-priced Orange County home. Jonathan Lansner has been the Orange County Register's business columnist since 1997 and has been part of the newspaper's coverage of the local business scene since 1986. He is a past national president of the Society for Advancing Business Editing and Writing and a 1979 graduate of the University of Pennsylvania's Wharton School. Data displayed may be a portion of, and not a complete set of all listings published in the MLS. Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS.
At the same time, the market lost 11 “affordable” communities in 12 months and 38 since June 2020. To use individual functions (e.g., mark statistics as favourites, set statistic alerts) please log in with your personal account. The average sale price of a home in Orange County was $938K last month, up 0.7% since last year. The average sale price per square foot in Orange County is $569, up 4.6% since last year.
According to reports by real estate research firm CoreLogic, the median price of an Orange County home is $695,000 in June 2017. If we go back exactly one year ago in June, the current home price is 6.1 percent more. That’s pretty good appreciation and well above the inflation rate of 1.73 percent from July 2016 to present.
If you're buying a home in Orange County, you may be able to get a good deal. 60.5% of homes here sold below asking price last month. On average, homes in Orange County sell after 42 days on the market compared to 32 days last year. Yes, it can be challenging for the average household to afford an Orange County home. According to data from the Orange County Register, it was worse in 2007.
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