Orange County, CA Housing Market: House Prices & Trends

Table of Content

• Residential property market in London (UK)
• This CEO thinks consumers deserve simpler, quicker financial transactions
• Is Orange County, CA a buyer’s or seller’s market?
• Homebuying remained hot in July, setting 6th consecutive record-high price
• Recent offers
• Orange County, CA Housing Market Report
• Orange County Housing Market

Sales of existing homes in Orange County also fell 30.9% from the previous Sept. Here's the tabulated market insight into the six-county region of Southern California. The housing markets of Los Angeles, Orange County, San Diego, San Jose, San Francisco and Sacramento are bursting at the seams with an overall price growth rate of 10% annually since 2012.

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.

Residential property market in London (UK)

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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.

This CEO thinks consumers deserve simpler, quicker financial transactions

Marco Santarelli is an investor, author, Inc. 5000 entrepreneur, and the founder of Norada Real Estate Investments – a nationwide provider of turnkey cash-flow investment property. His mission is to help 1 million people create wealth and passive income and put them on the path to financial freedom with real estate. He’s also the host of the top-rated podcast – Passive Real Estate Investing. There were 1,951 homes sold in September this year, down from 2,880 last year. Save this search to get email alerts when listings hit the market. Ponder what the rate jump meant to local mortgage-making, according to third-quarter stats from Attom.

There are 5117 active homes for sale in Orange County, CA, which spend an average of 62 days on the market. Some of the hottest neighborhoods near Orange County, CA are Leisure World, Eastside Costa Mesa, Northwood, Woodbridge, Westside Costa Mesa. From a home inventory perspective, Orange County has 2-month supply of homes for sale as of May 2018. That’s far lower than the 5- to 6-month inventory level that real estate economists deem a “balanced” housing market. However, the two-month supply is a 10 percent increase from a year ago. Because fewer people are looking for a home, houses are staying on the market for longer, giving the remaining buyers more options.

Is Orange County, CA a buyer’s or seller’s market?

As the market continues to normalize, a year-over-year price drop may occur later this year in the Orange County housing market. Orange County is the most expensive real estate market in Southern California with a median sales price of more than a million dollars. Data by Redfin shows that the average sale price of a home in Orange County was $945K last month, up 2.7% since last year. The average sale price per square foot in Orange County is $580, up 8.0% since last year. Orange County, CA was a seller's market in September 2022, which means that more people are looking to buy than there are homes available. Orange County had a total sales-to-total listings ratio above 0.2, which favors sellers.

My trusty spreadsheet shows us the rate jump changed a typical homebuyer’s house payment. Wondering how competitive the Orange County, CA housing market is? Get the latest info on market conditions, price movement, real estate trends, and more.

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.

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.

Following a two-year housing boom, the Orange County housing market is cooling off. Although more buyers are backing out, there is still demand in Orange County. This has occurred as homebuyers continue to compete for an exceedingly limited number of available homes for sale. The median house price in Orange County remained flat from August to September 2022. Still, the median price was 9.1 percent higher than a year ago. Homes for sale in Orange County, CA have a median listing home price of $995,000.

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.

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After rapidly rising in the first few months of 2022, the 30-year fixed mortgage rate began to sag in June, approaching 6% before settling into the low 5s. Mortgage rates have been rising above 6% since September 2022, as the Fed's message of higher rates for longer gets underway. In Orange County, new construction home transactions are responsible for 30-35% of the sales as of July 2017. Many buyers are choosing to purchase a new home rather than a re-sale home for several reasons.