Irvine's Housing Market this week: Pricing, Inventory, and Market Conditions

As of 04/25/2023, the real estate market in Irvine, California is seeing continued growth and stability. Irvine is a highly sought-after location for home buyers due to its strong job market, excellent schools, and attractive neighborhoods.

According to recent data from Zillow, the median home value in Irvine is currently $1,080,000, which is a 5.3% increase from the previous year. The median list price per square foot is $501, which is also up from the previous year. These numbers indicate a strong seller's market, with high demand and limited inventory driving up prices.

The average days on market for homes in Irvine is currently around 35 days, which is slightly shorter than the national average. This indicates that homes are selling quickly, and buyers need to act fast to secure a property.

Additionally, the rental market in Irvine is also seeing growth, with the average rent for a one-bedroom apartment currently around $2,200 per month, and the average rent for a two-bedroom apartment around $3,000 per month. This reflects the high demand for rental properties in the area, particularly among young professionals and families.

Overall, the real estate market in Irvine is experiencing strong growth and stability, with high demand and limited inventory driving up prices. Home buyers and renters can expect to face competition in their search for a property, and may need to act quickly and be prepared to make competitive offers. If you are considering buying or renting a property in Irvine, it is important to work with an experienced real estate agent who can guide you through the process and help you make informed decisions.

Understanding California Proposition 19: Changes to Property Tax and Inheritance laws

What is California Proposition 19?

California Proposition 19 is a ballot measure that was passed by California voters in November 2020. This measure makes significant changes to the state's property tax rules, particularly for homeowners who are over 55, severely disabled, or victims of natural disasters.

Under Proposition 19, eligible homeowners can now transfer their property tax base to a new home anywhere in California, regardless of the new home's value or location. This is a significant change from the previous rules, which only allowed for property tax transfers within the same county or to a home of equal or lesser value.

Additionally, Proposition 19 removes the parent-child and grandparent-grandchild property tax reassessment exemptions for inherited properties that are not used as the primary residence of the inheritor. Under the new rules, inherited properties that are not used as primary residences will be reassessed at market value when transferred to the new owner. This change will generate additional revenue for local governments and schools, but may also result in higher property taxes for some homeowners.

Proposition 19 provides more flexibility for eligible homeowners who want to move to a new home while retaining their current property tax base. However, it also means that inherited properties may face higher property taxes, particularly if they are not used as the primary residence of the new owner.

If you are a homeowner in California, it is important to understand how Proposition 19 may affect you and your property taxes. You may want to consult with a tax professional or real estate attorney to understand your options and make informed decisions about your property.