The current real estate market in Orange County, California is a seller's market. The median home price in July 2023 was $1.1 million, up 8.1% from last year. Homes are selling for an average of 30 days on the market, down from 34 days last year. The inventory of homes for sale is also low, with just 2,558 listings available.
There are a few factors contributing to the seller's market in Orange County. The economy is strong, and there is a lot of job growth in the area. This is attracting people to Orange County, which is driving up demand for homes. Additionally, the interest rates are still relatively low, which makes it more affordable for people to buy homes.
However, there are some signs that the market may be starting to cool slightly. The median home price in July 2023 was down 0.4% from June 2022. And the inventory of homes for sale is starting to increase.
Overall, the real estate market in Orange County is still a seller's market, but it may be starting to soften a bit. If you are thinking about buying a home in Orange County, it is important to be prepared to act quickly and make an offer that is competitive.
Here are some additional things to keep in mind about the Orange County real estate market:
The most competitive areas are coastal cities like Newport Beach, Laguna Beach, and Huntington Beach.
The median home price in these areas is well over $1 million.
Inland areas like Anaheim and Santa Ana are more affordable, but they are also seeing rising home prices.
The rental market is also tight in Orange County, with rents rising at a rapid pace.
If you are thinking about buying or renting a home in Orange County, it is important to do your research and work with a real estate agent who is familiar with the market.
