Table of Content
- Schools in Orange County
- Orange County Housing Market Forecast 2022 & 2023
- Is it the right time to buy your dream home?
- More Real Estate Resources for Orange County
- View houses in Orange County that sold recently
- 12 trends: How Orange County home prices jumped $15 an hour to record $904,000
- No-burn order extended through Tuesday for parts of Los Angeles, Orange, Riverside and San Bernardino counties
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.
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.
Schools in Orange County
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.
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.
Orange County Housing Market Forecast 2022 & 2023
Approximately 41,500 home sales were closed, compared to 36,200 in the previous year. A similar trend could be seen in the whole state of Florida. ClimateCheck™ analyzes a property's risk from climate change using the latest modeling and data from climate scientists, universities, and federal agencies. Storm risk estimates how much climate change increases the chances of extreme precipitation, when a lot of rain or snow falls in a short time, including thunderstorms, snowstorms, and tropical cyclones. Heat risk estimates how much climate change might increase the typical number of hot days in a year and the likelihood of extreme heat and heatwaves.
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.
Is it the right time to buy your dream home?
Additional data reports by CoreLogic reveal there were 3,803 closed transactions in June by home buyers and sellers, the second-highest monthly figure dating back to June 2006. The typical June average in Orange County is 4,100 transactions and it is well below the record number of sales which occurred in August 1988 at 6,488. Lofty pricing and sharply rising mortgage rates have scared off many house hunters.
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.
More Real Estate Resources for Orange County
According to the most recent C.A.R. report, single-family home sales in the Orange County housing market fell by a whopping 30.9% from last year. The median price in Orange County at this time last year was $1,100,000. In November 2022, Orange County home prices were up 1.0% compared to last year, selling for a median price of $940K.
On average, homes in Orange County sell after 46 days on the market compared to 30 days last year. There were 1,460 homes sold in November this year, down from 2,616 last year. In the last year and a half, the coronavirus pandemic created a fierce real estate market. Buyers were outbidding each other due to historically low mortgage rates, inflating home prices, and depleting home inventory.
Orange County, CA homes typically sell after 55 days on the market. Newport Beach has a median listing home price of $3.7M, making it the most expensive city in Orange County. Laguna Woods is the most affordable city, with a median listing home price of $399K. The 30-year fixed mortgage rate continued its rapid ascent throughout the first few months of 2022, but it began to level off in June, coming close to reaching 6 percent before settling into the 5s. Then it surpassed 6% in September and now it has exceeded 7% for the first time in two decades. This has increased the monthly cost of a home and reduced the loan amounts available to borrowers.
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