Orange County 2024 Housing Market Trends
Nestled in the heart of Southern California, Orange County is famous for its beautiful beaches, great weather, diverse amenities, and thriving economy. The Orange County housing market, like many across the nation, has experienced a whirlwind few years. As we move through 2024, several key trends are emerging that signal a shift toward greater stability.
Rising Home Prices
The median sales price for single-family homes in Orange County reached $1.4 million in March 2024, a significant 12% increase year-over-year. However, this rise in prices is beginning to moderate compared to the previous red-hot years. This suggests that while prices are still climbing, the pace is slower, potentially providing some relief to buyers who have been navigating a highly competitive market​ (Redfin)​​ (Norada Real Estate Investments)​.
Inventory and Sales Dynamics
There’s been a slight increase in inventory, offering more options for buyers. While the year-over-year sales volume remains down by 3.8%, there has been a notable 23.1% increase in sales from the previous month. This uptick could be attributed to stabilized mortgage rates, which are currently hovering around 6.5-6.9%, encouraging more buyers to enter the market​ (Norada Real Estate Investments)​.
Market Stability
Experts suggest that the Orange County housing market is transitioning from a seller's market to a more balanced state. If mortgage rates decrease further, this could incentivize even more buyers, leading to a balanced market where both sellers and buyers have opportunities​ (Norada Real Estate Investments)​. You can never time the market, but if you have been on the fence about either purchasing your dream home or selling your home while the real estate market is hot, now is the time!
Competition and New Listings
Despite the increase in inventory, competition for homes remains high. Homes are selling quickly, often above the listing price. In April 2024, the median home price was $1.2 million, with homes typically selling after an average of 29 days on the market. If new listings don’t increase substantially, prices could continue to rise due to ongoing high demand​ (Redfin)​​ (OCRealtors)​.
Specific City Trends
Newport Beach: Newport Beach continues to be a highly desirable area, known for its luxury homes and stunning coastal views. The market here remains strong with high demand and significant price appreciation. Home prices in Newport Beach have seen substantial increases. Currently, the median home price is trending around $5,972,5000, reflecting the city's status as a premier coastal destination (Altos Market Data).
North Tustin: North Tustin, with its spacious properties and suburban charm, is experiencing steady demand. Home prices here have flattened out, as inventory has increased. This has affected the market action index from last month’s being 64 to this month being a 56. The current median home price is $2,085,000 with the median days on market being 42 days. This community is popular for its excellent schools and family-friendly environment, making it a sought-after location for families (Altos Market Data).
Anaheim Hills: Anaheim Hills offers a blend of suburban tranquility and proximity to urban amenities. The real estate market here has seen robust activity, with homes often selling quickly. The median list price for Anaheim, CA 92807 is $1,329,000 with the market action index hovering around 78. This is less than last month's market action index of 80. Inventory has held steady at or around 19. Prices are staying pretty steady over the past few months, but the area remains more affordable compared to coastal cities like Newport Beach, attracting buyers looking for value without sacrificing quality of life (Altos Market Data).
What to Expect for the Rest of 2024?
Orange County's real estate market is likely to see continued price growth, albeit at a slower pace. The potential for lower mortgage rates could further stabilize the market, offering more balanced conditions for buyers and sellers alike. The unique blend of coastal cities, suburban neighborhoods, and urban centers makes Orange County an attractive place to live, work, and play, ensuring ongoing interest in its real estate market.
In conclusion, while the Orange County housing market in 2024 is showing signs of moderation, it remains a dynamic and competitive landscape. Whether you're looking to buy or sell, staying informed about these trends will help you make the best decisions in this evolving market.
For more detailed information on recent sales and market data, you can visit sources like Redfin and Norada Real Estate​ (Redfin)​​ (Norada Real Estate Investments)​.
