- Cooling off after a two-year housing boom
- Homes selling closer to their asking price with less urgency, fewer multiple offers, and less competition among buyers
- Median sold price of existing single-family homes in Orange County was $1,250,000 in March 2023, a 7.9% increase from the previous month, but a 4.2% decrease from March 2022
- Sales in Orange have increased by 43.8% from the previous month and decreased by 30.0% from March 2023
- Median listing home price in Orange County, CA was $1M, up 2.5% year-over-year
- Median listing home price per square foot was $598, and the median home sold price was $975K
- Sale-to-list price ratio was 99.76%, meaning that homes in Orange County sold for nearly the asking price on average in March 2023
- Homes in Orange County, CA sold on average after 57 days on the market
- Newport Beach is the most expensive city in Orange County, with a median listing home price of $3.4M, and Seal Beach is the most affordable city, with a median listing home price of $354K
- The Orange County housing market forecast for 2023 shows both positive and negative trends
- Higher mortgage rates lead to higher monthly mortgage payments, making it harder for some buyers to afford the homes they want, resulting in lower demand for homes and potentially a decline in home prices
- With lower purchasing power and lower demand, there may be less competition among buyers, which could also lead to lower prices
- Buyers may delay their home purchase until mortgage rates come down, further reducing demand and putting downward pressure on prices
- Cooling trend is increasing the number of available homes on the market
- It is anticipated that home price growth will continue to decline in the coming months, culminating in year-over-year decreases by the fall of 2023
- Orange County Real Estate Market is a nationwide provider of turnkey cash-flow investment property
Factors affecting the Orange County housing market:
- Higher mortgage rates
- Lower purchasing power and lower demand
- Less competition among buyers
- Cooling trend increasing the number of available homes on the market
Orange County housing market statistics:
- Median sold price of existing single-family homes in Orange County was $1,250,000 in March 2023, a 7.9% increase from the previous month, but a 4.2% decrease from March 2022
- Sales in Orange have increased by 43.8% from the previous month and decreased by 30.0% from March 2022
- Median listing home price in Orange County, CA was $1M, up 2.5% year-over-year
- Median listing home price per square foot was $598, and the median home sold price was $975K
- Sale-to-list price ratio was 99.76%, meaning that homes in Orange County sold for nearly the asking price on average in March 2023
- Homes in Orange County, CA sold on average after 57 days on the market
- Newport Beach is the most expensive city in Orange County, with a median listing home price of $3.4M, and Seal Beach is the most affordable city, with a median listing home price of $354K
Orange County housing market forecast:
- Shows both positive and negative trends
- Home price growth will continue to decline in the coming months, culminating in year-over-year decreases by the fall of 2023
Additional information:
- Orange County consists of 52 cities, including Costa Mesa
- Homeowners and potential buyers alike should keep a close eye on the market and consult with a trusted real estate professional for guidance
- The total sales to total listings ratio is another common metric used to determine whether a market favors sellers or buyers
- A balanced market typically has a ratio between 0.12 and 0.2
- Markets with a ratio above 0.2 tend to favor sellers, while markets with a ratio below 0.12 tend to favor buyers
- The trend for median days on the market has gone down since last month, which is a good sign for buyers
- However, it has slightly increased since last year, which could be an indication of a shift towards a more balanced market
- Rising home prices in Orange County are often a sign of a sellers market
- Ultimately, whether it’s a good time to buy a home in Orange County depends on each buyer’s unique situation, preferences, and financial position.
