Orange County Housing Market Trends: What You Need to Know

Lisa Mailhot  |  October 16, 2023

Buyers

Orange County Housing Market Trends: What You Need to Know

 

The Orange County housing market is constantly evolving, and staying informed about the latest trends and statistics can be crucial whether you're a potential homebuyer, seller, or simply a curious observer. As of September 2023, here's an overview of the current housing market trends in Orange County.

Home Prices on the Rise

One of the most notable trends in Orange County's housing market is the consistent rise in home prices. Compared to the previous year, home prices have surged by an impressive 13.7%. The median price for a home in Orange County now stands at a substantial $1.1 million. This increase in prices can be attributed to several factors, including a strong demand for housing in the area and limited inventory.

Faster Sales

Another noteworthy change in the Orange County housing market is the reduced amount of time homes spend on the market. Homes are now selling after an average of 33 days, which is significantly faster compared to the 42 days it took last year. This accelerated pace can be attributed to competitive bidding and a sense of urgency among buyers to secure properties in a rapidly appreciating market.

Decrease in Sales Volume

While prices are rising, the number of homes sold in Orange County has seen a decline. In September 2023, there were 1,672 homes sold, marking a decrease from the 2,053 homes sold during the same month the previous year. This drop in sales volume can be attributed to various factors, including the limited housing inventory and the challenge of finding affordable homes in a market with soaring prices.

Tips for Navigating the Orange County Housing Market

For those interested in navigating the Orange County housing market, here are some essential tips:

  1. Stay Informed: Keep a close eye on market trends, as they can change rapidly. Regularly check local real estate websites and news sources for updates.

  2. Set a Realistic Budget: Given the high median home price, it's essential to establish a realistic budget and stick to it. Consider getting pre-approved for a mortgage to streamline your home-buying process.

  3. Work with a Local Realtor: A local real estate agent with knowledge of the Orange County market can provide invaluable insights, help you find suitable properties, and negotiate on your behalf.

  4. Be Prepared to Act Quickly: In a competitive market, being prepared to make offers promptly can be an advantage. Have your finances in order and be ready to move forward when you find the right property.

  5. Consider Long-Term Value: Given the investment nature of real estate, it's essential to think about the long-term value of your purchase. Consider factors like neighborhood growth and potential for future appreciation.

Bottom Line

The Orange County housing market is currently characterized by rising prices, faster sales, and a decrease in sales volume. Navigating this dynamic market requires careful planning, financial readiness, and staying well-informed about the latest trends.

Whether you're looking to buy, sell, or simply want to stay updated on Orange County's housing market, it's essential to connect with local experts who can provide you with personalized advice and insights. If you're considering entering the Orange County real estate market, reach out to a local real estate agent or financial advisor to discuss your options and make informed decisions.

 

Reference: Orange County Housing Market Trends, September 2023. Data source: Redfin

RECENT BLOG POSTS

What the AFFH Repeal Means for Homeowners & Buyers

The Department of Housing and Urban Development (HUD) is repealing the Affirmatively Furthering Fair Housing (AFFH) rule, a policy designed to address housing discrimi… Read more

Can You Really Pay Your Mortgage With a Credit Card?

Thinking about paying your mortgage with a credit card? While it might sound convenient, there are risks and rewards to consider. In this blog, we dive into why it's b… Read more

Late May Listings Lead to Larger Profits

Discover the prime time to list your home for sale in Orange County with insights from Zillow's latest report. Late May emerges as a golden window, promising significa… Read more

Will Falling Mortgage Rates Finally Ignite the Housing Market?

Mortgage rates are falling, but is it enough to jumpstart homebuyer demand? Inventory is growing, but pending sales remain sluggish. Explore the latest housing market … Read more

Why Retirees Are Moving to Lower-Tax States

Soaring property taxes in states like New York, Illinois, and Texas are pushing retirees to more tax-friendly areas in the South and West. With affordability and quali… Read more

The 2025 Home Improvement Playbook: Upgrades That Add Value & Comfort

Thinking of selling your home—or just want to enjoy it more? 2025 home renovation trends focus on comfort, electrification, and curb appeal. From kitchen remodels to b… Read more

The Secret Weapon to Selling Fast: Mastering the Art of Home Staging

Want to sell your home for top dollar? Staging isn’t just about making a space look pretty—it’s a powerful marketing tool that can dramatically impact how buyers perce… Read more

Zombie Foreclosures Are Slowly Creeping Back

Zombie foreclosures are seeing a modest rise, with over 7,000 vacant pre-foreclosure homes across the U.S. Explore what zombie foreclosures are, why they’re increasing… Read more

Palisades Land Boom: A Golden Opportunity for Investors and Homebuilders

The Palisades real estate market is heating up as wildfire-affected lots hit the market, with experts predicting up to 750 listings in the coming years. With land pric… Read more

We are excited to assist you in finding your perfect home

Let's find a time that suits you best to chat about your goals, show you how we work, and figure out how we can help you the most