The housing market in Orange County is marked by a significant shortage of available homes, with only 1.87 months of inventory currently available. This scarcity has fueled a competitive atmosphere for buyers, reflected by a 25.5% increase in the months of inventory over the past year, indicating heightened competition.

Properties are moving off the market exceptionally quickly, with homes now selling in a median time of just 15 days. The urgency among buyers is evident as homes typically sell at 100% of the listing price, underscoring the strength of the seller’s market in this region.

With a median sold price of $1,215,000, Orange County's real estate market commands high prices, showcasing buyer willingness to pay premium amounts amidst fierce competition. Given these dynamics, buyers must be ready to make swift, decisive offers, often above the asking price, while sellers are positioned to capitalize on strong demand.