How is the Orange County Real Estate Market and Trends?

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Orange County, CA Housing Report 6/14/22

The seller’s market is still hot as the median list price for homes in Orange County rests at $1,275,000. As mortgage rates rise inventory is starting to increase and we are beginning to see prices flatten more than they have during the past two years. What does this mean for buyers? What does this mean for sellers?

The rapidly rising mortgage rates are making it even more difficult for buyers to purchase homes. In Orange County and specifically Costa Mesa, demand continues to be high. Homes are selling at 4% over the list price. This is slightly lower than the 6.5% in March but still a sign of a strong market. Buyers continue to face competition and need to write strong offers.

As for sellers, we are seeing fewer offers but still receiving multiple offers. That is why the sold price is higher than the list price. This is true for nearly all price ranges.

Orange County tends to be less affected than the country as a whole. For example, price reductions in the country sit at 25%. In Orange County, the homes listed for sale with price reductions is less than 2%. We keep an eye on the US real estate market for trends that will affect Orange county. One thing we noticed is new construction has started to catch up. Shipping delays and supply chain issues are back on track and inventory has seen a boost due to the completion of new homes. This is especially true in Texas and Arizona.

We are eager to discuss the right approach for you to invest in your future. Feel free to reach out with any questions!

https://www.ocrealestateinc.com/orange-county-housing-report/

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