How is the Orange County Real Estate market now?

In a complete 180 from a few months ago, homes that have been sitting on the market are suddenly getting multiple offers! So how is the real estate market?

How is the Orange County real estate market?

Here are some quick market facts if you are wondering how the market is right now.

• The median price of a home sold in Orange County in December 2023 was $1,083,000, which is 18% increase year over year. The median listing price is about $1.28 million, which is a 11% increase from the previous year.
• Interest rates are between 6% and 7% depending on your FICO and loan type. A 30 Yr Fixed is about 6.4-6.7%.
• What is the monthly payment on a medium priced home in Orange County? Est. $6,000-$6,300 per month. ($1,200,000 purchase price with 20% down, 740 FICO, 30 yr fixed)
• The median price per square foot in Orange County is $628.
• The average time a home is on the market (days on market) in Orange County right now is 38 days, which is down from 60 days in 2022.
• In December 2023, the inventory of 1 bedroom homes decreased by 25%, 2 bedroom homes decreased by 17.6%, 3 bedroom homes increased by 2.2%, 4 bedroom homes decreased by 8.2%, and 5+ bedroom homes decreased by 26.9%. 

Is it a good time to buy or sell a house in Orange County right now?

How is the Orange County real estate market for buyers and sellers?

BUYERS, there are definitely good opportunities to be had right now. With interest rates down in the 6% range, home affordability has improved. We are still right ahead of the Orange County real estate high season which will kick off in a few weeks (roughly Valentine’s). Take advantage now, before prices increase seasonally. Be prepared to submit strong offers on good properties as they may receive multiple offers. Some forecasts say that interest rates will come down a little further. If you believe this to be true, it makes sense to buy now and refinance later. This is especially true if the home you are looking at will meet your needs for the next few years.
Check out this buyers guide if you have any thoughts of buying next year.
Keep in mind, home buyers have a net worth about 40 times higher than that of a renter. There is never a a perfect time to buy. Just like there is never a perfect time to have a baby… But you won’t regret it in the long run :).

SELLERS, you will be happy to hear that multiple offers are back. This is what I have been predicting would happen for months now. There is still too much pent up buyer demand, and not enough inventory. Some homes are receiving as many as 30 offers! Home prices are still very high in Orange County and with buyer demand coming back this is an excellent time to sell. Many buyers in the market are still all-cash purchasers. Homes in the less than $2 million range are especially hot commodity, however the luxury market is picking back up as well. If you are in the high-end price range you can take practical steps which will allow you to take advantage of the high prices and ensure your house gets sold. Check out this Sellers Guide for more information.

In conclusion, whether it’s a good time to buy or sell always depends on your individual goals and circumstances. Give Jaleesa a call at (949) 395-0960 and lets find out if today might be a good time for you to buy or sell.