Orange County Real Estate Market Update - September 2024

by Mark Witte

Market Overview

The Orange County real estate market in September 2024 continues to demonstrate resilience amid a shifting economic landscape. With factors such as evolving interest rates, increasing home prices, and fluctuating inventory levels, both buyers and sellers are navigating a dynamic environment.

Key Statistics

Median Home Price:** $910,000 (up 4% year-over-year)

Average Days on Market:** 29 days (up from 27 days last month)

Inventory Levels:** 4,500 active listings (a 7% increase from August 2024)

Closed Sales:** 2,150 units (down 3% from last month)

New Listings:** 2,900 (a 4% increase compared to the previous month)

Market Trends

Price Appreciation:** Home prices continue to ascend, reflecting sustained demand and the desirable nature of the region.

Buyer Behavior:** Buyers are exhibiting a more cautious approach, largely driven by interest rate considerations and economic uncertainty.

Interest Rates:** With interest rates stabilizing around 5%, buyers are adjusting their purchase strategies, focusing on affordability and long-term value.

Luxury Market:** The luxury segment ($2 million and above) remains relatively stable, with international buyers particularly active.

Neighborhood Highlights

Irvine:** Maintains its position as a highly sought-after location due to excellent schools and safety. The median home price is now $1,050,000, with properties selling within 28 days on average.

Newport Beach:** Continues to attract high-net-worth individuals, with median prices around $2,500,000 and properties typically spending 35 days on the market.

Anaheim:** Experiences growth in demand driven by cultural attractions and new developments. Median home prices are approximately $725,000, with an average market time of 30 days.

Buyer and Seller Tips

For Buyers:** It's crucial to secure pre-approval for mortgages and be ready to negotiate, focusing on value-driven opportunities. Consider properties that may need minor renovations for added value.

For Sellers:** Highlight the unique selling points of your home, such as energy-efficient upgrades or smart home features. Competitive pricing and strategic marketing remain key to attracting buyers.

Economic Indicators

Employment Rate:** The unemployment rate in Orange County stands at a low 3.0%, supporting overall market stability.

Population Growth:** The county continues to see steady growth, particularly among younger families and professionals drawn to its economic opportunities and lifestyle.

Upcoming Developments

Several high-profile projects are progressing, including:

Great Park Neighborhoods (Irvine):** Expanding with new residential and commercial spaces, enhancing community amenities.

Dana Point Harbor Revitalization:** Ongoing improvements aimed at boosting tourism and local business growth, which may positively impact property values in surrounding areas.

Conclusion

As we move further into 2024, the Orange County real estate market exhibits strong fundamentals despite economic fluctuations. Strategic buying and selling, informed by the latest market trends and data, will be crucial for success in this competitive environment. Both buyers and sellers should stay abreast of local developments and work with experienced real estate professionals to navigate the market effectively.

For personalized market analysis or to discuss your real estate goals, reach out to your local Orange County real estate expert today.