Is Lake Forest, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Lake Forest has remained a Seller's Market.
Key Takeaway
Lake Forest is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Lake Forest, CA
How much do homes in Lake Forest, CA cost?
Median Sold Price
$1,171,250
$616/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Lake Forest have sold for 20.4% more than they did a year ago.
Summary: The median home sold price in Lake Forest was $1,171,250 in May 2024, up 20.4% from last year, and the median price per square foot was $616.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $430K | $444.5K | +3.4% |
| 2 Bedrooms | $585K | $619.5K | +5.9% |
| 3 Bedrooms | $950K | $1.0M | +15.0% |
| 4 Bedrooms | $1.2M | $1.3M | +13.4% |
| 5+ Bedrooms | $1.5M | $1.8M | +18.9% |
Summary: Lake Forest housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 3.4%, 2 bedroom homes increased by 5.9%, 3 bedroom homes increased by 15%, 4 bedroom homes increased by 13.4%, and 5+ bedroom homes increased by 18.9%.
Median Sold Price Compared To Nearby Cities
| Silverado | $782.5K | $975K | +24.6% |
| Lake Forest | $972.9K | $1.1M | +20.4% |
| Irvine-Lake Forest | $1.2M | $1.3M | +16.1% |
| Irvine | $1.2M | $1.4M | +14.2% |
| Mission Viejo | $975K | $1.0M | +12.8% |
Housing Supply in Lake Forest, CA
How many homes are available in Lake Forest, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 190 | 205 | +7.9% |
Summary: The Lake Forest real estate market had 205 homes for sale in May 2024, a 7.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 8 | 10 | +25.0% |
| 2 Bedrooms | 34 | 36 | +5.9% |
| 3 Bedrooms | 59 | 61 | +3.4% |
| 4 Bedrooms | 61 | 65 | +6.6% |
| 5+ Bedrooms | 28 | 33 | +17.9% |
Summary: The Lake Forest housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 5.9%, 3 bedroom homes increased by 3.4%, 4 bedroom homes increased by 6.6%, and 5+ bedroom homes increased by 17.9%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 60 | 63 | +5.0% |
Asking Price vs. Sold Price
17 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
36 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Lake Forest, you could pay more than the asking price. 57.1% of homes here sold above asking price last month.
Summary: A total of 63 homes were sold or pending in Lake Forest in May 2024, up by 5.0% month-over-month. Of the 63 sold homes, 27% were sold under asking, 16% were sold at asking, and 57% were sold over asking.
Days on Market for Lake Forest, CA
How long does it take to sell a home in Lake Forest, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 21 Days | 23 Days | +9.9% |
Summary: Homes in Lake Forest had an average of 23 days on market in May 2024, up by 9.9% compared to last year.
Breakdown of Home Sale Times
46 Homes Were Sold
Under 30 Days
16 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Lake Forest are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 63 homes were sold in Lake Forest; 73% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.