Is Irvine, 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, Irvine has remained a Seller's Market.
Housing Prices in Irvine, CA
How much do homes in Irvine, CA cost?
Median Sold Price
$1,468,867
$779/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Irvine was $1,468,867 in May 2024, up 14.2% from last year, and the median price per square foot was $779.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $575.4K | $637.5K | +10.8% |
2 Bedrooms | $850K | $938.7K | +10.4% |
3 Bedrooms | $1.1M | $1.3M | +14.4% |
4 Bedrooms | $1.7M | $2.0M | +15.6% |
5+ Bedrooms | $2.7M | $3.1M | +16.1% |
Summary: Irvine housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 10.8%, 2 bedroom homes increased by 10.4%, 3 bedroom homes increased by 14.4%, 4 bedroom homes increased by 15.6%, and 5+ bedroom homes increased by 16.1%.
Median Sold Price Compared To Nearby Cities
Central Coast | $1.6M | $1.8M | +16.8% |
Irvine-Lake Forest | $1.2M | $1.3M | +16.1% |
Irvine | $1.2M | $1.4M | +14.2% |
Laguna Woods | $377.2K | $415.2K | +10.1% |
Tustin | $971.8K | $1.0M | +8.0% |
Housing Supply in Irvine, CA
How many homes are available in Irvine, CA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
567 | 566 | -0.2% |
Summary: The Irvine real estate market had 566 homes for sale in May 2024, a 0.2% decrease compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 29 | 27 | -6.9% |
2 Bedrooms | 106 | 89 | -16.0% |
3 Bedrooms | 180 | 184 | +2.2% |
4 Bedrooms | 191 | 200 | +4.7% |
5+ Bedrooms | 61 | 66 | +8.2% |
Summary: The Irvine housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 6.9%, 2 bedroom homes decreased by 16%, 3 bedroom homes increased by 2.2%, 4 bedroom homes increased by 4.7%, and 5+ bedroom homes increased by 8.2%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
200 | 206 | +3.0% |
Asking Price vs. Sold Price
46 Homes Were Sold
Under Asking
33 Homes Were Sold
At Asking
127 Homes Were Sold
Over Asking
Summary: A total of 206 homes were sold or pending in Irvine in May 2024, up by 3.0% month-over-month. Of the 206 sold homes, 22% were sold under asking, 16% were sold at asking, and 62% were sold over asking.
Days on Market for Irvine, CA
How long does it take to sell a home in Irvine, CA?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
24 Days | 14 Days | -40.9% |
Summary: Homes in Irvine had an average of 14 days on market in May 2024, down by 40.9% compared to last year.
Breakdown of Home Sale Times
180 Homes Were Sold
Under 30 Days
24 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During May 2024, 206 homes were sold in Irvine; 87% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.