Is Orange County, 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, Orange County has remained a Seller's Market.
Key Takeaway
Orange County is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Orange County, CA
How much do homes in Orange County, CA cost?
Median Sold Price
$1,099,645
$633/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Orange County have sold for 14% more than they did a year ago.
Summary: The median home sold price in Orange County was $1,099,645 in May 2024, up 14% from last year, and the median price per square foot was $633.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $425.3K | $449.9K | +5.8% |
| 2 Bedrooms | $634.6K | $685.1K | +8.0% |
| 3 Bedrooms | $920.3K | $1.0M | +12.3% |
| 4 Bedrooms | $1.2M | $1.4M | +10.8% |
| 5+ Bedrooms | $1.7M | $1.9M | +7.3% |
Summary: Orange County housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 5.8%, 2 bedroom homes increased by 8%, 3 bedroom homes increased by 12.3%, 4 bedroom homes increased by 10.8%, and 5+ bedroom homes increased by 7.3%.
Median Sold Price Compared To Nearby Counties
| Orange County | $964.1K | $1.0M | +14.0% |
| San Diego County | $809.6K | $875.6K | +8.2% |
| Los Angeles County | $846.6K | $884.3K | +4.5% |
| Riverside County | $574.8K | $599K | +4.2% |
| San Bernardino County | $490.9K | $509.9K | +3.9% |
Housing Supply in Orange County, CA
How many homes are available in Orange County, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 6,335 | 6,389 | +0.9% |
Summary: The Orange County real estate market had 6,389 homes for sale in May 2024, a 0.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 277 | 268 | -3.2% |
| 2 Bedrooms | 1,327 | 1,327 | 0.0% |
| 3 Bedrooms | 2,034 | 2,035 | 0.0% |
| 4 Bedrooms | 1,783 | 1,825 | +2.4% |
| 5+ Bedrooms | 914 | 934 | +2.2% |
Summary: The Orange County housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 3.2%, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 2.4%, and 5+ bedroom homes increased by 2.2%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 1,886 | 2,008 | +6.5% |
Asking Price vs. Sold Price
605 Homes Were Sold
Under Asking
341 Homes Were Sold
At Asking
1,062 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Orange County, you could pay more than the asking price. 52.9% of homes here sold above asking price last month.
Summary: A total of 2,008 homes were sold or pending in Orange County in May 2024, up by 6.5% month-over-month. Of the 2,008 sold homes, 30% were sold under asking, 17% were sold at asking, and 53% were sold over asking.
Days on Market for Orange County, CA
How long does it take to sell a home in Orange County, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 28 Days | 19 Days | -30.6% |
Summary: Homes in Orange County had an average of 19 days on market in May 2024, down by 30.6% compared to last year.
Breakdown of Home Sale Times
1,642 Homes Were Sold
Under 30 Days
297 Homes Were Sold
In 30 - 90 Days
69 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Orange County are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 2008 homes were sold in Orange County; 82% of homes were sold within 30 days, 15% of homes were sold within 30 to 90 days, and 3% 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.