$10,000 Closing Credit*
$1,880,000
1,927 SqFt
4 Beds
•3 Full Baths
Michael Sun, Listing Office: We Trust Realty
Is Newport Beach, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
At the same time last year, Newport Beach was a Seller's Market.
Key Takeaway
Newport Beach is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Newport Beach, CA
How much do homes in Newport Beach, CA cost?
Median Sold Price
$3,475,000
$1,427/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$366,979(+11.8%)
Key Takeaway
Homes in Newport Beach have sold for 11.8% more than they did a year ago.
Summary: The median home sold price in Newport Beach was $3,475,000 in October 2024, up 11.8% from last year, and the median price per square foot was $1,427.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $795K | $857.5K | +7.9% |
| 2 Bedrooms | $1.6M | $1.6M | 0.0% |
| 3 Bedrooms | $2.7M | $2.7M | -1.0% |
| 4 Bedrooms | $3.8M | $4.6M | +21.2% |
| 5+ Bedrooms | $5.1M | $6.0M | +17.6% |
Summary: Newport Beach housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.9%, 2 bedroom homes did not change, 3 bedroom homes decreased by 1%, 4 bedroom homes increased by 21.2%, and 5+ bedroom homes increased by 17.6%.
Median Sold Price Compared To Nearby Cities
| Irvine | $1.3M | $1.5M | +19.2% |
| Costa Mesa | $1.2M | $1.3M | +13.9% |
| Newport Beach | $3.1M | $3.4M | +11.8% |
| Central Coast | $1.7M | $1.9M | +10.6% |
| Corona Del Mar | $3.6M | $3.8M | +8.3% |
Housing Supply in Newport Beach, CA
How many homes are available in Newport Beach, CA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 463 | 475 | +2.6% |
Summary: The Newport Beach real estate market had 475 homes for sale in October 2024, a 2.6% increase compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 6 | 4 | -33.3% |
| 2 Bedrooms | 46 | 51 | +10.9% |
| 3 Bedrooms | 148 | 153 | +3.4% |
| 4 Bedrooms | 128 | 128 | 0.0% |
| 5+ Bedrooms | 135 | 139 | +3.0% |
Summary: The Newport Beach housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 33.3%, 2 bedroom homes increased by 10.9%, 3 bedroom homes increased by 3.4%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 75 | 68 | -9.3% |
Asking Price vs. Sold Price
52 Homes Were Sold
Under Asking
10 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Newport Beach, you may be able to get a good deal. 76.5% of homes here sold below asking price last month.
Summary: A total of 68 homes were sold or pending in Newport Beach in October 2024, down by 9.3% month-over-month. Of the 68 sold homes, 76% were sold under asking, 15% were sold at asking, and 9% were sold over asking.
Days on Market for Newport Beach, CA
How long does it take to sell a home in Newport Beach, CA?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 40 Days | 50 Days | +22.2% |
Summary: Homes in Newport Beach had an average of 50 days on market in Oct 2024, up by 22.2% compared to last year.
Breakdown of Home Sale Times
33 Homes Were Sold
Under 30 Days
24 Homes Were Sold
In 30 - 90 Days
11 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Newport Beach are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 68 homes were sold in Newport Beach; 49% of homes were sold within 30 days, 35% of homes were sold within 30 to 90 days, and 16% 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.