Home values have notably increased nationally and within Orange County compared to the previous year. This surge in value can be attributed to the ongoing high demand for homes and the limited supply available in the market.
Orange County is in a sellers’ housing market characterized by elevated home prices and faster sales. The numbers tell the story: In October 2023, the median listing home price in Orange County is an impressive $1.095 million, marking a substantial 13.5% increase from last year, yet home sales are down 18% year-over-year.
As we approach the holiday season, inventory should decrease, and there could be a temporary slowdown in homebuyer activity. For potential homebuyers, please keep an eye out and continue to explore available options during this period.