The Orange County housing market has seen a cooling off trend after two years of a housing boom. Homes are selling closer to their asking price with less urgency, fewer multiple offers, and less competition among buyers. The median sold price of existing single-family homes in Orange County was $1,250,000 in March 2023, a 7.9% increase from the previous month, but a 4.2% decrease from March 2022. There are several factors affecting the Orange County housing market, such as higher mortgage rates, lower purchasing power and lower demand, and a cooling trend increasing the number of available homes on the market.
The Orange County housing market statistics show that the median listing home price in Orange County, CA was $1M, up 2.5% year-over-year, while the median listing home price per square foot was $598 and the median home sold price was $975K. Sales in Orange have increased by 43.8% from the previous month and decreased by 30.0% from March 2022. The sale-to-list price ratio was 99.76%, meaning that homes in Orange County sold for nearly the asking price on average in March 2023. Homes in Orange County, CA sold on average after 57 days on the market.
The Orange County housing market forecast for 2023 shows both positive and negative trends. Higher mortgage rates lead to higher monthly mortgage payments, making it harder for some buyers to afford the homes they want, resulting in lower demand for homes and potentially a decline in home prices. With lower purchasing power and lower demand, there may be less competition among buyers, which could also lead to lower prices. Buyers may delay their home purchase until mortgage rates come down, further reducing demand and putting downward pressure on prices. It is anticipated that home price growth will continue to decline in the coming months, culminating in year-over-year decreases by the fall of 2023. Ultimately, whether it’s a good time to buy a home in Orange County depends on each buyer’s unique situation, preferences, and financial position.
Orange County Homes