Monday, April 1, 2024 / by Bob Cowan
2024 REAL ESTATE MARKET FORECASTS FOR ORANGE COUNTY

Our Orange County home market estimates for 2024 are listed below. Perhaps you're wondering what your possibilities are for buying or selling a house in the upcoming year?
We have a solid understanding of the local market and are among the best OC Realtors, so we can predict how things can develop in the upcoming year. Predictions should, as always, be taken with a HUGE grain of salt! The winds can suddenly shift. (Recall 2020?)
Thus, they represent our most educated projections of the Orange County real estate market for 2024 as of the end of 2023. We'll talk about Orange County real estate prices, sales, and mortgage rates. Now let's get started.
Mortgage Rates: A Turning Point Toward Homebuyers in Orange County
Mortgage rates are predicted to drop in the US and Orange County's real estate market in 2024, providing comfort to purchasers who are having trouble affording their homes. Even though homes in Orange County might be among the most expensive in the nation, the high cost of borrowing is a greater obstacle for many first-time buyers and sellers who want to relocate.
Important specialists, such as economists from First American Title and the National Association of Realtors, predict a decline from recent highs, creating a more buyer-friendly market in 2024. For our clients who are purchasing and selling real estate in Orange County, this would be a welcome trend on both sides of the transaction.

We have observed higher listing activity than we saw the previous year in recent weeks, following upbeat economic news and the Federal Reserve's predicted reduction of interest rates in 2024. This move is probably going to encourage more sellers to list their properties as rates rise, which will increase the number of properties that are available.

Risks for Sellers and Buyers
An increase in the number of available homes can provide purchasers in Orange County more alternatives and a more balanced market, which is advantageous to both buyers and sellers. After all, most sellers need a somewhere to go next!
But bear in mind that the speed of transactions will pick up as purchasing becomes more alluring and more sellers list their properties. The overall supply may appear just as scarce the following year, even though there may be more "churn" and turnover in the market. This is because more new listings might appear, but they might not stay on the market for long.
Working with a well-connected Realtor team that is well-versed in the market is essential in our high-stakes, quick-moving Orange County real estate market. At Bob Cowan and his team, we help clients stay ahead of the competition by keeping them up to date on industry developments.
Trends in Home Prices: Orange County Real Estate Is Still Growing
We anticipate Orange County to continue to stand out with a stronger pace of growth, even though national estimates indicate modest growth in property prices. The region's home sale prices had already increased by 5% year over year as of the fourth quarter of 2024. This pattern is probably going to continue, particularly if mortgage rates keep going down.
Reduced mortgage rates can help purchasers budget more, which increases their purchasing power. The real estate market in Orange County may see a rise in offers as a result of this change, which would raise sale prices. In general, reduced mortgage rates are advantageous to both buyers and sellers; purchasers receive a smaller monthly payment and sellers receive a higher price for their property.
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