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AN OVERVIEW OF INCREASING PRICES IN THE ORANGE COUNTY HOUSING MARKET

Monday, November 13, 2023   /   by Bob Cowan

AN OVERVIEW OF INCREASING PRICES IN THE ORANGE COUNTY HOUSING MARKET

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According to data from Realtor.com, the median price of a property in Orange County increased to $482,450 in October, a 3.3% increase from the previous month. Home prices have increased by 12.2% from the same period last year. These numbers only include information on Orange County house list prices; they do not include information on sold properties.


With a total square footage of roughly 1,957, Orange County's median home was listed for $248 per square foot on average. This shows that the price per square foot has increased by a significant 9.8% since October 2022.

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Orange County properties on average were on the market for 54 days in October, which is marginally longer than the 50-day nationwide norm. In the preceding month, the median number of days that houses were listed was 52. Only 344 properties were posted in October, a 19.6% fall from the 428 new listings in October 2022. Nevertheless, there was a decline in new listings.


Since Realtor.com only looks at single-family homes, townhomes, and condominiums, it's vital to keep in mind that their median property prices may not represent the whole market. These numbers typically do not include pending and contingent transactions, nor new construction.

The median home price in the New York-Newark-Jersey City metro area increased to $729,500, while Orange County also saw an increase in property values. The trend continued in New York, where the median price of a property increased to $630,000.

The average price of a home in the United States was $425,000, a little less than a month before. With a median price of $221 per square foot, the average size of an American home offered for sale was 1,876 square feet.

Because it eliminates potential distortions from outliers, experts emphasize that the median property price provides a more accurate depiction of market trends than the average list price. The average price can be greatly impacted by exceptionally high or low prices, whereas the median price offers a midpoint among all the listed residences over a certain period of time.

Commonly asked questions

1. What is Orange County's median home price?

In October, Orange County's median house price was $482,450.

 
2. What was the monthly increase in the median price of a home?
In Orange County, the median house price increased by 3.3% from the previous month.

3. What is Orange County's median home size?
In Orange County, the average size of a home is 1,957 square feet.

4. For what length of time do Orange County properties usually remain on the market?

In Orange County, homes are listed for 54 days on average.

5. In Orange County, were there less new listings than there were the previous year?

Yes, compared to October 2022, there was a 19.6% drop in new listings in Orange County.

6. Are Orange County's median home prices indicative of the whole real estate market?

No, the majority of new construction as well as pending or contingent sales are not included in the median home prices; only single-family homes, condominiums, and townhomes are included.

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  bob cowan, platinum living realty, orange county, november 2023

Platinum Living Realty
Bob Cowan
120 Newport Center Drive
Newport Beach, CA 92661
949-441-9918
DRE# 01970237

Based on information from California Regional Multiple Listing Service, Inc. as of April 16, 2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
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