Orange County CA Real Estate - Orange County CA Homes For Sale | Zillow (2024)

FAQs

Are home prices falling in Orange County? ›

The average Orange County, CA home value is $1,161,599, up 12.0% over the past year and goes to pending in around 13 days.

Best Time to Sell Your House for a Higher Price

April, June, and July are the best months to sell your house in California. The median sale price of houses in June 2023, was $796,400, which is expected to grow more in 2024. However, cities like Arcadia and San Mateo follow an upward trend throughout the year.

Orange County, CA housing market

In July 2024, the median listing home price in Orange County, CA was $1.4M, trending up 8.1% year-over-year. The median listing home price per square foot was $710. The median home sold price was $1.6M.

We expect new highs for single-family homes throughout the first half of 2024. Condo prices declined 3.8% from the high reached last month. Active listings in Orange County declined 0.4% month over month, as sales outpaced new listings. From February to March, sales rose 24.3%, while new listings increased 0.7%.

Experts suggest there may be some moderation in price growth, but it is unlikely that we will see broad declines in the California real estate market. Compared with previous cycles, 2024 shows similar trends around tight inventory and high demand.

To afford a $650,000 house, you typically need an annual income between $160,000 to $215,000, depending on your financial situation, down payment, credit score, and current market conditions. However, this is a general range, and your specific circ*mstances will determine the exact income required.

Bottom Line: The Best and Worst Month To Sell a Home

June is usually the best month to sell a house. It's when you're most likely to reach the most potential buyers and get a price above market value. As a result, on average nationwide, June has one of the highest median sale prices and the most sales overall.

The worst time to sell a house is typically during the winter months, particularly in December, January, and February. During this period, bad weather can deter potential buyers from attending open houses, and many people are preoccupied with holiday activities and planning.

In a recent note, Chief US Economist Michael Gapen and his team revealed that they expect home prices to rise by 4.5% this year and 5% in 2025. Gapen doesn't foresee the market cooling down until 2026 at the earliest. With this in mind, current homeowners can sell for even higher prices down the road.

How much do you need to buy a house in Orange County, CA? ›

How much is a downpayment on a house in Orange County, CA? The down payment on a house in Orange County depends on the type of mortgage you choose. For a conventional loan, you have to put down 20%, whereas for FHA loans you have to put 3.5% money down.

The median sale price of a home in Orange County was $1.2M last month, up 11.0% since last year. The median sale price per square foot in Orange County is $665, up 7.5% since last year.…

Independent living communities in Orange County, California, have an average cost of $4,800 per month, while assisted living communities in Orange County cost $5,700 per month on average.

Though sales have been declining, home prices in Southern California have shown varying trends. As of June 2024, the median home price of $875,000 reflects a slight 0.6% month-over-month decline but a substantial 7.4% increase year-over-year.

Orange County's housing expenses are 156% higher than the national average and the utility prices are 4% lower than the national average. Transportation expenses like bus fares and gas prices are 27% higher than the national average. Orange County has grocery prices that are 13% higher than the national average.

In July 2021, for example, when average rates were 2.88%, the typical monthly payment on a $400,000 home was about $2,000. At an interest rate of 7%, the monthly payment on a $400,000 home is now almost $3,000. But even as higher rates are driving up homebuyers' monthly costs, home prices continue to rise.

Case-Shiller Home Price Index: Los Angeles, CA is at a current level of 437.19, up from 434.57 last month and up from 403.73 one year ago. This is a change of 0.60% from last month and 8.29% from one year ago.