Orange County is a seller's market, where prices are usually higher and homes sell faster than the national average. Despite current market challenges, home values in Orange County remain strong. On average, homes are sold for 3.2% less than the list price. A major challenge in the Orange County housing market is the low inventory levels, which are causing greater competition among buyers and an oversupply of homes.
To make this information more accessible, a website has been created that provides real estate data for all cities in Orange County. Home purchases in Los Angeles and Orange Counties dropped 46% in 12 months, making December the slowest month on record. Homes that sold below sale prices increased by 10.7% in Los Angeles and Orange Counties and by 10.3% in Riverside and San Bernardino Counties. This indicates that homebuyer interest is increasing, as seen by the upward trend in Google Trends and the decrease in residential inventory for sale in Orange County.3.5% of residential properties of 1 to 4 units are owned by corporate entities, so it's important for sellers in this price range to understand the data for their specific neighborhood to set realistic expectations and potentially exceed homes that have been on the market for longer periods of time.