According to Zillow, there are currently 445 active home listings and 76 new homes for sale in Irvine, CA. This is a significant decrease from the same time last year, when there were 625 active home listings and 100 new homes for sale. The decrease in inventory is due to a number of factors, including rising interest rates, inflation, and a slowdown in the economy.
Due primarily to the low inventory of home for sale, Irvine housing market is moderately competitive, with some homes receiving multiple offers. Homes sell in around 42 days on average, taking longer than the 22 days it took last year. In March 2023, the median sale price of a home in Irvine increased by 6.5% to $1.4M, with the median sale price per square foot at $679, down 2.4% since last year. Homes in great condition and priced well can sell for about 1% above list price and go pending in around 23 days.
Regarding Irvine real estate statistics, last month Single Family homes sold for $129 more per square foot than condos. Sale price per square foot of Single Family homes increased by 10.7% last month, whereas the sale price per square foot of condos decreased by 2.2% compared to the previous month. The median days on the market for homes in Irvine was 10 days last month, taking 8 to 33 days to sell, an increase of 25% in comparison to last year. On average, 71 Single Family homes were sold per month, with a range of 46 to 107 homes. However, there were 27 price drops per month on average, with a range of 7 to 56 homes, a decrease of 18.18% in price drops compared to the last 12 months.
In terms of migration and relocation, 18% of homebuyers searched to move out of Irvine, while 82% stayed within the metropolitan area. Across the nation, 6% of homebuyers searched to move into Irvine from outside metros, with San Francisco homebuyers searching the most, followed by Chicago and New York. Las Vegas was the most popular destination among Irvine homebuyers, followed by San Diego and Phoenix.
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