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Orange County Real Estate Market Trends - March 18, 2024

By
Real Estate Broker/Owner with Orange County Real Estate, Inc. DRE 01241208

This week's Orange County Real Estate Market Report, courtesy of Orange County Real Estate, Inc., presents an in-depth look at the current state of the housing market, emphasizing the significant jump in median list prices and ongoing trends that impact buyers and sellers alike. As experts in the local market, Orange County Real Estate, Inc. continues to offer invaluable insights and guidance, ensuring clients navigate the market confidently.

Key Highlights:

  • Median List Price Surge: Single-family homes have seen a notable increase in the median list price to $2,099,000.
  • Median Closed Price: Condos and townhomes median closed prices also jumped significantly to $830,000.
  • Mortgage Rate Outlook: Despite initial expectations for declining rates, the focus shifts toward a significant cut aiming for a 6.5% target by summer, contingent on favorable economic indicators.
  • Market Dynamics: The report details the continuing trend of homes selling above asking price, emphasizing the robust demand driving the market.
  • Opportunities for Buyers: Listings over 90 days present unique opportunities for those seeking less competitive buying scenarios.
  • Advice for Sellers: Highlighting the strategic considerations for homeowners looking to downsize without sacrificing lifestyle, with a special mention of single-level homes offering ocean views.

Inventory and Market Stats:

  • Local Inventory: A comparison of current listings across the U.S. and specifically within Orange County.
  • Days on Market: An analysis of how long properties are staying on the market, with a breakdown by price range.
  • Price Trends: Details on how the median list and closed prices have evolved over the past week, offering insights into market direction.

Read The Full Report At This Link

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Orange County Real Estate, Inc. emphasizes their commitment to providing strategic guidance and expertise, whether you're buying, selling, or simply exploring the market. For a deeper dive into the full report and to discover how to leverage these trends to your advantage, contact Orange County Real Estate, Inc.

John Pusa
Glendale, CA

Hello Eric Engelbert 949-430-7500  very valuable real estate market report for Orange County.

Mar 18, 2024 06:07 PM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Thank you for sharing this report.

Mar 19, 2024 07:42 AM