Orange County Real Estate Market Update - March 2024

Orange County Real Estate Market Update - March 2024

The Orange County real estate market remained hot in March, with continued high buyer demand and increasing competition, especially for single-family homes. Here's a breakdown by property type:

Single-Family Homes

• Median Sales Price: Prices continued to climb, reaching new highs in March. Data suggests the median sales price was around $1,325,000.
• Days on Market: Homes are selling quickly, with the median time on the market hovering around 20 days.
• Inventory: Inventory levels remained lower than last month, indicating a seller's market.

Condos

• Median Sales Price: The condo market also saw price increases, with the median sales price reaching an all-time high of around $780,000.
• Days on Market: Condos are selling swiftly as well, with the median time on the market around 15 days.
• Inventory: Condo inventory remained stable compared to February.

Townhouses

• Median Sales Price: The median sales price for townhouses increased to around $987,000 in March.
• Days on Market: Townhouses are selling at a moderate pace, with the median time on the market around 18 days.
• Inventory: There was a slight increase in townhouse listings compared to February.

Market Summary

March continued the trend of a strong Orange County real estate market. Buyer demand remained high across all property types, leading to a competitive market and fast sales. Inventory remained a key factor, with low levels favoring sellers. While rising interest rates may have dampened some buyer enthusiasm, it hasn't significantly impacted overall market activity.

Looking ahead: It's too early to say definitively, but some experts predict a potential rise in inventory levels in the coming months. However, with buyer demand still robust, prices are expected to remain stable or even increase slightly. If you're considering buying or selling a home in Orange County, it's wise to consult with a qualified real estate agent to discuss your specific needs and the current market conditions.