Is it time to buy a home in Orange County’s Laguna Beach?
The SoCal real estate market, especially in Orange County, continues to be a hot topic for both buyers and sellers. By comparing the sales figures and market data as of May 2023, we can infer what the housing market is going to be like in Orange County.
THE CURRENT STATE OF ORANGE COUNTY HOUSING MARKET 2023
According to NoradaRealEstate.com, the median price of single-family homes in Orange County for May 2023 was $1,256,500, a 2.6% rise from the previous month’s $1,225,000. However, when compared to May 2022, there has been a slight dip of 3%, based on the median price of $1,295,000.
The sales figures for Orange County in May 2023 tell a different story. While the county experienced a robust month-over-month growth in sales, with a notable increase of 24.4% compared to April 2023; there has also been a significant decline of 21.9% in sales when compared to May 2022.
For both median home prices and sales in Orange County, we’re experiencing an increase in the short term, but a decline in the long term.
Is it a good time to buy?
With home prices in Orange County on a steady rise, buyers are wondering if it’s a good time to make a purchase. If there are more buyers than there are homes for sale in Orange County, then expect sellers to hold sway in terms of home prices, terms, and so on. So, is Orange County a seller’s housing market? Keep tabs on the Orange County housing market here. Also consider factors that can shift the market, such as economic policies and the like.
ORANGE COUNTY HOUSING MARKET FORECAST 2023
The housing market of Orange County is set for an interesting outcome in the coming months. With median selling prices on the rise, we’re expecting mortgage rates for Orange County homes to also rise.
Higher mortgage rates mean higher mortgage payments, which may limit the number of potential homebuyers. The decrease in the demand for homes in Orange County may also mean that sellers may resort to lowering the selling price in order to increase demand.
In summary, the high mortgage rates in Orange County are impacting home prices and the buying power of possible homebuyers in 2023. It’s important for buyers to carefully consider these factors when making purchasing decisions and to be prepared for the financial implications of higher mortgage rates – unless you’re paying in cash.
If you’re interested in learning more of market trends and forecasts for Orange County’s real estate, it’s best to work with an established Realtor. Meet Robyn Robinson, an expert Realtor catering to communities in South Orange County. With over $1 billion in sales and experience spanning 30 years, Robyn has helped countless clients sell and purchase homes. She can help you find the ideal home tailored to your needs.
Contact Robyn Robinson today at 949.295.5676 or send her an email here for more information on luxury homes in South Orange County.