What's Happening?
Orange County's median home price for October was $535,750, a 1.4% decrease from the previous month's $543,225, according to Realtor.com data. Compared to October 2024, the median home list price increased
by 5.1% from $519,900. The median home size was 2,046 square feet, listed at $266 per square foot, up 3.9% from the previous year. Homes were listed for a median of 60 days, slightly below the national median of 63 days. The number of new listings increased by 23% from the previous year, with 428 homes newly listed. The report includes single-family homes, condominiums, and townhomes, excluding new constructions and pending sales.
Why It's Important?
The decrease in median home prices in Orange County, despite an increase in new listings, suggests a potential shift in market dynamics. This could impact local real estate strategies and influence buyer behavior, as more options become available. The increase in price per square foot indicates a demand for larger homes, which could affect future construction trends. The data provides valuable insights for real estate investors and homebuyers, highlighting the importance of monitoring market fluctuations and adapting strategies accordingly.
