The Team at Freedom First Properties April 24, 2023
Orange County is a sought-after location for homebuyers, investors and vacationers alike, thanks to its iconic beaches, historically strong economy, and array of exceptional schools.
One notable trend in the current Orange County real estate market is this month’s upward rise in home prices. In April 2023, the median home price in Orange County was $1.2 million, up from $1.1 million when compared to April 2022. This increase can be attributed to a variety of factors, including historically low inventory, high buyer demand, and rising rental rates. However, despite the increase in Orange County median home prices and impact of current interest rates, there remains a strong demand from buyers, particularly for single-family homes and condos. We are seeing this in action as we have had record numbers of buyers attend our open houses–with over 100 visitors at our most recent open house in Anaheim Hills and Garden Grove.
Challenges facing the Orange County real estate market include a critical shortage of inventory and higher interest rates. With high demand, low inventory and decreased purchasing power due to interest rates, many buyers are finding it challenging to find a home that meets both their needs and budget. This shortage of inventory is also contributing to the rise in home prices, as buyers are willing to pay a premium to secure a home in their desired location. Despite the current economy and higher interest rates, it remains a sellers market and we honestly expect this to continue until the lack of supply is corrected.
Notwithstanding these market challenges, the Orange County real estate market remains robust, with strong demand from buyers and even moderate demand from investors. If you are considering buying or selling a home in Orange County, it is essential to work with a local, knowledgeable and experienced real estate professional who can help you navigate and successfully the purchase or sale of your property.
Please reach out and let’s discuss how we can help.
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Whether buying, selling, or investing, property valuations are integral to the transaction. We offer appraisal services for refinances, relocations, tax assessment appeals, divorce settlements, court testimony, short sales and REO properties, FHA loans, and more.