At the sake of sounding like a broken record, it’s mostly more of the same thing we’ve been seeing the past couple of years. Nice changes: inventory is up and, in Orange County, there are many active new home developments, so there are more choices for buyers. But prices continue their march upward, which is continuing to cause pain for buyers. it’s not unusual to see $1,200/SF for an older tract home (!) in Irvine. And the coast (Newport Beach, Newport Coast, Corona Del Mar, Dana Point), for homes sold over $5,000,000 (of which there are 134 the past 90 days), the average price/SF is $2,189.24. And to have a ‘toes in the sand experience,’ the price/SF could easily top $6,000! (For the April 2024 Orange County Market Report, click here.)
Which brings us to affordability for the average buyer: it’s tough, especially with the rates staying much higher than a couple of years ago. Let’s take a look at what you can buy in Orange County for under $1,000,000.
– Price Range: $775,000-1,000,000 (detached, single family home)
– Bedrooms: 3+
– SF: 1,800+
– Lot Size: 3,500 SF +
– Built after 1980:
– Income: $175,000
– Monthly Debt: $375
– $150,000 to put down
– 7.125% 30 year fixed loan rate
Based on the income, amount down, monthly debt, and the loan rate, affordability is under $1 million. That might sound like a lot in many parts of the country, but in Orange County, we’re talking TWO homes – yes TWO – that fit the above:
- 26175 Buscador, Mission Viejo (https://portal.onehome.com/en-US/share/1363452q06807)
- 613 N Raitt St, Santa Ana (https://portal.onehome.com/en-US/share/1363451w05830)
Reducing size range to 1,400 SF, we find ONE more home to consider: 3899 Ravenswood Drive, Yorba Linda (https://portal.onehome.com/en-US/share/1363445l35246)
Rough market indeed.
(Check out our YouTube Channel! We post videos often about not only Living In Irvine California but also videos of many other cities and communities! We also record Vlogs that include driving tours of the city/community, map videos, and pros and cons videos! We want to provide you with all the information you need to decide what the best location is for you!)
Let’s connect via Zoom, send us a message through our contact form, email us, call us at 949-285-1207, shoot us a text. And don’t forget to download our FREE Mobile Android & iOS App.