Those who are looking to move to Orange County or buy a new home in the area have likely kept a close eye on home prices in the area. Finding a great bargain on a home for sale in Orange County isn’t always easy, especially for those who want to live on the beach. However, it is possible to find a great property and secure a mortgage that won’t break the bank.
The first thing to do when trying to find a great home with an affordable monthly payment is to do some research into the area. By looking at home values over the past year, buyers can determine where the market is headed and whether now is the best time to buy.
What Are Typical Home Values in Orange County?
Homes in Orange County can sell for anywhere from $300,000 to over a million dollars. On average, home values are around $700,000. This average has increased a small amount since 2018, though that increase is less than one percentage point.
Looking at square footage, the average square foot per dollar is around $413. This has actually decreased since 2018, dropping 2.4 percent. This information was gathered from over 2,600 homes sold during 2018.
How Does Orange County Compare to Surrounding Areas?
One of the things to consider when looking at homes in Orange County is how prices here compare to other parts of Los Angeles-Long Beach-Anaheim Metro. Here are some key facts to consider:
- Overall, the average price per square foot is lower than the local average.
- The average home value of the metro area is $649,600.
- The average list price in the metro area is $728,000.
- The average list price in Orange County is $798,000.
- The average sale price in Orange County is $700,300; the average in the metro is $629,800.
Overall, in 2018/early 2019, homes in Orange county do tend to have a higher value than those in the surrounding areas, but they also typically sell for $70,000 more.
Is This the Right Time to Secure a Mortgage for a Home in Orange County?
Home prices have held very steady over the past 12 months. In August of 2018, the average price per square foot was $433. As of the end of June 2019, that average had only increased by one dollar. The value of homes in the area has been remarkably steady over the past year, with less than $5 between the lowest average ($431 in January) and the highest ($435 in April).
Experts anticipate Orange County prices to remain around the averages, at least for the foreseeable future. While the Southern California housing market did see a drop in March for the first time in seven years, that’s likely not to occur again. Analysts expect prices to remain the same or slightly increase over the rest of 2019.
The area is currently considered cold, making it a buyer’s market. Those who are interested in moving into Orange County may find this is the best time to secure a mortgage.