Is Irvine-Lake Forest, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Irvine-Lake Forest has remained a Seller's Market.
Key Takeaway
Irvine-Lake Forest is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Irvine-Lake Forest, CA
How much do homes in Irvine-Lake Forest, CA cost?
Median Sold Price
$1,393,497
$732/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Irvine-Lake Forest have sold for 16.1% more than they did a year ago.
Summary: The median home sold price in Irvine-Lake Forest was $1,393,497 in May 2024, up 16.1% from last year, and the median price per square foot was $732.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $503K | $567.5K | +12.8% |
| 2 Bedrooms | $748.3K | $833K | +11.3% |
| 3 Bedrooms | $1.1M | $1.2M | +16.3% |
| 4 Bedrooms | $1.5M | $1.7M | +15.9% |
| 5+ Bedrooms | $1.9M | $2.2M | +15.0% |
Summary: Irvine-Lake Forest housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 12.8%, 2 bedroom homes increased by 11.3%, 3 bedroom homes increased by 16.3%, 4 bedroom homes increased by 15.9%, and 5+ bedroom homes increased by 15%.
Median Sold Price Compared To Nearby Cities
| Lake Forest | $972.9K | $1.1M | +20.4% |
| Irvine-Lake Forest | $1.2M | $1.3M | +16.1% |
| Irvine | $1.2M | $1.4M | +14.2% |
| Mission Viejo | $975K | $1.0M | +12.8% |
| Tustin | $971.8K | $1.0M | +8.0% |
Housing Supply in Irvine-Lake Forest, CA
How many homes are available in Irvine-Lake Forest, CA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 611 | 628 | +2.8% |
Summary: The Irvine-Lake Forest real estate market had 628 homes for sale in May 2024, a 2.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 14 | 16 | +14.3% |
| 2 Bedrooms | 100 | 84 | -16.0% |
| 3 Bedrooms | 202 | 204 | +1.0% |
| 4 Bedrooms | 222 | 241 | +8.6% |
| 5+ Bedrooms | 73 | 83 | +13.7% |
Summary: The Irvine-Lake Forest housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 14.3%, 2 bedroom homes decreased by 16%, 3 bedroom homes increased by 1%, 4 bedroom homes increased by 8.6%, and 5+ bedroom homes increased by 13.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 214 | 230 | +7.5% |
Asking Price vs. Sold Price
46 Homes Were Sold
Under Asking
36 Homes Were Sold
At Asking
148 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Irvine-Lake Forest, you could pay more than the asking price. 64.3% of homes here sold above asking price last month.
Summary: A total of 230 homes were sold or pending in Irvine-Lake Forest in May 2024, up by 7.5% month-over-month. Of the 230 sold homes, 20% were sold under asking, 16% were sold at asking, and 64% were sold over asking.
Days on Market for Irvine-Lake Forest, CA
How long does it take to sell a home in Irvine-Lake Forest, CA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 21 Days | 16 Days | -22.4% |
Summary: Homes in Irvine-Lake Forest had an average of 16 days on market in May 2024, down by 22.4% compared to last year.
Breakdown of Home Sale Times
196 Homes Were Sold
Under 30 Days
31 Homes Were Sold
In 30 - 90 Days
3 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Irvine-Lake Forest are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 230 homes were sold in Irvine-Lake Forest; 85% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 1% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.