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 April 2023
Since last year, Irvine-Lake Forest has remained a Seller's Market.
Housing Prices in Irvine-Lake Forest, CA
How much do homes in Irvine-Lake Forest, CA cost?
Median Sold Price
$1,364,383
$718/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Summary: The median home sold price in Irvine-Lake Forest was $1,364,383 in April 2024, up 13.7% from last year, and the median price per square foot was $718.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $498K | $567.5K | +14.0% |
2 Bedrooms | $746.9K | $834.7K | +11.8% |
3 Bedrooms | $1.1M | $1.2M | +15.1% |
4 Bedrooms | $1.5M | $1.7M | +13.6% |
5+ Bedrooms | $1.9M | $2.2M | +15.9% |
Summary: Irvine-Lake Forest housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 14%, 2 bedroom homes increased by 11.8%, 3 bedroom homes increased by 15.1%, 4 bedroom homes increased by 13.6%, and 5+ bedroom homes increased by 15.9%.
Median Sold Price Compared To Nearby Cities
Lake Forest | $988K | $1.1M | +16.4% |
Irvine-Lake Forest | $1.2M | $1.3M | +13.7% |
Irvine | $1.2M | $1.4M | +10.6% |
Tustin | $963.7K | $1.0M | +9.5% |
Mission Viejo | $986.6K | $1.0M | +8.1% |
Housing Supply in Irvine-Lake Forest, CA
How many homes are available in Irvine-Lake Forest, CA?
Number of Homes For Sale
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
578 | 570 | -1.4% |
Summary: The Irvine-Lake Forest real estate market had 570 homes for sale in April 2024, a 1.4% decrease compared to March 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 15 | 14 | -6.7% |
2 Bedrooms | 101 | 97 | -4.0% |
3 Bedrooms | 195 | 187 | -4.1% |
4 Bedrooms | 199 | 202 | +1.5% |
5+ Bedrooms | 68 | 70 | +2.9% |
Summary: The Irvine-Lake Forest housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 6.7%, 2 bedroom homes decreased by 4%, 3 bedroom homes decreased by 4.1%, 4 bedroom homes increased by 1.5%, and 5+ bedroom homes increased by 2.9%.
Number of Homes Sold
Mar 2024 | Apr 2024 | CHANGE |
---|---|---|
219 | 214 | -2.3% |
Asking Price vs. Sold Price
49 Homes Were Sold
Under Asking
33 Homes Were Sold
At Asking
131 Homes Were Sold
Over Asking
Summary: A total of 214 homes were sold or pending in Irvine-Lake Forest in April 2024, down by 2.3% month-over-month. Of the 213 sold homes, 23% were sold under asking, 15% were sold at asking, and 62% 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
Apr 2023 | Apr 2024 | CHANGE |
---|---|---|
31 Days | 16 Days | -48.4% |
Summary: Homes in Irvine-Lake Forest had an average of 16 days on market in Apr 2024, down by 48.4% compared to last year.
Breakdown of Home Sale Times
190 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Summary: During April 2024, 214 homes were sold in Irvine-Lake Forest; 89% of homes were sold within 30 days, 8% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.