Is Irvine, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Irvine is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Irvine has remained a Seller's Market.

Key Takeaway

Irvine is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Irvine, CA

How much do homes in Irvine, CA cost?

Median Sold Price

$1,380,171

$741/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$80,321(+6.2%)

Key Takeaway

Homes in Irvine have sold for 6.2% more than they did a year ago.

Summary: The median home sold price in Irvine was $1,380,171 in February 2024, up 6.2% from last year, and the median price per square foot was $741.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $576.5K$615.8K
+6.8%
2 $860K$900.4K
+4.7%
3 $1.2M$1.2M
+7.4%
4 $1.6M$1.8M
+11.0%
5+ $2.6M$3.1M
+19.7%

Summary: Irvine housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.8%, 2 bedroom homes increased by 4.7%, 3 bedroom homes increased by 7.4%, 4 bedroom homes increased by 11%, and 5+ bedroom homes increased by 19.7%.

Median Sold Price Compared To Nearby Cities

Tustin
+11.9%
Central Coast
+8.6%
Irvine-Lake Forest
+7.9%
Irvine
+6.2%
Laguna Woods
+5.1%

Housing Supply in Irvine, CA

How many homes are available in Irvine, CA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
384415+8.1%

Summary: The Irvine real estate market had 415 homes for sale in February 2024, a 8.1% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 1716
-5.9%
2 8782
-5.7%
3 127135
+6.3%
4 110128
+16.4%
5+ 4354
+25.6%

Summary: The Irvine housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 5.9%, 2 bedroom homes decreased by 5.7%, 3 bedroom homes increased by 6.3%, 4 bedroom homes increased by 16.4%, and 5+ bedroom homes increased by 25.6%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
115137+19.1%

Asking Price vs. Sold Price

41 Homes Were Sold
Under Asking

21 Homes Were Sold
At Asking

75 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Irvine, you could pay more than the asking price. 54.7% of homes here sold above asking price last month.

Summary: A total of 137 homes were sold or pending in Irvine in February 2024, up by 19.1% month-over-month. Of the 137 sold homes, 30% were sold under asking, 15% were sold at asking, and 55% were sold over asking.

Days on Market for Irvine, CA

How long does it take to sell a home in Irvine, CA?

Average Sale Time

Feb 2023Feb 2024CHANGE
33 Days22 Days-33.3%

Summary: Homes in Irvine had an average of 22 days on market in Feb 2024, down by 33.3% compared to last year.

Breakdown of Home Sale Times

109 Homes Were Sold
Under 30 Days

19 Homes Were Sold
In 30 - 90 Days

9 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Irvine are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 137 homes were sold in Irvine; 80% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 4 Days Ago

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