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 June 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
$1,412,124
$746/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Summary: The median home sold price in Irvine-Lake Forest was $1,412,124 in June 2024, up 17.2% from last year, and the median price per square foot was $746.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $501.5K | $560K | +11.7% |
2 Bedrooms | $735K | $835.4K | +13.7% |
3 Bedrooms | $1.1M | $1.3M | +16.9% |
4 Bedrooms | $1.5M | $1.8M | +17.9% |
5+ Bedrooms | $1.9M | $2.3M | +20.5% |
Summary: Irvine-Lake Forest housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 11.7%, 2 bedroom homes increased by 13.7%, 3 bedroom homes increased by 16.9%, 4 bedroom homes increased by 17.9%, and 5+ bedroom homes increased by 20.5%.
Median Sold Price Compared To Nearby Cities
Lake Forest | $972.9K | $1.1M | +20.7% |
Irvine-Lake Forest | $1.2M | $1.4M | +17.2% |
Irvine | $1.2M | $1.5M | +15.6% |
Mission Viejo | $963.1K | $1.0M | +14.2% |
Tustin | $972.5K | $1.0M | +10.5% |
Housing Supply in Irvine-Lake Forest, CA
How many homes are available in Irvine-Lake Forest, CA?
Number of Homes For Sale
May 2024 | Jun 2024 | CHANGE |
---|---|---|
689 | 683 | -0.9% |
Summary: The Irvine-Lake Forest real estate market had 683 homes for sale in June 2024, a 0.9% decrease compared to May 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 16 | 18 | +12.5% |
2 Bedrooms | 94 | 102 | +8.5% |
3 Bedrooms | 225 | 226 | 0.4% |
4 Bedrooms | 267 | 245 | -8.2% |
5+ Bedrooms | 87 | 92 | +5.7% |
Summary: The Irvine-Lake Forest housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.5%, 2 bedroom homes increased by 8.5%, 3 bedroom homes increased by 0.4%, 4 bedroom homes decreased by 8.2%, and 5+ bedroom homes increased by 5.7%.
Number of Homes Sold
May 2024 | Jun 2024 | CHANGE |
---|---|---|
237 | 211 | -11.0% |
Asking Price vs. Sold Price
42 Homes Were Sold
Under Asking
23 Homes Were Sold
At Asking
146 Homes Were Sold
Over Asking
Summary: A total of 211 homes were sold or pending in Irvine-Lake Forest in June 2024, down by 11.0% month-over-month. Of the 211 sold homes, 20% were sold under asking, 11% were sold at asking, and 69% 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
Jun 2023 | Jun 2024 | CHANGE |
---|---|---|
20 Days | 13 Days | -32.4% |
Summary: Homes in Irvine-Lake Forest had an average of 13 days on market in Jun 2024, down by 32.4% compared to last year.
Breakdown of Home Sale Times
185 Homes Were Sold
Under 30 Days
26 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Summary: During June 2024, 211 homes were sold in Irvine-Lake Forest; 88% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.