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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Irvine-Lake Forest is a seller's market

Buyer's
Market

Difference Since November 2021

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.

How much do homes in Irvine-Lake Forest, CA cost?

Median Sold Price

$1,213,057

$648/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2021

+$251,270(+26.1%)

Key Takeaway

Homes in Irvine-Lake Forest have sold for 26.1% more than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSNov 2021Nov 2022%
1 $407K$482.5K
+18.6%
2 $619.8K$767.8K
+23.9%
3 $899.9K$1.1M
+25.6%
4 $1.2M$1.5M
+21.3%
5+ $1.7M$2.0M
+19.1%

Median Sold Price Compared To Nearby Cities

Irvine
+29.0%
Irvine-Lake Forest
+26.1%
Lake Forest
+20.5%
Tustin
+20.1%
Mission Viejo
+15.5%

How many homes are available in Irvine-Lake Forest, CA?

Number of Homes For Sale

Oct 2022Nov 2022%
570509-10.7%

Homes For Sale By Bedroom Count

# BEDSOct 2022Nov 2022%
1 129
-25.0%
2 11292
-17.9%
3 188166
-11.7%
4 175166
-5.1%
5+ 8376
-8.4%

Number of Homes Sold

Oct 2022Nov 2022%
181127-29.8%

Asking Price vs. Sold Price

94 Homes Were Sold
Under Asking

11 Homes Were Sold
At Asking

22 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Irvine-Lake Forest, you may be able to get a good deal. 74% of homes here sold below asking price last month.

Average Sale Time

Nov 2021Nov 2022%
15 Days32 Days+104.7%

Breakdown of Home Sale Times

75 Homes Were Sold
Under 30 Days

46 Homes Were Sold
In 30 - 90 Days

6 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

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

About Irvine-Lake Forest, CA

Number of homes for sale in Irvine-Lake Forest, CA real estate market have reached 509. The inventory of homes for sale in Irvine-Lake Forest, CA between October 2022 and November 2022 decreased by 10.7%. In November 2022 median list price was $1,213,057 and the average listing age was 32 days. Listing prices have changed in this real estate market between October 2022 and November 2022: 1 bedroom properties became 18.6% more expensive, 2 bedrooms properties prices increased by 23.9%, prices of 3 bedrooms properties increased by 25.6%, 4 bedrooms properties became 21.3% more expensive, prices of 5 bedrooms properties increased by 19.1%. Volume of homes for sale changed: number of 1 bedroom homes decreased by 25%, volume of 2 bedrooms homes went down by 17.9%, the quantity of 3 bedrooms homes went down by 11.7%, number of 4 bedrooms homes decreased by 5.1%, 5 bedrooms homes inventory decreased by 8.4%. While more than 22 listings in Irvine-Lake Forest, CA in November 2022 were sold above asking price, there were more than 11 listings sold at asking price, and more than 94 were sold below.

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