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 January 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

$1,300,985

$682/sqft

Based on all homes sold in the last 12 months.

Difference Since January 2023

+$74,568(+6.1%)

Key Takeaway

Homes in Irvine-Lake Forest have sold for 6.1% more than they did a year ago.

Summary: The median home sold price in Irvine-Lake Forest was $1,300,985 in January 2024, up 6.1% from last year, and the median price per square foot was $682.

Median Sold Price By Bedroom Count

# BEDSJan 2023Jan 2024CHANGE
1 $490K$525K
+7.1%
2 $764.5K$776.6K
+1.6%
3 $1.1M$1.2M
+4.3%
4 $1.5M$1.6M
+10.2%
5+ $1.9M$2.1M
+10.4%

Summary: Irvine-Lake Forest housing prices by bedroom type for January 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.1%, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 4.3%, 4 bedroom homes increased by 10.2%, and 5+ bedroom homes increased by 10.4%.

Median Sold Price Compared To Nearby Cities

Tustin
+10.8%
Irvine-Lake Forest
+6.1%
Irvine
+5.3%
Lake Forest
+4.9%
Mission Viejo
+3.3%

Housing Supply in Irvine-Lake Forest, CA

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

Number of Homes For Sale

Dec 2023Jan 2024CHANGE
342378+10.5%

Summary: The Irvine-Lake Forest real estate market had 378 homes for sale in January 2024, a 10.5% increase compared to December 2023.

Homes For Sale By Bedroom Count

# BEDSDec 2023Jan 2024CHANGE
1 1619
+18.8%
2 5876
+31.0%
3 106113
+6.6%
4 118128
+8.5%
5+ 4442
-4.5%

Summary: The Irvine-Lake Forest housing inventory by bedroom type for January 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 18.8%, 2 bedroom homes increased by 31%, 3 bedroom homes increased by 6.6%, 4 bedroom homes increased by 8.5%, and 5+ bedroom homes decreased by 4.5%.

Number of Homes Sold

Dec 2023Jan 2024CHANGE
107122+14.0%

Asking Price vs. Sold Price

50 Homes Were Sold
Under Asking

22 Homes Were Sold
At Asking

50 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. 41% of homes here sold below asking price last month.

Summary: A total of 122 homes were sold or pending in Irvine-Lake Forest in January 2024, up by 14.0% month-over-month. Of the 122 sold homes, 41% were sold under asking, 18% were sold at asking, and 41% 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

Jan 2023Jan 2024CHANGE
43 Days20 Days-51.6%

Summary: Homes in Irvine-Lake Forest had an average of 20 days on market in Jan 2024, down by 51.6% compared to last year.

Breakdown of Home Sale Times

87 Homes Were Sold
Under 30 Days

33 Homes Were Sold
In 30 - 90 Days

2 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.

Summary: During January 2024, 122 homes were sold in Irvine-Lake Forest; 71% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 2% 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 23 Days Ago

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