Is Irvine, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 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
$1,399,980
$753/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Irvine have sold for 7.7% more than they did a year ago.
Summary: The median home sold price in Irvine was $1,399,980 in March 2024, up 7.7% from last year, and the median price per square foot was $753.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $578K | $622.5K | +7.7% |
| 2 Bedrooms | $853.7K | $920K | +7.8% |
| 3 Bedrooms | $1.1M | $1.3M | +10.0% |
| 4 Bedrooms | $1.7M | $1.9M | +10.5% |
| 5+ Bedrooms | $2.6M | $3.0M | +16.2% |
Summary: Irvine housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.7%, 2 bedroom homes increased by 7.8%, 3 bedroom homes increased by 10%, 4 bedroom homes increased by 10.5%, and 5+ bedroom homes increased by 16.2%.
Median Sold Price Compared To Nearby Cities
| Tustin | $958K | $1.0M | +11.2% |
| Central Coast | $1.6M | $1.8M | +10.7% |
| Irvine-Lake Forest | $1.2M | $1.3M | +9.8% |
| Irvine | $1.2M | $1.3M | +7.7% |
| Laguna Woods | $379.1K | $407.9K | +7.6% |
Housing Supply in Irvine, CA
How many homes are available in Irvine, CA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 440 | 466 | +5.9% |
Summary: The Irvine real estate market had 466 homes for sale in March 2024, a 5.9% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 14 | 20 | +42.9% |
| 2 Bedrooms | 90 | 87 | -3.3% |
| 3 Bedrooms | 145 | 163 | +12.4% |
| 4 Bedrooms | 133 | 133 | 0.0% |
| 5+ Bedrooms | 58 | 63 | +8.6% |
Summary: The Irvine housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 42.9%, 2 bedroom homes decreased by 3.3%, 3 bedroom homes increased by 12.4%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 8.6%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 144 | 187 | +29.9% |
Asking Price vs. Sold Price
64 Homes Were Sold
Under Asking
22 Homes Were Sold
At Asking
101 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Irvine, you could pay more than the asking price. 54% of homes here sold above asking price last month.
Summary: A total of 187 homes were sold or pending in Irvine in March 2024, up by 29.9% month-over-month. Of the 187 sold homes, 34% were sold under asking, 12% were sold at asking, and 54% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 36 Days | 16 Days | -54.1% |
Summary: Homes in Irvine had an average of 16 days on market in Mar 2024, down by 54.1% compared to last year.
Breakdown of Home Sale Times
163 Homes Were Sold
Under 30 Days
17 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Irvine are selling fast, if you're buying plan to act quickly.
Summary: During March 2024, 187 homes were sold in Irvine; 87% of homes were sold within 30 days, 9% of homes were sold within 30 to 90 days, and 4% of homes were sold over 90 days.
Based on information from California Regional Multiple Listing Service, Inc. and /or other sources. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. The data contained herein is copyrighted by CRMLS and is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited.