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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Lake Forest is a seller's market

Buyer's
Market

Difference Since February 2023

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

Key Takeaway

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

Housing Prices in Lake Forest, CA

How much do homes in Lake Forest, CA cost?

Median Sold Price

$1,099,945

$599/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$66,105(+6.4%)

Key Takeaway

Homes in Lake Forest have sold for 6.4% more than they did a year ago.

Summary: The median home sold price in Lake Forest was $1,099,945 in February 2024, up 6.4% from last year, and the median price per square foot was $599.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $435K$430K
-1.1%
2 $590K$614K
+4.1%
3 $985K$1.0M
+2.0%
4 $1.2M$1.2M
+5.1%
5+ $1.5M$1.7M
+16.4%

Summary: Lake Forest housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.1%, 2 bedroom homes increased by 4.1%, 3 bedroom homes increased by 2%, 4 bedroom homes increased by 5.1%, and 5+ bedroom homes increased by 16.4%.

Median Sold Price Compared To Nearby Cities

Silverado
+29.0%
Irvine-Lake Forest
+7.9%
Lake Forest
+6.4%
Irvine
+6.2%
Mission Viejo
+3.2%

Housing Supply in Lake Forest, CA

How many homes are available in Lake Forest, CA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
152147-3.3%

Summary: The Lake Forest real estate market had 147 homes for sale in February 2024, a 3.3% decrease compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 118
-27.3%
2 3329
-12.1%
3 3742
+13.5%
4 5452
-3.7%
5+ 1716
-5.9%

Summary: The Lake Forest housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 27.3%, 2 bedroom homes decreased by 12.1%, 3 bedroom homes increased by 13.5%, 4 bedroom homes decreased by 3.7%, and 5+ bedroom homes decreased by 5.9%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
4929-40.8%

Asking Price vs. Sold Price

8 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

15 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Lake Forest, you could pay more than the asking price. 51.7% of homes here sold above asking price last month.

Summary: A total of 29 homes were sold or pending in Lake Forest in February 2024, down by 40.8% month-over-month. Of the 29 sold homes, 28% were sold under asking, 21% were sold at asking, and 52% were sold over asking.

Days on Market for Lake Forest, CA

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

Average Sale Time

Feb 2023Feb 2024CHANGE
44 Days25 Days-42.6%

Summary: Homes in Lake Forest had an average of 25 days on market in Feb 2024, down by 42.6% compared to last year.

Breakdown of Home Sale Times

21 Homes Were Sold
Under 30 Days

5 Homes Were Sold
In 30 - 90 Days

3 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During February 2024, 29 homes were sold in Lake Forest; 72% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 10% 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

Newest Listings in Lake Forest, CA

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