Is Newport Beach, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2022
At the same time last year, Newport Beach was a Seller's Market.
Key Takeaway
Newport Beach is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Newport Beach, CA
How much do homes in Newport Beach, CA cost?
Median Sold Price
$3,116,875
$1,288/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2022
Key Takeaway
Homes in Newport Beach have sold for 1.6% less than they did a year ago.
Summary: The median home sold price in Newport Beach was $3,116,875 in November 2023, down 1.6% from last year, and the median price per square foot was $1,288.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $650K | $795K | +22.3% |
| 2 Bedrooms | $1.7M | $1.6M | -5.4% |
| 3 Bedrooms | $2.5M | $2.7M | +6.0% |
| 4 Bedrooms | $3.8M | $3.8M | -0.1% |
| 5+ Bedrooms | $5.0M | $5.2M | +3.7% |
Summary: Newport Beach housing prices by bedroom type for November 2023 compared to the previous year: The home price of 1 bedroom homes increased by 22.3%, 2 bedroom homes decreased by 5.4%, 3 bedroom homes increased by 6%, 4 bedroom homes decreased by 0.1%, and 5+ bedroom homes increased by 3.7%.
Median Sold Price Compared To Nearby Cities
| Irvine | $1.2M | $1.3M | +4.2% |
| Central Coast | $1.7M | $1.7M | +2.4% |
| Costa Mesa | $1.1M | $1.2M | +2.0% |
| Corona Del Mar | $3.6M | $3.6M | 0.3% |
| Newport Beach | $3.1M | $3.1M | -1.6% |
Housing Supply in Newport Beach, CA
How many homes are available in Newport Beach, CA?
Number of Homes For Sale
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 372 | 358 | -3.8% |
Summary: The Newport Beach real estate market had 358 homes for sale in November 2023, a 3.8% decrease compared to October 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 54 | 51 | -5.6% |
| 3 Bedrooms | 109 | 108 | -0.9% |
| 4 Bedrooms | 114 | 111 | -2.6% |
| 5+ Bedrooms | 95 | 88 | -7.4% |
Summary: The Newport Beach housing inventory by bedroom type for November 2023 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 5.6%, 3 bedroom homes decreased by 0.9%, 4 bedroom homes decreased by 2.6%, and 5+ bedroom homes decreased by 7.4%.
Number of Homes Sold
| Oct 2023 | Nov 2023 | CHANGE |
|---|---|---|
| 78 | 55 | -29.5% |
Asking Price vs. Sold Price
40 Homes Were Sold
Under Asking
9 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Newport Beach, you may be able to get a good deal. 72.7% of homes here sold below asking price last month.
Summary: A total of 55 homes were sold or pending in Newport Beach in November 2023, down by 29.5% month-over-month. Of the 55 sold homes, 73% were sold under asking, 16% were sold at asking, and 11% were sold over asking.
Days on Market for Newport Beach, CA
How long does it take to sell a home in Newport Beach, CA?
Average Sale Time
| Nov 2022 | Nov 2023 | CHANGE |
|---|---|---|
| 54 Days | 51 Days | -5.1% |
Summary: Homes in Newport Beach had an average of 51 days on market in Nov 2023, down by 5.1% compared to last year.
Breakdown of Home Sale Times
33 Homes Were Sold
Under 30 Days
13 Homes Were Sold
In 30 - 90 Days
9 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Newport Beach are selling fast, if you're buying plan to act quickly.
Summary: During November 2023, 55 homes were sold in Newport Beach; 60% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 16% 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.