Is Newport Beach, CA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Newport Beach is a buyer's market

Buyer's
Market

Difference Since June 2023

At the same time last year, Newport Beach was a Seller's Market.

Key Takeaway

Newport Beach is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.

Housing Prices in Newport Beach, CA

How much do homes in Newport Beach, CA cost?

Median Sold Price

$3,424,875

$1,381/sqft

Based on all homes sold in the last 12 months.

Difference Since June 2023

+$359,625(+11.7%)

Key Takeaway

Homes in Newport Beach have sold for 11.7% more than they did a year ago.

Summary: The median home sold price in Newport Beach was $3,424,875 in June 2024, up 11.7% from last year, and the median price per square foot was $1,381.

Median Sold Price By Bedroom Count

# BEDSJun 2023Jun 2024CHANGE
1 $750K$795K
+6.0%
2 $1.7M$1.6M
-6.4%
3 $2.6M$2.7M
+6.6%
4 $3.8M$4.4M
+14.3%
5+ $5.1M$5.9M
+14.6%

Summary: Newport Beach housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6%, 2 bedroom homes decreased by 6.4%, 3 bedroom homes increased by 6.6%, 4 bedroom homes increased by 14.3%, and 5+ bedroom homes increased by 14.6%.

Median Sold Price Compared To Nearby Cities

Central Coast
+16.0%
Irvine
+15.6%
Costa Mesa
+13.2%
Newport Beach
+11.7%
Corona Del Mar
+7.0%

Housing Supply in Newport Beach, CA

How many homes are available in Newport Beach, CA?

Number of Homes For Sale

May 2024Jun 2024CHANGE
486493+1.4%

Summary: The Newport Beach real estate market had 493 homes for sale in June 2024, a 1.4% increase compared to May 2024.

Homes For Sale By Bedroom Count

# BEDSMay 2024Jun 2024CHANGE
1 910
+11.1%
2 6963
-8.7%
3 133140
+5.3%
4 135135
0.0%
5+ 140145
+3.6%

Summary: The Newport Beach housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 11.1%, 2 bedroom homes decreased by 8.7%, 3 bedroom homes increased by 5.3%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 3.6%.

Number of Homes Sold

May 2024Jun 2024CHANGE
9964-35.4%

Asking Price vs. Sold Price

44 Homes Were Sold
Under Asking

6 Homes Were Sold
At Asking

14 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Newport Beach, you may be able to get a good deal. 68.8% of homes here sold below asking price last month.

Summary: A total of 64 homes were sold or pending in Newport Beach in June 2024, down by 35.4% month-over-month. Of the 64 sold homes, 69% were sold under asking, 9% were sold at asking, and 22% 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

Jun 2023Jun 2024CHANGE
34 Days35 Days+4.3%

Summary: Homes in Newport Beach had an average of 35 days on market in Jun 2024, up by 4.3% compared to last year.

Breakdown of Home Sale Times

38 Homes Were Sold
Under 30 Days

18 Homes Were Sold
In 30 - 90 Days

8 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

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

Summary: During June 2024, 64 homes were sold in Newport Beach; 59% of homes were sold within 30 days, 28% of homes were sold within 30 to 90 days, and 13% 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 19 Days Ago

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