Is Newport Beach, 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, Newport Beach has remained a Seller's Market.
Key Takeaway
Newport Beach is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Newport Beach, CA
How much do homes in Newport Beach, CA cost?
Median Sold Price
$3,228,690
$1,343/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in Newport Beach have sold for 3.2% more than they did a year ago.
Summary: The median home sold price in Newport Beach was $3,228,690 in March 2024, up 3.2% from last year, and the median price per square foot was $1,343.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $717K | $835K | +16.5% |
| 2 Bedrooms | $1.8M | $1.5M | -13.8% |
| 3 Bedrooms | $2.5M | $2.8M | +11.8% |
| 4 Bedrooms | $3.8M | $4.3M | +13.2% |
| 5+ Bedrooms | $5.2M | $5.3M | +3.8% |
Summary: Newport Beach housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 16.5%, 2 bedroom homes decreased by 13.8%, 3 bedroom homes increased by 11.8%, 4 bedroom homes increased by 13.2%, and 5+ bedroom homes increased by 3.8%.
Median Sold Price Compared To Nearby Cities
| Central Coast | $1.6M | $1.8M | +10.7% |
| Costa Mesa | $1.1M | $1.2M | +7.7% |
| Irvine | $1.2M | $1.3M | +7.7% |
| Newport Beach | $3.1M | $3.2M | +3.2% |
| Corona Del Mar | $3.6M | $3.7M | +2.9% |
Housing Supply in Newport Beach, CA
How many homes are available in Newport Beach, CA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 377 | 410 | +8.8% |
Summary: The Newport Beach real estate market had 410 homes for sale in March 2024, a 8.8% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 4 | 5 | +25.0% |
| 2 Bedrooms | 61 | 64 | +4.9% |
| 3 Bedrooms | 98 | 98 | 0.0% |
| 4 Bedrooms | 108 | 125 | +15.7% |
| 5+ Bedrooms | 106 | 118 | +11.3% |
Summary: The Newport Beach housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 25%, 2 bedroom homes increased by 4.9%, 3 bedroom homes remained the same, 4 bedroom homes increased by 15.7%, and 5+ bedroom homes increased by 11.3%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 65 | 86 | +32.3% |
Asking Price vs. Sold Price
50 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
23 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. 58.1% of homes here sold below asking price last month.
Summary: A total of 86 homes were sold or pending in Newport Beach in March 2024, up by 32.3% month-over-month. Of the 86 sold homes, 58% were sold under asking, 15% were sold at asking, and 27% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 49 Days | 43 Days | -13.2% |
Summary: Homes in Newport Beach had an average of 43 days on market in Mar 2024, down by 13.2% compared to last year.
Breakdown of Home Sale Times
53 Homes Were Sold
Under 30 Days
19 Homes Were Sold
In 30 - 90 Days
14 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 March 2024, 86 homes were sold in Newport Beach; 62% of homes were sold within 30 days, 22% 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.