National Real Estate Market Overview
In January 2024, the national real estate market experienced a slight dip of 1% in existing home sales compared to the previous month. However, there is reason for optimism as pending sales saw an impressive surge of 8.3% - the largest gain since June 2020. This increase can be attributed to dropping mortgage rates, which have attracted more buyers to the market.
Despite the slow pace in sales, experts forecast a 133% rise in existing home sales this year. The national medium existing home price has also climbed up to $382,500, reflecting a 4.4% increase from the previous year. With signs of improvement on the horizon, the real estate market presents a mixed bag of opportunities and challenges.
Orange County Real Estate Market Snapshot
Now, let's zoom in on Orange County, California, where the real estate market tells its own unique story. As of January 2024, the local inventory in Orange County is sitting tight at a 1.15 month supply, indicating a hot market with high demand.
One notable statistic that characterizes the market is the impressive 25.81% list to sold price ratio. This robust performance means sellers are experiencing great returns, while buyers need to bring their best offers to the table. Properties are flying off the market, with a median time of just 19 days before sale. It's a fast-paced environment that emphasizes the need for readiness, whether you're selling or looking to buy.
The median sold price in Orange County has reached $1,92,000 as of January 2024. This figure showcases the premium value of Orange County living, influenced by factors such as location, size, and the unique features of each home.
Additional Resources
If you're a homeowner and would like to find out what your home is worth, we have created a website specifically for that purpose. Additionally, if you're a home buyer in search of down payment assistance, our website provides information about available programs for any property. You can find these links in the video description.
Conclusion
That concludes our January 2024 market update for Orange County, California. Whether you're planning to buy or sell, or simply love staying informed, these insights are key to navigating our dynamic real estate landscape. For more detailed advice or to discuss your realistic goals, don't hesitate to reach out to us at Bonaventure Realtors.
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