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Recent data from Attom shows the Orange County housing market is experiencing mixed trends in pricing, with the overall median home price at $1.19 million. While home prices rose in 41 of 82 local ZIP codes, they decreased in another 41. Sales figures also reflect contrasting patterns, with a total of 2,216 home sales. Upcoming developments include new single-family homes in Rancho Mission Viejo, aiming to accommodate the growing demand and provide significant residential opportunities.
Orange County, California – The Orange County housing market has shown mixed results in pricing, according to recent data from Attom, as new developments emerge in Rancho Mission Viejo. In April 2024, the county’s overall median home price reached $1.19 million, marking a modest increase of 0.4% from the previous year.
Among the 82 local ZIP codes analyzed, home prices experienced opposing trends: prices rose in 41 ZIP codes while decreasing in another 41. Newport Beach’s 92661 ZIP code maintained its status as the most expensive, with a median price of $5.7 million. In contrast, Santa Ana’s 92701 ZIP code recorded the lowest median price at $447,000.
During the month of April, sales figures also reflected mixed trends, with 2,216 total home sales, denoting a 0.4% increase compared to the previous year. Specifically, sales increased in 39 ZIP codes, decreased in 37, and remained unchanged in 6. The 92677 Laguna Niguel ZIP area was identified as the busiest, with a total of 70 sales.
Breaking down sales further, the average price in various market segments revealed significant insights. The high-end segment, which includes luxury homes, averaged $2.1 million, down 0.2% year-over-year with 714 sales (a decrease of 7%). Meanwhile, homes in the lowest price segment averaged $850,000, a decline of 4% with 575 sales (down 3%). Conversely, the mid-range segment saw an average price of $1.2 million, an increase of 5% accompanied by 927 sales (up 8%).
In upcoming developments, Northern California’s Trumark Homes announced plans to construct 120 new single-family houses across two neighborhoods in Rancho Mission Viejo. This initiative is part of a larger project aiming to introduce 450 residences across Southern California. These new homes will be located in Lotus at Rienda and Sapphire at Rienda, with properties ranging from 2,769 sq. ft. to 3,129 sq. ft. and pricing starting at approximately $1.6 million.
Development work on the third phase of Rancho Mission Viejo began on June 22, encompassing the Sapphire and Lotus communities along with Shea Homes’ Arrowleaf neighborhood. The Arrowleaf neighborhood features five-bedroom homes starting in the high $1 million range. Regional plans for additional housing include areas like Chino, Chino Hills, Covina, Escondido, Loma Linda, and Redlands.
The development at Rancho Mission Viejo is recognized for its unique positioning amidst limited master-planned developers in Orange County. Specifically, the area is projected to eventually feature 14,000 houses and 5.2 million sq. ft. of commercial space over a sprawling 23,000 acres within the next 15 years, while preserving about 75% of the land as open space.
Currently, Rancho Mission Viejo’s Rienda Village has 1,250 homes of the planned 2,500, while the county has granted permission for development across 6,000 acres with the stipulation that the remaining 17,000 acres be conserved as a natural reserve.
Overall, the Orange County housing market reflects a complex interplay of rising prices and evolving demands as new developments enter the area, making it a focal point in the ongoing narrative of real estate in Southern California.
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