New Home Source Orange County (2024)

FAQs

Are home prices going down in Orange County? ›

Median Sold Price

Based on all homes sold in the last 12 months. Homes in Orange County have sold for 14.6% more than they did a year ago. Summary: The median home sold price in Orange County was $1,107,680 in June 2024, up 14.6% from last year, and the median price per square foot was $640.

In Orange County, building costs vary, with an average cost per square foot ranging from $400 - $475 or higher. The proximity to the coast and the specific area within Orange County can impact the cost.

Suddenly, a lot of housing is being built across the state. BY CHRIS NEKLASON PUBLISHED MAY 19, 2024 6:43 A.M. The state of California has set an ambitious goal of building 2.5 million units of new housing by the end of the year 2030—that's almost 500,000 units per year.

Orange County, CA housing market

In June 2024, the median listing home price in Orange County, CA was $1.3M, trending up 10.2% year-over-year. The median listing home price per square foot was $704. The median home sold price was $1.7M.

Overall, the Orange County housing market in 2024 appears to be transitioning from a seller's market to a more balanced state. While price growth is likely to continue, the pace might moderate. Whether buyers see significant relief will depend on factors like mortgage rates and new listings entering the market.

In a survey by the National Association of Home Builders, the average cost to build a new home in 2022 was $644,750. (New home means one you build yourself or one a builder constructs.) Meanwhile, the average cost to buy an existing home (one that's already built) in 2022 was about $535,500.

Building a foundation is often among the most costly items on this list. Home foundations are built underground and support the structure's weight. A strong foundation must: Assist in support of the above structure.

On average, to design and build a house costs between $201,000 and $310,000 for a 2,000-square-foot home.

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The cheapest way to build a home is to design a simple floor plan. Sticking to a square or rectangular floor plan makes the building and design more straightforward. Plus, building up is generally cheaper than building a sprawling one-story home.

If interest rates drop, more buyers could swarm the market, leading to higher prices. “I expect more competition in the 2nd and 3rd quarters of 2024, which means prices will probably stay hot,” said Lindsey Harn, an agent at Christie's International Real Estate.

Yes. In most cases, building a house in California is cheaper if you own the land. You will bear only the cost of building the home. Plus, you can customize your home to your requirements!

Based on what we're seeing, our team of experts here at Heartland Builders believes that 2024 will be a good time to build your custom forever home. We have seen pricing and interest rates stabilize, and there is talk that the Federal Reserve may decrease rates this year instead of raising them.

The revised California median home price forecast is for a rise 0f 6.2% to $860,300 in 2024, a -1.5% drop this year to $810,000 from $822,300 in 2022.

Investing in the Orange County real estate market can yield substantial rewards, but it's not without its challenges. Success in this market requires thoroughly understanding its diverse neighborhoods, tenant demographics, and evolving housing trends.

Housing | It takes $349,200 income to buy an Orange County home, 3.5 times the US salary.

What happens to house prices in a recession? While the cost of financing a home increases when interest rates are on the rise, home prices themselves may actually decline. “Usually, during a recession or periods of higher interest rates, demand slows and values of homes come down,” says Miller.