Orange County Real Estate Market Update - December 2024

December 2024 closed out the year with fascinating developments in the Orange County real estate market. Known for its blend of luxury coastal properties and vibrant neighborhoods, Orange County remains one of the most dynamic and sought-after housing markets in Southern California. A review of the latest statistics reveals critical trends and shifts, offering valuable insight for buyers, sellers, and investors alike.

New and Active Listings

December saw 1,059 new listings enter the market, marking a seasonal decrease. This dip in seller activity is typical for the winter months as the holiday season often results in fewer property owners listing their homes. Despite this, the overall inventory remained robust, with 3,192 active listings providing buyers with ample choices for the end-of-year market.

For buyers, fewer new listings may slightly narrow opportunities, but the existing inventory still presents a range of desirable homes in Orange County’s most sought-after communities. Sellers can take advantage of the reduced competition to strategically position their properties for quicker sales.

Pending and Closed Sales

Buyer activity held steady, with 823 pending sales recorded in December. This is a strong showing given the typical market slowdown during the holiday period. Furthermore, the market saw 1,635 closed sales, underlining the continued demand for quality housing in Orange County. These numbers indicate that buyers remain motivated despite fewer new listings and a competitive environment.

Closed Transaction Volume

Real estate in the area also demonstrated its economic strength, with closed transaction volume reaching an impressive $4,673,080,830. This figure reinforces Orange County’s reputation as a powerhouse market, driven by its high-value properties and desirability as a prime location for both residential living and long-term investment.

Average Days on Market

Homes spent an average of 36 days on market (DOM) in December, reflecting a slightly slower pace compared to previous months. This increase in DOM suggests buyers now have a bit more time to explore their options without the urgency of quicker market turnover seen earlier in the year. Despite this, the market remains relatively competitive, and sellers should work with skilled agents to set competitive prices and maximize their property’s appeal.

Median Sales Price

The median sales price in Orange County for December 2024 was $1,134,500—a steady, high-value benchmark that reaffirms the premium nature of the market. This price point highlights a decrease from what might be seasonal highs during the spring and summer months but remains strong, offering sellers a lucrative opportunity to maximize their returns. For buyers, this can mean a more favorable time to engage the market with slightly fewer bidding wars seen traditionally in peak seasons.

Market Implications and Insights

The December 2024 real estate market in Orange County offers a balanced outlook. For buyers, the combination of steady inventory and slightly longer average days on market could translate to more negotiating leverage. At the same time, sellers can still capitalize on high property values and strong demand, especially if they’re positioning high-quality or unique homes in the market.

As we move into 2025, these December statistics hint at a continued robust market, but one that may also offer opportunities for savvy buyers and sellers. Those looking to buy can take advantage of existing inventory during the slower winter season, while sellers can prepare their properties for what is typically a busier spring market.

Whether you’re planning to buy, sell, or invest in Orange County real estate, staying informed on market trends and consulting with seasoned local agents will be key to navigating this dynamic market effectively. With its combination of luxury, location, and stability, Orange County continues to be one of the brightest spots in Southern California real estate.