Orange County Real Estate Market Update - February 2024

As we progress into 2024, let's explore the real estate market trends in Orange County for February. Known for its diverse property market and compelling investment opportunities, Orange County offers a dynamic and vibrant real estate landscape.

New Listings

February 2024 saw a total of 1,390 new listings in Orange County. This figure indicates the optimism of sellers in the market and presents potential buyers with fresh options, encompassing everything from luxurious estates to charming single-family homes.

Active Listings

The active listings for the month stood at 2,437. This number signifies a healthy inventory level, offering a broad spectrum of choices for those looking to invest or find their dream home in the bustling Orange County real estate market.

Pending and Closed Sales

Pending sales for February were recorded at 831, demonstrating robust demand for properties in the region. Furthermore, the number of closed sales was even higher, totaling 1,038¹. These figures underscore the dynamism of the Orange County real estate market, with a substantial volume of transactions being completed.

Closed Transaction Volume

The closed transaction volume for the month was an impressive $2,543,636,198. This significant figure underscores the considerable value being exchanged in the Orange County real estate market, reflecting the high level of investment activity in the area.

Average Days on Market

The average number of days properties spent on the market in February was 32. This relatively short period suggests that properties are selling quickly, indicative of a seller's market where demand is high and supply is limited.

Median Sales Price

Lastly, the median sales price for February 2024 was $952,000. This price point, while higher than the previous year's median sales price, suggests a market with a mix of both luxury and more affordable properties. It serves as a useful indicator for potential buyers and sellers to understand the overall market conditions.

In conclusion, Orange County's real estate market maintained its strong performance in February 2024 across all key indicators. With a consistent number of new and active listings, robust sales activity, significant transaction volume, and a balanced median sales price, it continues to assert itself as a dynamic and attractive real estate market.

Please note that these statistics are based on the data available at the time of writing this blog and could be subject to change. For more accurate and up-to-date information, it is always recommended to consult with a local real estate professional.