If you’re looking to buy in Orange County, you may want round up your offer by a few percentage points. According to new April numbers from the National Association of Realtors, Orange County’s median home price has risen to new heights yet again, coming in at $1,100,000!
Compared to March 2021, Orange County saw a decent 7 percent increase—up from $1,025,000. Year-over-year numbers, however, is another ridiculous story…
In April 2020, at the start of the pandemic, the median price for a home in Orange County was $861,000. That means, in one year, the O.C. market has seen 27.8 percent growth!
As prices go up, affordability goes down. CAR notes that only 20-25 percent of families in Los Angeles and Orange County are able to afford a single-family home. Statewide, that stat rises slightly to 27 percent. In less than 10 years, affordability in the Golden State has been cut in half, according to the association.