Orange County Real Estate Market Update: September 2024 Trends
The Orange County housing market showed signs of slowing down in September 2024, marking the start of the typical fall slowdown. With school in session and the holidays approaching, demand for homes decreased, and inventory levels continued to shift. Here’s a quick look at key trends shaping the market:
Mortgage Rates and Market Activity
Mortgage rates dipped to their lowest levels in over a year in September, sparking brief activity in home sales. However, rates have since started to rise again, leading to a continued cooler market. While there’s potential for rates to drop further, making homes more affordable, the overall pace remains slower as we head into fall.
Key Market Trends in September 2024
- List Price Changes: In September, 71% of homes sold at their listed price, while 25% saw a price drop. Only 4% of homes saw an increase in the list price, highlighting a softer market.
- Sales Above or Below List Price: 37% of homes closed above the list price (down 21% from August), while 50% sold below the list price, reflecting a more buyer-friendly market.
- Cash Buyers: Cash buyers represented 28.6% of all transactions, a slight decrease from August but still a significant force in the market.
- Off-Market Homes: 17.6% of homes were pulled off the market in September, showing a slight decline in new listings.
What’s Ahead for the Orange County Market?
With inventory levels high and demand cooling, the Expected Market Time (the time it takes for a home to sell) is expected to grow through the fall. Sellers should focus on proper pricing, as homes may take longer to sell. Buyers, on the other hand, might benefit from potential drops in mortgage rates, making housing more affordable.
Conclusion: Fall Market Trends to Watch
As the fall season settles in, the Orange County housing market is seeing typical seasonal trends—slower sales, more price adjustments, and increased inventory. Whether you're buying or selling, staying informed on market changes is key to making smart decisions.
