Irvine Real Estate Market Report: 2023 Trends and Predictions

Are you curious about what's happening in the Irvine real estate market? Well, you've come to the right place! In this article, we're going to give you an in-depth look at the latest trends and predictions for 2023. We know that real estate can be a tricky business, but we're here to break it down for you and give you the inside scoop on what's happening in our community.

Current Market Trends in Irvine, California

Here's what's been happening in the Irvine real estate market lately. 

In February 2023, we saw a decline in sales (-26.8%) but an increase in median home prices (+18.0% change from last year). Can you believe the median home price reached a whopping $1.99M?! It's no wonder this is a seller's market. Homes are flying off the market in mere days, and sellers are getting top dollar for their properties due to high demand.

But wait, there's more! Inventory is currently low, which only adds to the competitiveness of the market. With only 72 active listings, it's safe to say that this market will remain tight for the foreseeable future. We're constantly keeping an eye on the latest trends and predictions, so you can trust that our information is up-to-date and reliable. The California Association of Realtors' (CAR) Feb 2023 report confirms the continuing rise in prices and low inventory in the Irvine housing market. The median sale price for single-family homes is $1.99M, and the median days on the market is only 21 days.

So, if you're thinking about buying or selling a property in Irvine, it's important to understand the current market trends. Keep reading to learn more about what to expect in the Irvine real estate market in the coming years.

Irvine Real Estate Market Forecast 2023-2024

Now let's talk about what's in store for the Irvine real estate market in the coming years. Based on data from Zillow, it looks like the market is expected to continue its upward trend in 2023-2024. That's great news for homeowners who are considering selling their properties since it suggests that they may be able to fetch a higher price for their homes in the coming years.

So, what can we expect in terms of typical home value and the 1-year value change? According to Zillow's data, the typical home value in Irvine is forecasted to be around $1,209,134, with a 1-year value change of +8.2%. The median sale-to-list ratio is 0.979, which means that homes in Irvine are selling close to their asking prices. Additionally, homes go pending in around 32 days, indicating that the market is still fairly competitive.

When it comes to neighborhoods in Irvine, some of the areas with high median home values include Cypress Village, with a median home value of $1,202,830, followed by Woodbury with $1,227,036. These neighborhoods are particularly desirable, and homeowners in these areas may be able to fetch higher prices for their properties. Overall, the Irvine real estate market appears to be in a strong position for 2023-2024, with rising home values and a competitive market for buyers and sellers alike.

It's always important to take a look at the data to help you make informed decisions about buying or selling a property. That's why it's crucial to have a reliable local real estate team on your side who can provide you with up-to-date information on market conditions, price movements, and real estate trends. Ready to chat today? Click here.

Irvine Real Estate Investment Overview

If you're thinking of investing in real estate, then Irvine is definitely worth considering! Sure, there are a few regulatory restrictions and environmental regulations that limit supply in the Irvine housing market, but that's just proof that this city is a desirable place to live. And where there's demand, there's money to be made!

Investing

Let's take a look at some evidence-based positive things for those who are keen to invest in Irvine properties. 

1. The Irvine real estate market is expected to keep trending upwards. 
2. Home prices in Irvine have been trending up year-over-year. 
3. Irvine is Southern California's tightest job market, with low unemployment rates and plenty of high-paying professional jobs. 

These are one of the many reason why so many people choose to live in Irvine and why investing in the local housing market could be a smart move.

The Large Student Market For Investors

With the large student market in the area, investing in student housing could be a wise choice.

The University of California, Irvine, is located in the heart of the city, making it a prime location for students. With over 35,000 students enrolled, the demand for student housing is high, and the rental market is robust.

Investing in student housing can be a smart choice because students tend to stay in the same area for multiple years, making for a stable tenant base. Plus, with the high demand for student housing in Irvine, you can expect to see a solid return on your investment. 

Irvine Rental Prices Increasing

As you probably know, Irvine is a ranked as one of the top greatest place to live in the US, with a high quality of life rating. As an investor, this can contribute to the rise in rental prices. 

Yet, despite the recent increase in rental prices, Irvine still has reasonable rates compared to other California coastal real estate prices. According to Zillow, the median rental price in Irvine is $3,300 per month, which is actually lower than some other nearby coastal cities like Santa Monica and Newport Beach.

But why are rental prices on the rise in Irvine? Well, one contributing factor is the high demand for rental properties. Many people are attracted to Irvine because of its great schools, safe neighborhoods, and proximity to job opportunities.

Irvine remains a great place to live and invest in real estate. With a strong job market, high quality of life rating, and reasonable rental rates, Irvine offers a lot of potential for those looking to rent or invest in the rental market.

Appreciation

Furthermore, when you invest in Irvine real estate, you can expect significant appreciation of your property. That's because the city is entirely built out and they can't build up into the regional and state parks directly east of the city. And they can't spread west, since cities like Corona Del Mar and the Crystal Cove State Park hem it in on the western edge. That means that the only way one could increase housing stock is to tear down existing stock and build taller, denser, or both. This ensures significant appreciation of any Irvine real estate investment property.

Ultimately, investing in Irvine real estate is a smart choice for those who want to make money in the long term. With a growing market, a strong job market, and a limited housing supply, there's no telling how high property values in Irvine could go.

Orange County Job Market

Orange County has one of the strongest job markets in Southern California. With an unemployment rate of less than 4%, it's no surprise that many people choose to live in Irvine. Irvine's location and proximity to major employers make it an ideal place to live if you're looking for a high-paying job.

For instance, many people working at UC Irvine, Verizon, Irvine Company, or Broadcom choose to live in Irvine because they want to avoid long commutes. These jobs are high-paying, and people want to stay close to them to save time and money on transportation.

Plus, living in Irvine gives you access to a range of job opportunities, from tech and healthcare to finance and education. You're also close to other major employment hubs like Newport Beach, which is home to many large companies and start-ups.

The job market in Irvine is diverse, and there are many opportunities for those with different skill sets and interests. Whether you're a recent graduate, a seasoned professional, or an entrepreneur, Irvine has something to offer you.

Living in Irvine also gives you access to a highly educated workforce. The city is home to UC Irvine, which is consistently ranked among the top public universities in the country. This means that there are many highly skilled and educated professionals living in Irvine, which is a great advantage for employers and job seekers alike.

Overall, the job market in Irvine is strong, and there are many reasons why people choose to live and work here. If you're looking for a high-paying job and a great quality of life, then Irvine is definitely worth considering.

Bottomline

We've covered a lot of ground in this Irvine real estate market report. We've seen that Irvine is a hot spot for real estate investment due to its high quality of life rating, schools, growing job market, and potential for student housing investment. While there are some regulatory restrictions and environmental regulations that limit supply, the demand for Irvine real estate is high and the market is on an upward trend.

So, if you're considering investing in real estate, Irvine might just be the place for you! Don't hesitate to reach out to our Team -- your local Irvine experts for advice.