Median Home Price Is $188K In The U.S. – NOT In Orange County or Costa Mesa, California.
Here’s What That Actually Buys You in Orange County….A condo that you dont actually own…
Around the corner from my home in Costa Mesa, there is Condos called the South Coast springs that are land leased. The HOA actually owns the land however there is still a land lease in place owed to the association in the form of $1 per year. To get rid of the land lease would require every owner, and their banks, to draw up new title, an expensive process. So its possible to purchase/lease a home in Orange County for 188K, but most homes in Orange County on Average is going to be about 500K and up. Why is the price in Orange County so much higher? Well for one, Median housing prices surged 25 percent in Orange County in 2013. The median selling price in Orange County has been 570K in 2014. In orange county, baby boomers value real estate much higher than their offspring, especially in communities with Good schools, close to plenty of shopping, health care facilities, etc. Buyers are snapping homes off the market nearly twice as fast as a year ago.
A little bit about Orange County.. Orange County is located in Southern California between the cities of Los Angeles and San Diego. It is the sixth most populous county in the entire United States while covering the smallest area compared to other counties in Southern California. This results in smaller homes, little yard space and tightly packed cities, one right next to the other. According to Trendgraphix, there are currently 6,285 homes for sale in Orange County, the average days on market for a home is 61, and the average sales price now is $680,000 in March of 2014.
At the same time, as long as Orange County remains a desirable place to live and work, strong demand to live here could continue to drive home prices and sales up.
If you would like to know more about Orange County, and Costa Mesa, please feel free to call me, I am realtor in town and know Orange County in and out.
If you would like to here more about discounted properties in Orange County, I keep an updated list of properties on my 24 hour free recorded line. Please call 1-800-404-7081 x1044
Realty One Group
4010 Barranca Parkway Suite#120
Irvine, CA 92604
License No# 01945182