Irvine, CA
Housing Market
Irvine's housing market is dynamic, with home prices and demand constantly shifting. Houzeo's housing market report monitors these fluctuations, providing real-time insights into Irvine’s supply and demand trends. Our report equips you with all the information you need to make well-informed decisions.
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Buy or SellIrvine Housing Market Overview
The housing market in Irvine, CA offers an appealing mix of master-planned communities, with everything from luxury condominiums to expansive single-family residences. The carefully designed neighborhoods cater to professionals, families, and international buyers. The Irvine real estate market has shown modest growth in recent months. The median home price has increased by 2% YoY to $1,549,000. Properties typically remain on the market for 36 days, an 11-day increase from last year—which indicates a slower pace than the heightened activity of 2024. Over the years, Irvine has maintained its reputation as one of Southern California's most desirable locations due to its top-rated schools, low crime rates, and meticulously planned neighborhoods.
Home sales in Irvine have experienced a moderate decline. This month, only 143 homes were sold, an 8.3% decrease from the same time last year. This reduction in transaction volume suggests a cooling from last year's competitive market. Irvine's real estate market continues to be a significant component of Orange County's economy. Known for its quality of life, cultural diversity, and robust employment, neighborhoods in the city are highly sought after by domestic and international buyers. The consistently high median price works in sellers’ favor. Meanwhile, buyers are finding more negotiating room than in previous years.
Home sales in Irvine have experienced a moderate decline. This month, only 143 homes were sold, an 8.3% decrease from the same time last year. This reduction in transaction volume suggests a cooling from last year's competitive market. Irvine's real estate market continues to be a significant component of Orange County's economy. Known for its quality of life, cultural diversity, and robust employment, neighborhoods in the city are highly sought after by domestic and international buyers. The consistently high median price works in sellers’ favor. Meanwhile, buyers are finding more negotiating room than in previous years.
Median Sale Price
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Irvine Housing Supply
Irvine presents a premium investment opportunity due to its strong long-term appreciation and consistently high demand. The number of homes for sale in Irvine has increased to 260 properties, up by 12.1% YoY. New listings also increased by 12% YoY, with 234 fresh properties entering the market. The Irvine housing supply currently stands at 1.8 months citywide, up 0.3 months from the previous year. While this is very much a strong seller's market (well below the balanced threshold of 5-6 months), the expanding inventory suggests improving conditions for buyers.
Irvine's housing supply experiences seasonal variations. Spring and early fall typically see increased listing activity, which coincides with school calendars in this family-oriented community. The city's appeal stems from its master-planned design, with neighborhoods offering their own distinct amenities. Popular areas like Turtle Rock, Woodbury, Orchard Hills, and Great Park provide diverse inventory options, from luxury estates to more accessible townhouses. Irvine's outstanding public schools—consistently ranked among California's best—extensive trails system, and convenient shopping centers make it all the more appealing to domestic and international buyers.
Irvine's housing supply experiences seasonal variations. Spring and early fall typically see increased listing activity, which coincides with school calendars in this family-oriented community. The city's appeal stems from its master-planned design, with neighborhoods offering their own distinct amenities. Popular areas like Turtle Rock, Woodbury, Orchard Hills, and Great Park provide diverse inventory options, from luxury estates to more accessible townhouses. Irvine's outstanding public schools—consistently ranked among California's best—extensive trails system, and convenient shopping centers make it all the more appealing to domestic and international buyers.
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Irvine
Irvine Housing Demand
Irvine's real estate market shows significant signs of normalizing competition. 28.7% of Irvine houses are selling above their list price. It’s a substantial decrease of 23.3 percentage points from last year, when over half of all homes sold above asking. Price reductions have increased dramatically to 29.2% of Irvine housing, up from just 9% last year. The sale-to-list price ratio decreased to 98.9%, which means that most sellers are still getting what they asked for.
These metrics reveal a market slowly transitioning from the extremely competitive conditions of recent years toward more balanced dynamics. As a home seller in Irvine, strategic pricing has become increasingly important, given the increase in price reductions. For buyers, the declining percentage of above-list-price sales and expanding inventory create improved negotiating conditions. However, with less than 2 months of supply, the Irvine real estate market remains in favor of sellers.
These metrics reveal a market slowly transitioning from the extremely competitive conditions of recent years toward more balanced dynamics. As a home seller in Irvine, strategic pricing has become increasingly important, given the increase in price reductions. For buyers, the declining percentage of above-list-price sales and expanding inventory create improved negotiating conditions. However, with less than 2 months of supply, the Irvine real estate market remains in favor of sellers.
Homes Sold Above List Price
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Strong
Buyer
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Balanced
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Buyer’s Market
Seller’s Market
Balanced: Neither buyers nor sellers dominate the market. Supply meets demand, prices stay stable, and both parties negotiate on an equal footing.
Irvine Market: When to Buy or Sell?
Irvine's housing market has historically shown more stability than other areas in the California real estate market. Consistent demand is driven by strong economic fundamentals and the city's exceptional quality of life. The current 1.8 months of supply remains well below the balanced conditions of the US real estate market (5 to 6 months). Sellers comfortably maintain an advantage despite the moderating competition metrics.
For sellers, the premium house prices in Irvine, California, as well as the quick market absorption create favorable conditions for listing. But the considerable increase in price reductions indicates the importance of realistic initial pricing. For buyers, the expanded inventory and decreased competition for homes in Irvine, CA mean some more room for negotiation. Nevertheless, Irvine remains a fundamentally seller's market in terms of supply. But with the percentage of homes selling above list price dropping, buyers can approach purchases with more confidence and less pressure to waive contingencies.
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Frequently Asked Questions
How have Irvine home prices changed over the past year?
Over the past year, home prices in Irvine have seen modest growth. The median home value has reached $1,549,000, a 2% increase from the previous year. In this stabilizing market, our free home value estimator can help you assess your property's current market value.
What are Irvine real estate market predictions for 2025?
The Irvine housing market is expected to maintain stability throughout 2025, with the potential for modest price growth as the market normalizes. With 1.8 months of supply still pointing to a seller's market, dramatic price corrections are unlikely. The city's outstanding schools, strong employment base, and master-planned design should continue to drive demand.
What's the average home price in Irvine, CA?
The median home price in Irvine, CA varies based on factors like property type, neighborhood, and size. While the median home price stands at $1,549,000, condominiums in the region average at $1,327,000, while luxury single-family homes in premier neighborhoods like Shady Canyon or Turtle Ridge can exceed $2 million. If you're looking for options across different price points, you can browse Irvine, CA homes for sale to find what’s right for you.
Is this a good time to buy a house in Irvine, CA?
The market conditions in Irvine present improved opportunities for buyers compared to recent years. With significantly fewer homes in Irvine selling above list price and more properties experiencing price reductions, buyers have negotiating power. The increasing inventory also provides more options across neighborhoods and price ranges. You can check current housing market trends in Irvine to time your investment.
How is the Irvine housing market right now?
The Irvine real estate market is showing signs of normalization with modest price appreciation and decreased competition compared to last year. With shifts in key metrics like above-list sales and price reductions, the market is transitioning from the extreme seller's market of recent years toward more balanced conditions. However, sellers still maintain the advantage.
When will the Irvine housing market normalize further?
According to Irvine housing market forecasts, the market is already showing substantial signs of normalization—fewer homes sell above list price, with an increasing number of price drops. This trend is likely to continue gradually through 2025, though Irvine's limited supply relative to demand should prevent dramatic shifts. External factors like interest rates will also influence the pace of further normalization.
How to buy a house in Irvine, CA?
The process of purchasing a house in Irvine should begin with a clear budget and a mortgage pre-approval. Given the high median price, you might require jumbo loans. Then, start your search for homes for sale in Irvine. You should also research how the Mello-Roos Tax might apply to you.
How can I list my home for sale in Irvine, CA?
You can list your home for sale with a Flat Fee MLS California listing service. High-tech MLS listing sites like Houzeo automatically assign the right MLS paperwork based on your location. 🚀
What is the average mortgage rate for buyers in Irvine?
The average mortgage rate for buyers in Irvine currently fluctuates between 6.43% and 7.02%, consistent with national trends. However, given the high median price, most Irvine purchases require jumbo loans, which may carry slightly different rates. Rates depend on market conditions and your credit score. Always check with multiple lenders before you apply.
What is the cost of living in Irvine, CA?
Living expenses in Irvine are approximately 65% higher than the national average and 10% higher than the cost of living in California. Housing costs drive much of this difference, with prices a staggering 220% above the US median. Other costs like groceries, healthcare, and transportation also exceed national averages. However, Irvine's safety, schools, and amenities justify this premium for many residents.
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