Irvine, California, the most active real estate market in the country

Irvine, California, a city in Orange County, is defying the national trend, as it is now known for its attractive real estate market. This is because, over the last year, the median home price has risen to $1.56 million, representing a 20.8% increase, the highest in the country, along with its few foreclosures or other real estate-related issues.

But it’s not just about the prices, as when it comes to expansion and real estate development, Irvine is also surpassing other cities and towns in California. In the last three years, more than 13,000 new residents have arrived in the city, a sharp contrast to cities like Los Angeles or San Francisco, which have seen a decline in their populations in recent years.

Moreover, thanks to the construction of nearly 35,000 new homes in the last 14 years and with a current population of 315,000 inhabitants, Irvine has now surpassed Santa Ana to become the thirteenth largest city in California.

The city’s appeal has long been due to its top-notch public schools, low crime rates, abundant parks, and great economic stability.

Although Irvine experienced a population decline during the first year of the COVID-19 pandemic, its growth has rebounded. According to an analysis by the United States Postal Service, between 2019 and 2022, 6,200 people moved to a ZIP code in northeast Irvine, the highest in Southern California.

This area includes Great Park, where the city plans to build up to 15,800 new homes, allowing Irvine to continue outpacing nearby communities in housing development. However, real estate experts point out that Irvine’s new housing supply is still being outstripped by demand, especially as the city serves as a key employment hub in Orange County.

Regarding prices, according to the United States Census, in Irvine, townhouse prices at recent open houses range from $1.5 million to $1.8 million. But nearby areas have also experienced significant price increases, as besides Irvine, four other cities in Orange County—Laguna Niguel, Tustin, Lake Forest, and Mission Viejo—are among the top 12 cities nationwide with the largest percentage increases in home values over the past year.

Large-scale construction in Irvine extends beyond the Great Park area. Last year, Irvine Co. agreed to build up to 4,900 new apartments on several sites initially planned for commercial use. Additionally, in the spring, the city reached an agreement with developer Brookfield for 1,200 new homes, mostly single-family.

Available Foreclosures: 

Irvine: 15 homes available 

Laguna Niguel: 8 homes available 

Tustin: 10 homes available 

Lake Forest: 12 homes available 

Mission Viejo: 9 homes available

By Elías DaSilva | 29 de octubre de 2024.