Newport Beach Real Estate Market Update: August 2024
If you’re considering buying or selling a home in Newport Beach, California, staying informed about the latest market trends is essential. With a dynamic market and changing conditions, now might be the perfect time to make your move. Let’s dive into the current statistics for the Newport Beach real estate market.
Key Market Insights:
• Months of Inventory: Currently, there’s 4.23 months of inventory in Newport Beach. This represents a -20.19% change over the last year, indicating a balanced market, making it favorable for both buyers and sellers.
• Median Sold Price: Homes in Newport Beach are selling at a median price of $3,500,000, emphasizing the high-value, luxury nature of the local real estate market.
• List to Sold Price Percentage: Properties are selling at 96% of their listing price, demonstrating that homes are being priced right and maintaining strong demand.
• Median Days on Market: With homes staying on the market for 48 days, the Newport Beach market remains steady, offering time for buyers to find the right property while still allowing sellers to move their homes without long delays.
What Does This Mean for You?
• For Buyers: With 4.23 months of inventory, buyers have a range of options to choose from, but the market is still competitive. The slight decrease in inventory means now is a great time to find your dream home before options become more limited.
• For Sellers: Homes are selling at 96% of their list price, meaning sellers can expect to close deals close to their asking price. The 48-day median on the market suggests that well-priced properties are moving in a reasonable time frame, making it an excellent time to list your home.
• For Real Estate Agents: The current market conditions present opportunities for agents to help both buyers and sellers make informed decisions. By highlighting the balanced market and strong demand, agents can support their clients in achieving their real estate goals.
Whether you're looking to buy, sell, or invest in Newport Beach real estate, these market trends present a great opportunity. Let’s connect to discuss how I can assist you in navigating this dynamic market and ensuring you make the most of your real estate journey!
📞 Call or text me at (949) 922-8420 for more information.
Louis DiGonzini - Orange County Real Estate Expert
📱 Call or Text: (949)-922-8420
📨 Email: Ldigonzini@thedigonzinigroup.com
https://calendly.com/louisdigonzini/invest
*Daryl: Use the photos included in the folder and the YouTube video in the blogpost.
Don't miss your chance to explore the perfect property or get expert advice on your next real estate venture. Contact Louis DiGonzini today for a personalized consultation that aligns with your unique aspirations.
📞 Call Now: 949-922-8420
📧 Email: Ldigonzini@thedigonzinigroup.com
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Take the first step towards making your real estate dreams a reality with Louis DiGonzini, your trusted advisor in the journey ahead. Reach out today!
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