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Lower Ranges Fading Away
Since the summer of 2019, the Orange County homes have increased in value by 40%. As home prices climbed, what was considered the entry-level to homeownership has slowly diminished over time.
In 2013, 48% of all closed sales were below $500,000, and 4,928 were detached.In 2023 through July, it sank to 9%, and only 23 were detached.
More and more homes have appreciated above and beyond $1 million. Before COVID, 79% of all closed sales were below $1 million. In 2023 it dropped to 51%. Remember when $1M for a home was a lot???
For buyers anticipating more homes in the affordable price ranges coming on the market soon, it is simply not in the cards. The number of opportunities continues to diminish. Buyers who wait will be confronted with fewer available options to purchase.
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