Wondering how much your Anaheim townhouse or Costa Mesa bungalow is worth in today’s market? Whether you’re gearing up to sell, looking to drop PMI, or simply interested in current market trends, keeping tabs on home values in Orange County is crucial.
In this article, we’ll cover home price trends in Orange County, show you how to get an accurate home value estimate, and share practical strategies to increase your home’s value. We’ll also introduce some helpful tools to make sure you get the best price for your home once you’re ready to sell.
Already Own a Home? What's It Worth Now?
Home values have rapidly increased in recent years. How much is your current home worth now? Get a ballpark estimate from HomeLight’s free Home Value Estimator.
Editor’s note: This post is for educational purposes and is not intended to be construed as financial advice. HomeLight always encourages you to consult your own advisor.
Current home values in Orange County
Orange County home prices have soared by a staggering 66.7% since 2020. The median home value jumped from $870,000 at the beginning of the decade to a whopping $1,450,000 this past June, according to the California Association of Realtors.
A report from Harvard University’s Joint Center for Housing Studies reveals that the average home in Orange County costs roughly ten times the average income.
“Prices in Orange County continue to rise,” noted Jordan Levine, senior vice president and chief economist for the California Association of Realtors, in a recent interview with ABC7 Los Angeles.
“Just 11% of households are out there making enough money to actually afford that median-priced home, which was in the first quarter about $1.3 million and change.”
The table below demonstrates the sharp rise in home values in Orange County during the last five years.
Source: California Association of Realtors
This trend isn’t specific to Orange County; it’s playing out across the United States. According to the Case-Shiller National Home Price Index, U.S. home prices have surged by 47% since early 2020. This significant rise has enabled homeowners to build considerable equity in their properties.
As of early 2024, the average mortgage-holding homeowner has accumulated about $299,000 in home equity. This equity can be leveraged for purchasing new homes, making home improvements, paying off debts, or saving for the future.
Up next, we’ll explain how to pinpoint the value of your Orange County home.
How to get a home value estimate
If you want to figure out how much your Orange County home is worth, there are several helpful tools that can give you a good estimate.
Use an online home value estimator
An easy way to get started is by using an online home value estimator. These tools gather data from public records, MLS listings, and user inputs. HomeLight’s estimator asks seven targeted questions about your property, providing a more precise estimate. In just two minutes, you can get a ballpark range that will give you a good foundation for determining your home’s value.
Request a comparative market analysis
Online estimators are helpful, but a comparative market analysis (CMA) from a local agent offers greater accuracy. A CMA evaluates your home against similar homes that have recently sold nearby, considering factors like the number of bedrooms, bathrooms, square footage, location, and recent renovations.
These reports usually feature detailed charts, graphs, and photos, providing a thorough understanding of your home’s worth. Many agents will offer a CMA for free in an effort to win your business, although others may charge a small fee.
If you’re selling your home and need a results-driven agent, HomeLight can connect you with top professionals in Orange County. This free service matches you with up to three qualified agents in just two minutes. HomeLight’s internal data shows that the top 5% of listing agents can sell homes for up to 10% more than the average agent, helping you maximize your sale price.
Get a pre-listing appraisal
Sometimes, getting a pre-listing home appraisal can be invaluable in determining an accurate value for your property. This is especially true if your home has unique features, is situated in a rural area, or sits on a large lot. A professional appraisal helps confirm that your asking price matches the true market value.
Pre-listing appraisals usually cost between $450 and $550, though more complex properties may incur higher fees. Even if you get a pre-listing appraisal, keep in mind that buyers using financing will still need an appraisal for their lender.
How to increase the value of your Orange County home
Thinking about selling your Orange County home? A few smart upgrades can dramatically boost its value.
Curb appeal: Enhancing your curb appeal can make a big difference in attracting potential buyers. A National Association of Realtors study found that 92% of realtors recommend improving curb appeal before listing. Simple tasks like power washing the exterior, mowing the lawn, adding fresh mulch, painting the front door, and installing outdoor lighting can make your home more welcoming and increase its perceived value.
Strategic updates: Focus on high-impact home improvements that add value, such as refinishing floors, painting, and updating fixtures in key areas like kitchens and bathrooms. According to Zonda’s 2023 Cost vs. Value Report, replacing garage doors yields a 103% return on investment, making it a worthwhile investment.
Necessary fixes: Address issues with the roof, foundation, plumbing, electrical, and HVAC systems to ensure everything is in working order. While it’s always a good idea to discuss significant home repairs with your real estate agent, these specific improvements can often head off potential problems during the home inspection process.
Decluttering and depersonalizing: Decluttering is key to selling your home fast and for top dollar. A HomeLight survey found that clutter-free homes can sell for up to $8,000 more. Pack away personal stuff like family photos and knick-knacks to create a neutral space buyers can picture themselves in.
Deep cleaning: Giving your home a deep clean can significantly elevate its overall look. Another HomeLight survey revealed that deep cleaning can increase a home’s value by an average of $3,700. Focus on steam-cleaning carpets, scrubbing grout, washing windows, and cleaning baseboards and vents. A sparkling clean home is more inviting and can help offset minor cosmetic issues.
Home staging: Effective home staging can significantly impact your home’s sale price. HomeLight’s most recent Agent Insights Report shows that staged homes can sell for up to 13% more than unstaged ones. Staging accentuates your home’s best features and clearly defines the purpose of each room.
Unlock Your Equity and Buy Before You Sell
Through our Buy Before You Sell program, HomeLight can help you unlock a portion of your equity upfront to put toward your next home. You can then make a strong offer on your next home with no home sale contingency.
How to buy before you sell in Orange County
If you’re in the market for a new home in Orange County and need to sell your current one, HomeLight’s Buy Before You Sell (BBYS) program might be just what you need. This innovative program lets you unlock a portion of your home’s equity to make a solid, non-contingent offer on a new property. This means you can buy your new home first without the hassle of coordinating both sales at once.
Here’s how it works: If your home qualifies, HomeLight will unlock your equity within 24 hours, with no upfront fees required. This allows you to purchase your new home and move in right away, without the stress of keeping your current home ready for potential buyers. You can then sell your old home while it’s vacant, simplifying the process.
The program charges a flat fee of 2.4% of your current home’s sale price. If your home doesn’t sell within 90 days of closing on your new property, HomeLight will buy it and continue to work on selling it. Profits from the sale, minus any costs HomeLight incurs, will be returned to you.
Ready to streamline your home buying and selling process? Watch the video below to learn more about HomeLight’s Buy Before You Sell program.
How to find a top agent in Orange County
Choosing the right real estate agent is essential for a successful home sale. HomeLight’s agent matching service makes this process easy by connecting you with up to three Orange County agents based on their proven track records and local expertise.
Seek out an agent who has an impressive sale-to-list ratio. This metric, expressed as a percentage, compares a home’s final sale price to its original listing price. A higher ratio indicates that the agent is effective at pricing homes correctly and achieving the best possible sale prices for their clients.
You’ll want to interview at least three agents to compare their skills and determine the best fit for you. Important questions to ask include:
- How long have you been in business?
- How well do you know this neighborhood?
- What types of homes and price ranges do you specialize in?
- What’s your average number of days on market?
- What is your commission rate?
- What would your marketing plan look like for this property?
- Could you provide me with a few client referrals?
By using HomeLight’s agent match tool and asking the right questions during interviews, you can find a top-performing Orange County agent who will help you achieve the best results for your home sale.
Get a free preliminary home estimate today
Understanding your home’s value can guide you in making smart decisions about what is likely your biggest financial asset. Using HomeLight’s free home value estimator, you can quickly get an estimate of your home’s worth, helping you plan your next steps with confidence.
HomeLight can connect you with top-rated Orange County agents who can help you fetch a higher price for your home. Plus, our Buy Before You Sell program simplifies the moving process by allowing you to purchase your next home before selling your current one. By keeping up with the latest market trends in Orange County and utilizing HomeLight’s handy resources, you can sell your home for more than you thought possible.
Header Image Source: (Spencer DeMera / Unsplash)
- "S&P CoreLogic Case-Shiller U.S. National Home Price Index," Federal Reserve Bank of St. Louis (June 2024)
- ""Most REALTORS® Recommend Improving Curb Appeal, and Homeowners Can Benefit Financially and Emotionally by Remodeling Outdoor Features, NAR-NALP Report Finds," National Association of Realtors (March 2023)
- Top Agent Insights for End of Year 2023," HomeLight (December 2023)
- "Top Agent Insights for Fall 2022," HomeLight (September 2022)
- "Top Agent Insights for Summer 2023," HomeLight (July 2023)
- "2023 Cost vs. Value Report," Zonda (March 2023)
- "February 2024 Mortgage Monitor," ICE Mortgage Technology (February 2024)
- “Historical Housing Data,” California Association of Realtors (June 2024)
- “OC Market Snapshot: June 2024,” Orange County Realtors (June 2024)
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