The real estate market in Southern California in late 2024 is more than just numbers; it represents opportunities and growth in a region known for its appeal. While many headlines focus on interest rates, Southern California shows a strong market that continues to grow in spite of perceived challenges such as higher interest rates and real challenges such as a severe shortage of homes for sale.
Our analysis of the five counties that make up Southern California highlights a market that offers solid value for homeowners and investors. In areas like Orange County, with its beautiful coastal communities, and the Inland Empire, where opportunities are expanding, each part of the market has its own unique benefits. Overall, this market continues to show consistent growth and remains an attractive place to invest and buy a home.
Five Markets: Each with Its Own Success Story
The beauty of Southern California’s real estate market lies in its remarkable diversity, which caters to a wide range of preferences, needs, and investment opportunities. With its incredible climate, vibrant communities, and breathtaking scenery, each county in the Southland presents unique possibilities, from luxury coastal estates to promising growth corridors in the Inland Empire. Let’s take a closer look at what makes each market unique:
A Detailed Analysis of Each County’s Market Performance
Orange County: Setting the Benchmark for Growth
Orange County’s real estate market continues to demonstrate exceptional strength across all metrics. With an average home price of $1,530,841, the county leads Southern California in both absolute prices and appreciation rates. The numbers tell a compelling story:
- Strong price growth: 5.89% month-over-month increase
- Above average annual appreciation: 8.94% year-over-year growth
- Impressive long-term gains: 27.82% over three years and 69.44% over five years
- Rapid market velocity: average 27 days on market
- Healthy transaction volume: 1,544 closed sales in September
- Active market engagement: 1,412 pending sales
- Fresh inventory: 2,118 new listings
- Total market options: 4,257 active listings
- Short supply: 2.7 months of inventory
This data reveals a market that’s just simply thriving, with very strong demand and healthy market activity across all segments.
