The 2020 Orange County Housing Forecast: The local housing market is going to look a lot better in 2020. However, donât expect the rate of homeownership to fully return to the inflatedÂ heights seen in 2007 anytime soon. In total, 29% fewer SFR starts occurred in 2019 compared to the previous year. When will all of these jobs catch up with Orange County’s continuously growing population? In fact, the nation’s real estate market is often referred to as the one “bright spot” in the economy right now, as we approach the fall of 2020. Looking forward, a complete recovery with annual sales volume of around 46,000 in Orange County will be reached onlyÂ afterÂ end user demand is buttressed by labor force participation and normalized job levels, expected in the 2022-2023 recovery period following the 2020 recession. This is only one of many factors. Orange Countyâs housing market never fully recovered from the 2008 recession. It is time for a big change. View the Orange County regional charts below for details on current activity and forecasts for its local housing market. Orange Housing Market Information. These annual income and price increases will remain low until an optimal employment level is attained with a full jobs recovery for the 10%+ population growth since 2007. Realtor.com's updated 2020 Housing Market Predictions in response to COVID-19. The next peak in SFR construction starts will likely occur in 2022-2023 as renters shift to becoming homeowners following a statewide-push for more construction. Orange County home price forecast to drop 5.2%, ... “Bubble Watch” digs into trends that may indicate economic and/or housing market troubles ahead. Let us know! 2015-11, Home prices aren’t limited because we have 30% cash buyers in the market with a low inventory hang over. Orange County market is going to see a big crash and minimum 30% drop in value in 2017. I hope it crashes and burns to the ground. Some of the best schools near Orange County, California are Ethan B. Allen Elementary School, Ocsa and Troy High School. Original copy posted March 2013. In the greater Los Angeles region, single detached homes rose $22,000 to a new price of $553,000.. San Francisco Bay Area, home prices jumped $35,000 or 3.6% over last month to a new average price of $1 million. It forecasts that total home sales could drop as much as 14.7% in 2020. The real estate industry will see jobs increase beginning in 2023 with the recovery from today’s recession. Housing Trends in Orange County As we head into some of the hottest months of the year in Orange County, the housing market is sizzling one last time before we head into the Fall Market. With a population of 139,484, 42,969 total housing units (homes and apartments), and a median house value of $723,183, real estate costs in Orange are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive California communities. Home sales volume inÂ Orange County remains weak and somewhat stuck at just over half the heights seen during the Millennium Boom. Phoenix Property Market Information Recommendations by the previous and the upcoming 36 months: buy or sell a home in Phoenix? Expect Orange County’s homeownership rate to remain near its present low level until 2022-2023, when the housing market will bounce back from the 2020 recession. The state average is currently 55%, thus homeownership reports in Orange County in 2020 likely remain around 57%. Without turnover, homes do not sell. According to economists, the spillover to the housing market will rely upon the length, depth, and severity of the 2020 coronavirus recession. What are the Orlando real estate market predictions for 2020? See the Orlando (Florida State, Orange County) property price forecasts, and buy/sell analysis based on the Housing Market and Property Investment report below. Then, members of Generation Y (Gen Y) will collectively first rush to buy but since their income and job security is considerably low they end up renting and housing market is going to crash sometimes between 2017-2020. It strengthens their prediction by showing they fully believe it and are not riding the fence by saying what it might do. As of October 2020, year-to-date (YTD) sales volume was 3% below a year earlier. The average income earner in Orange County made $69,300 in 2018 (the most recently reported data from the Bureau of Economic Analysis). Updated December 1, 2020. But this brief boost will not last as the impacts from the recession linger in the months ahead and the end of the foreclosure moratorium injects distressed sales into the MLS inventory. We’ve had modest rises in home price appreciation so far. How does that impact California and Orange County?