Over the last year, the median sales price across all residential property types has gone up just over 4%, rising $32,250 from $733,500 to $765,750.
This price increase remains on trend with past sales figures in the Irvine market that typically increase through the end of the summer. At the end of September, prices usually begin to decline again, until March of the next year. True to form, we have already seen a drop in the median sales price across all residential properties in Irvine.
At the end of August 2017, two bedroom homes had seen the largest price increase on a year to year basis, when compared to properties with 1, 3 and 4 bedrooms. On August 23rd, the median sales price for two bedroom homes was recorded at $592,000, an increase of 7.7% over the median sales price of $549,500 that was recorded at the same time a year earlier.
Three bedroom homes saw the next largest increase in median sales price, with recorded prices rising 6.7% from $778,000 in August 2016 to $730,000 in August 2017.
One and four bedroom homes saw the least amount of change in median sales prices as prices rose only 1.4% and 2.0%, respectively. These increases put the median sales price of one bedroom homes at $405,000 and the median sales price of four bedroom homes at $1,066,000 at the end of July 2017.
If you are interested in purchasing a home in the local area, you can count on the expertise of the Irvine mortgage professionals at Heroes Financial.
We are dedicated to using our knowledge of the local market and expertise in finding the perfect solution for every financing situation and we can’t wait to help you save on your mortgage. Give us a call at (714) 960-1801 to get your consultation scheduled today!