Is Newport Beach, CA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Newport Beach has remained a Seller's Market.
Housing Prices in Newport Beach, CA
How much do homes in Newport Beach, CA cost?
Median Sold Price
$3,424,875
$1,378/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in Newport Beach was $3,424,875 in May 2024, up 13.9% from last year, and the median price per square foot was $1,378.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $739K | $795K | +7.6% |
2 Bedrooms | $1.6M | $1.6M | -5.3% |
3 Bedrooms | $2.5M | $2.8M | +9.9% |
4 Bedrooms | $3.8M | $4.3M | +12.7% |
5+ Bedrooms | $5.1M | $5.6M | +10.8% |
Summary: Newport Beach housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.6%, 2 bedroom homes decreased by 5.3%, 3 bedroom homes increased by 9.9%, 4 bedroom homes increased by 12.7%, and 5+ bedroom homes increased by 10.8%.
Median Sold Price Compared To Nearby Cities
Central Coast | $1.6M | $1.8M | +16.8% |
Irvine | $1.2M | $1.4M | +14.2% |
Newport Beach | $3.0M | $3.4M | +13.9% |
Costa Mesa | $1.1M | $1.3M | +12.5% |
Corona Del Mar | $3.5M | $3.7M | +5.6% |
Housing Supply in Newport Beach, CA
How many homes are available in Newport Beach, CA?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
473 | 502 | +6.1% |
Summary: The Newport Beach real estate market had 502 homes for sale in May 2024, a 6.1% increase compared to April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 6 | 9 | +50.0% |
2 Bedrooms | 67 | 71 | +6.0% |
3 Bedrooms | 129 | 137 | +6.2% |
4 Bedrooms | 137 | 137 | 0.0% |
5+ Bedrooms | 134 | 148 | +10.4% |
Summary: The Newport Beach housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 50%, 2 bedroom homes increased by 6%, 3 bedroom homes increased by 6.2%, 4 bedroom homes remained the same, and 5+ bedroom homes increased by 10.4%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
92 | 97 | +5.4% |
Asking Price vs. Sold Price
52 Homes Were Sold
Under Asking
19 Homes Were Sold
At Asking
26 Homes Were Sold
Over Asking
Summary: A total of 97 homes were sold or pending in Newport Beach in May 2024, up by 5.4% month-over-month. Of the 97 sold homes, 54% were sold under asking, 20% were sold at asking, and 27% were sold over asking.
Days on Market for Newport Beach, CA
How long does it take to sell a home in Newport Beach, CA?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
46 Days | 25 Days | -45.5% |
Summary: Homes in Newport Beach had an average of 25 days on market in May 2024, down by 45.5% compared to last year.
Breakdown of Home Sale Times
78 Homes Were Sold
Under 30 Days
12 Homes Were Sold
In 30 - 90 Days
7 Homes Were Sold
Over 90 Days
Summary: During May 2024, 97 homes were sold in Newport Beach; 80% of homes were sold within 30 days, 12% of homes were sold within 30 to 90 days, and 7% of homes were sold over 90 days.