Here is a real estate market update for Mission Viejo, California for May 18, 2023:
The median home price in Mission Viejo is $941,000, trending down -3.8% year-over-year.
The median listing home price per square foot is $568.
The median home sold price is $935,000.
Homes in Mission Viejo sell after an average of 36 days on the market.
The trend for median days on market in Mission Viejo has gone up since last month, and slightly up since last year.
The housing market in Mission Viejo is somewhat competitive. Homes in Mission Viejo receive 4 offers on average and sell in around 24 days.
The median sale price of a home in Mission Viejo was $945,000 last month, up 2.9% since last year.
The median sale price per square foot in Mission Viejo is $543, down 2.8% since last year.
Overall, the Mission Viejo real estate market is still experiencing a decline in median sold prices compared to last year. However, the market is still somewhat competitive, with homes receiving multiple offers and selling in a relatively short amount of time.
Here are some factors that are contributing to the current state of the Mission Viejo real estate market:
Rising interest rates: Interest rates have been steadily increasing over the past few months, which is making it more expensive to borrow money to buy a home. This is leading to some buyers being priced out of the market.
Inflation: Inflation is at a 40-year high, which is making it more expensive for everyone to live. This is also putting a strain on budgets and making it harder for some people to afford a down payment on a home.
Supply chain issues: The ongoing supply chain issues are making it more difficult for builders to get the materials they need to construct new homes. This is leading to a decrease in the supply of available homes, which is pushing up prices.
Despite these challenges, the Mission Viejo real estate market is still expected to remain strong in the coming months. The city is a desirable place to live, with a strong economy, excellent schools, and a beautiful setting. This is likely to continue to attract buyers to the area, even in a more challenging market.