Perfect temperatures, endless sunny days, and a beautiful coastline make Newport Beach one of Orange County’s most desirable locations. Whether you are looking to buy or sell your Newport Beach real estate, Inspired Remodels keeps up with the market. Check out the latest Newport Beach real estate market information.
Why Real Estate in Newport Beach
From shopping and fine dining to boating, paddleboarding, golf, and other activities, this city on the Southern California coast offers something for everyone. Get involved with community groups, take a hike or sail, or just chill and watch the activity.
Real estate continues to be a great investment and Inspired Realty, one of Orange County’s top brokerage firms, helps buyers and sellers with seasoned real estate agents and property brokers who know Newport Beach, California real estate.
Sellers Market Continues
Newport Beach real estate conditions continue to favor sellers and pose a challenge for buyers.
But it is also a balanced market. In other words, the supply meets the demand. Houses spend an average of only 67 days on the market. This is more than the 49 days it took to sell Newport Beach property back in February but less than the 81 days in December of 2023.
Gaps still persist between listing and closing prices, but buyers and sellers are not far apart.
via Realtor.com
As of the end of September, homes sold for 96% of the asking price with the median listing price $4,988,800 and the median sale price $3,010,000.
Value Holds
Newport Beach property uniquely spans many markets. While many think of this Orange County area as home to luxury homes, it also contains a number of modest and affordable condominiums.
For example, current listings include a 1-bedroom mobile home off Superior Ave for $165K and an 18,336 square foot home on Coastline Drive for $60M.
Fractional Ownership Not an Option
In high-value areas, such as the Newport Beach real estate market, fractional ownership often seems a way to make a luxury home more affordable.
However, in May of 2023, the Newport Beach City Council changed local zoning regulations to consider fractional ownership a form of timeshare ownership.
Since Newport Beach prohibits timeshares in residential areas, fractional ownership is not an option for buying real estate in this city.
The state’s Coastal Commission upheld the decision in October of 2023, officially putting an end to the fractional ownership practice. The current 12 property fractionally-owned remain as legally non-conforming properties, but there will be no more.
Newport Beach Real Estate Brokerage and Agents
When it comes time to buy or sell Newport Beach property, rely on the agents at Inspired Realty.
Get insight into market trends, mortgage market conditions, and tips for a successful deal from those who know Newport Beach.