Are you considering buying a new home in Newport Coast? Known as the Pacific Riviera, this 10,000-acre community has plenty of open space, beautiful landscapes, multiple nature trails, and spectacular coastal views. Residents can enjoy a serene lifestyle while accessing first-rate restaurants, coffee shops, and parks.
If you want to relocate or invest in a property in this highly sought-after area, you will need this guide. The experts at Mint Real Estate will take you through the changing Newport Coast real estate market to help you make the most financially sound decision.
Newport Coast Housing Market Forecast 2023
Home Values Increasing
As demand for homes for sale in Newport Coast increases, home values rise. With excellent amenities and beautiful homes in a prime location on the Pacific Highway, many want to purchase a property in Newport Coast. Due to this high demand, many homes are priced well above a million dollars, some even reaching a staggering 70 million.
Decreasing Interest Rates
During the final quarter of 2022, interest rates were at a high of 7%. Since then, interest rates have decreased. Home buyers and investors might be able to purchase a new property with a fixed 30-year mortgage loan at a rate of 6.57%
. As long as the economy's condition remains the same, interest rates are likely to hold steady throughout 2023.
Investing Indicators Will Favor Landlords
With home values increasing and interest rates holding steady, these indicators are likely to favor landlords. Investors are likely to get a good deal on a Newport Coast property. When home values and interest rates start increasing again, property owners will be able to maximize their real estate investments.
Positive Net Population Migration
There are nearly 10,000 people who make their home in Newport Coast. With beautiful year-round weather, easy proximity to cities like Los Angeles and San Diego, and five-star restaurants, it is easy to see why many are relocating to Newport Coast for the ultimate luxury beach-style living scene.
Orange County Housing Market Trends 2023
The housing market in Orange County favors the prospects of sellers. From 2022 to the first quarter of 2023, housing inventory has fallen. Home prices have also fallen by 3.2% to a median price of $799,000
for all properties in Orange County. Home prices will likely continue to level out throughout 2023.
How Covid-19 Affected Newport Real Estate Market
Covid-19 has affected many aspects of life, including the Newport real estate market. In 2020 and 2021, there was increased demand for single-family properties with more outdoor space. This resulted in more bidding wars for these homes and subsequent price increases. As demand for single-family homes rose, there was less demand for multi-family units such as condos and townhomes. Prices for these homes have decreased as a result. In addition, the decline in federal mortgage rates has led to more people purchasing homes. More people buying has led to a stronger real estate market in Newport Beach and surrounding areas.
Newport Coast Foreclosure Statistics 2023
By the end of December 2022, only .10% of California homes were in foreclosure
. This is primarily due to the low unemployment and mortgage interest rates, which enabled many home buyers to buy and keep making payments on their properties.
Newport Coast Median Home Prices 2023
Newport Coast is experiencing a seller’s market characterized by homes selling fast and rising prices. The median home price is currently at $3,440,000, with many properties listed well above that figure. However, home prices have only risen by 0.7% year-to-date. As many as 80% of properties sell for less than the asking price. This means that home buyers and investors might get a good deal on a Newport Coast property.
Newport Coast Real Estate Market: Should You Invest?
Newport Coast is an affluent community in Newport Beach, CA. This master-planned community was built atop a coastal hillside at the city's south end. There is a beautiful resort hotel that offers the pinnacle of luxury-style living. Several upscale neighborhoods were then built to complement the hotel.
This luxurious neighborhood consists of some of the largest homes that are well-appointed and built in the Mediterranean architectural style. With spectacular ocean, island, and golf course views, this neighborhood offers some of the highest-priced homes in the community.
This neighborhood of just under 2,000 inhabitants offers spacious homes with beautiful views of the Pacific Ocean. This neighborhood is great for families, as there are many excellent public schools, highly-amenitized parks, and various restaurants and coffee shops. Many of the homes are priced well above a million dollars.
Santa Lucia is a small neighborhood of under 200 residents in Newport Coast's heart. There are beautiful single-family and multi-family homes available that are located close to the Pacific Ocean.
Sancerre homes for sale are located in an exclusive and gated neighborhood on Newport Coast. Many of these single-family homes were built in 1994 and offer about 1,500 square footage of living space. With homes priced at one or two million dollars, you can easily maximize your budget with these well-anointed properties.
This is a gated and exclusive community located in Newport Coast. You can find a variety of multi-family townhomes and condominiums that offer up to 2,000 square feet of living space. Many units also offer open floor layouts with outdoor patios, high ceilings, and fireplaces. These luxury homes are typically priced at one or two million dollars.
Ready to Buy or Sell a Home in Newport Coast?
Interested in buying or selling a home in Los Angeles, San Diego, and the surrounding areas? Schedule a consultation with the Real Estate Agent at the premier Mint Real Estate team
, who can guide you on everything from in-depth market insights to creative marketing strategies. With more than $350 million in combined sales, this premier real estate team in Southern California can help make all your real estate dreams come true!*Header photo courtesy of Shutterstock