A picturesque city in Orange County, California, Laguna Niguel is known for its pristine beaches, stunning sunset views, and upscale real estate. Given the high demand for housing in the area, the local market attracts homeowners and investors alike. However, before buying or investing in real estate, it’s best to understand the current and future conditions of the local market.
Here are all the current prices, trends, and forecasts for the Laguna Niguel real estate market in 2023.
Laguna Niguel housing market forecast 2023
Positive price appreciation
Laguna Niguel real estate has seen an upward trajectory of home values with prices increasing by approximately 10 percent compared to last year. Currently, the median cost for a four-bedroom home in the area is around $1.6 million, which has seen an increase in price of about 12 percent when compared to this same time last year. Given the high demand for housing in the area, prices are only expected to further increase throughout the year.
Stable mortgage interest rates
While mortgage interest rates
often fluctuate, most experts predict they will likely stabilize throughout 2023. Although slight increases are expected from time to time, overall, they should stay steady for most of the year. Because stable interest rates typically incentivize new buyers to the market, the demand for housing in Laguna Niguel will likely increase.
Inventory will slowly increase
The challenge with the Laguna Niguel real estate market is a lack of housing inventory that isn’t enough to meet the high demand. This scarcity of supply has put massive pressure on prices and has allowed the market to swing heavily in favor of sellers. While this low supply of houses is expected to continue in the near future, developers are currently hard at work with new construction projects in the area. Likewise, new sellers are popping up at a faster rate than ever before. Both of these factors will help alleviate the shortage of houses in Laguna Niguel; however, it will be some time before the amount of supply meets the high demand.
Positive population growth
Known as one of the best places to live in California, Laguna Niguel has seen an increase in population over the years. While the rise in population has remained steady in recent years, the upward trajectory will likely continue throughout 2023. With an increase in population, the demand for housing will also increase, putting further pressure on prices in the area.
Laguna Niguel real estate is currently experiencing a seller’s market, meaning the market favors sellers over buyers. Given the area’s high demand for housing and low inventory, sellers are at a huge advantage, which has led to increasing home prices. Although the current situation will likely continue for the foreseeable future, new housing developments could help bridge the gap between supply and demand, shifting the market to a more balanced nature.
Laguna Niguel foreclosure statistics 2023
When compared to other states, California ranked
in the 14th spot for the highest number of foreclosures in May of 2023. Out of its 14,328,539 housing units, the Golden State saw a total of 3,777 foreclosures. This gives the state a foreclosure rate of one in every 3,794 housing units. The counties in California with the highest number of foreclosures per housing unit include (from lowest to highest): Yuba, Mendocino, Butte, Lake, and Shasta.
Laguna Niguel median home prices 2023
Based on the homes sold in the last 12 months, the median selling price for houses in Laguna Niguel is around $1.2 million, which is up about 9.1 percent when compared to this same time last year. Buyers looking for a four-bedroom house will likely spend around $1.6 million. Given the area’s seller-favored market, nearly 100 percent of the homes sold in May of 2023 met the asking price.
Should you invest in the Laguna Niguel real estate market?
Situated in beautiful Orange County, Laguna Niguel real estate is a hot commodity in today’s market. The high demand for houses coupled with a low inventory has driven prices up in recent years, leading to greater home appreciation. While more housing developments are on their way, this high demand and low shortage situation will likely continue for some time. Because of this, you will likely see a good return on investment (ROI) if you can get your hands on property in the area. However, whether or not you invest in Laguna Niguel real estate depends solely on your situation and budget.
Expert tips for investing in Laguna Niguel real estate
If you’re thinking of investing in Laguna Niguel real estate, then contacting a local realtor is your best option. Due to the local market’s competitive nature, you need a real estate agent that can guide you through the process and help you secure a great investment. Without a realtor on your side, you will face stiff competition and many setbacks, resulting in a lower return on investment down the line.
Find a skilled Laguna Niguel real estate agent
Laguna Niguel is a pristine suburb of Orange County with a high demand for housing. Sandwiched between Laguna Beach and San Juan Capistrano, residents of Laguna Niguel enjoy a laid-back lifestyle with incredible weather year round. Because of the upscale living amenities in the area, buyers have flooded the market, looking to capitalize on the area’s natural beauty. If you’re looking to invest in Laguna Niguel real estate, then you’re going to need some help.Notch Luxury Properties
is a team of skilled Orange County real estate agents. Over the years, the team has helped numerous clients invest in Laguna Niguel real estate. Using their knowledge of the local market, the team has what it takes to secure good deals on properties in the area. If you’re ready to invest in the Laguna Niguel real estate market, then contact Notch Luxury Properties today.