Orinda CA Housing Market
Join us as we break down the intricacies of the Orinda housing market. Affluent and picturesque, Orinda offers a high quality of life in its suburban charm, drawing discerning homebuyers who can afford its lofty house prices. In our analysis, we will delve into the development of trends and statistics to yield insights that could help assess the current and future state of the Orinda real estate market. We aim to assist prospective buyers and sellers with their decision-making, so read on to learn all you need to know.
Renée White
Renée White is a top-producing real estate broker with over 20 years of experience and an annual average of 200 sales. Clients are drawn to Renée for her deep knowledge of the local Contra Costa market.
November 27, 2023
Written by Renée White
/ November 27, 2023
Renée White is a top-producing real estate broker with over 20 years of experience and an annual average of 200 sales. Clients are drawn to Renée for her deep knowledge of the local Contra Costa market.
Table of content
KEY TAKEWAYS
- Orinda is an affluent city with homes averaging well over $1 million.
- It is a competitive market where homes usually sell for more than the list price.
- The Orinda housing market is resilient and was not greatly affected by the cost of living crisis.
- Quality of life is high for those who can afford to live in Orinda, CA.
- We can help both buyers and sellers with the nuances and intricacies of the Orinda real estate market.
Orinda Housing Market Overview
Property prices in Orinda, CA have soared through 2023. The cost of living crisis saw them sink to a rare low at the end of 2022, but there has been a rapid recovery that led to a 5-year high average sale price of $2.45 million in July 2023. The arrival of fall has seen prices drop off somewhat, but the Orinda housing market is in a healthy state in terms of prices. Homes tend to sell within around 16 days, and October saw 22 sales occur in the city. It is an exclusive market reserved primarily for those with enough wealth to live here.
Detailed Analysis Of Orinda Real Estate
Let’s look closely at the details of prices and other costs in the Orinda housing market. We will explore trends in pricing and sales volumes and factor in the importance of real estate taxes. The Orinda, CA Section 8 housing list is another important consideration that affects accessibility in the city.
Pricing And Sales
- List prices versus sale prices
- Contra Costa County is reputed as having cities where property prices are above the national average, but homes in the Orinda real estate market are pricey even by the county’s standards. In October 2023, houses sold for around 100.6% of their list price on average, but this number was up at 106.8% just a few short months ago.This is indicative of a return to normality after a rare period in 2022 where houses were mostly selling below the list price. This is attributed to the cost of living crisis and increases in mortgage rates that affected the entire housing market. Currently, homes are selling close to the list price, so come to us to get an accurate valuation and sell your house fast in Orinda.
- Homes sold above list price
- When the Orinda housing market is at its peak, more than 90% of houses sell above list price, but this number is frequently affected by seasonal fluctuations and the state of the wider housing market. At present, 31.8% of properties are selling for more than the list price, but this number hit 0 in January 2023 as the cost of living crisis prevailed.If you work with a reputable real estate agent in Contra Costa, you can get great results as a buyer or seller in this market. Interest rates are improving and activity is on the rise, so this means both opportunity and competition will increase. Work with us to pursue your goals and get the outcome you want in the Orinda real estate market.
- Homes with price drops
- This figure typically runs conversely to the one above but, in the current climate, the figure is similar. 39.1% of houses are selling below the list price, and the remaining 20% sell at the list price. This near parity between all these figures indicates that now is a good time to put an offer on a property and potentially land a good deal.We are expecting to see demand and prices surge in the next 12-24 months in the Orinda housing market. If you want to get in early on this, we recommend you do your homework and learn what it takes to buy a house here so that you can get your dream home.
Tax And Financial Aspects
Property tax in Orinda is something you must plan for very carefully. The high property values there mean that, even with a relatively low tax rate, the cash amount you pay will be high. Money from property taxes funds local projects and schools, and it is mandatory for all homeowners. The tax rate is based on the California base rate of 1% plus any special assessments from local government. The average rate of Contra Costa property tax is 1.11%.
If you are plotting a move into the Orinda real estate market, you must set your budget to accommodate property tax. Failure to do so could lead to an Orinda tax lien that compels you to make payments you have missed. Further legal and financial complications can follow, so it is in your interest to be able to comfortably afford this crucial expense.
Section 8 And Affordable Housing
In the Orinda, CA housing market, property prices are high and there is little opportunity for low income households to get a foothold here. However, the Orinda Section 8 housing list exists to extend some support to lower earners, with eligible households qualifying for subsidized rent to be able to live here. This is seen as a vital resource to encourage diversity and inclusiveness in this affluent community.
With high demand for Section 8 housing, it can be difficult to secure a spot on the list. People in the city recognize the importance of providing means for people to access the housing market, so many homeowners rent out their properties through Section 8 in an effort to make the market more inclusive. If you are eligible, you can submit an application, but competition is high for the available placements.
Orinda Housing Market Trends
- Median prices of homes for sale in Orinda
- As we have mentioned, house prices are very high in the Orinda, CA real estate market. The lowest they have dipped in the last 5 years was $1.21 million, while this year they reached a 5-year high of $2.45 million. Currently, the average sale price in the city stands at $1.975 million, which is a long way above the national average.While seasonal and economic fluctuations do affect property values in Orinda, it is a resilient market where prices remain high. There is ample opportunity to capitalize on rapid appreciation if you have the capital to acquire a property here, but it is important to keep a finger on the pulse of local trends. We can help with this, so reach out to us for assistance.
- Number of homes sold in Orinda
- The Orinda housing market doesn’t see as much activity as we observe in cities with lower house prices. The most sales we have witnessed in a month over the past 5 years was 52, but the monthly sales volumes frequently fall below 20.In October 2023, the number was 22, which is within the normal range for this time of year. However, as the market cools for winter, we are preparing for an expected increase in 2024 as interest rates ease and market activity heats up. This could be an exciting period for buyers and sellers.
- Median days on market
- Properties don’t tend to stay on the market for long in Orinda. In winter, we sometimes see figures for average days on the market rise to around 40, but the summer months commonly see properties selling within 1-2 weeks. In October 2023, the average was 16 days, with properties receiving 2 offers on average before being sold.This is good news if you are looking to sell, and we have achieved fast property sales in Walnut Creek, San Ramon, and other affluent Contra Costa cities. Come to us to get the right valuation and attract interest from serious buyers. Or, if you are a buyer, we can help find the best matches for your criteria to help make your vision a reality.
How Hot Is The Orinda Real Estate?
The Orinda real estate market is packed with luxurious houses that sell for high prices. We have recently witnessed houses sell for over $3 million in the city, and there are some valued at over $20 million. The housing market here is hot, but it is also very exclusive. Houses often sell for more than the list price and attract more than one buyer, but the lofty prices mean many prospective buyers are priced out of the market. With that being said, the market is heating up after the challenges of 2022-23, and we expect to see that trend continue into 2024.
