Orinda CA Housing 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.

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Orinda Migration & Relocation Trends

The Orinda housing market came up in just 3% of searches from prospective buyers around the nation in the year to October 2023. This market is only available for people who can afford the property prices, and many of the inbound movers came from other metros in California. Ukiah is the primary source of interest in Orinda houses, but there was also a healthy amount of interest from Bloomington, IN, State College, PA, and Jackson, WY. Statistics show that 77% of Orinda homebuyers were people who already lived in the city, indicating the high quality of life here.

In terms of outbound movers, people who leave Orinda generally stay within California. The top destinations in this period were Sacramento and Los Angeles, though Seattle, Portland, and San Diego have also proved popular.

Popular Neighborhoods In Orinda

There are many desirable neighborhoods in the Orinda housing market, but here are a few that stand out:

• Orinda Woods: With a family-friendly environment and excellent schools, this neighborhood blends spacious homes and lush, green spaces.
• Sleepy Hollow: Here you will find expansive estates with stunning views. It is known for upscale properties and plenty of outdoor recreation opportunities.
• Glorietta: With charming tree-lined streets and a strong community spirit, this is an attractive option for families, retirees, and anyone seeking a welcoming residential atmosphere.
• Orinda Downs: This neighborhood has a contemporary vibe with good access to the dining and shopping options in downtown Orinda.

There is great variation in what you get from different neighborhoods in Orinda. As such, it can appeal to different types of buyers with differing lifestyle preferences.

Amenities Near Orinda

The affluence of the Orinda, CA housing market lends itself to some stunning amenities that contribute to the high quality of life there.

• Tilden Regional Park: A great mix of natural beauty, hiking trails and picnic areas for the outdoor enthusiast.
• Orinda Country Club: The place to go for recreational facilities that include golf, tennis, and swimming, where people go to socialize in a picturesque setting.
• Orinda Theatre Square: This is a stunning hub of cultural venues, restaurants and shopping.
• BART Station: The Bay Area Rapid Transit system is famed for providing superb access between cities and locales in the San Francisco bay area.

You will also find a number of impressive schools and healthcare facilities in Orinda, providing everything you need to live well.

Is It The Right Time To Buy Your Dream Home In Orinda?

To make a decision about moving to Orinda, you need to take your personal financial health into account. It is wise to do this with professional assistance, and we can connect you with someone in our network to support. You must also account for key market considerations, including:

• Housing demand
• Price trends
• Interest rates

We can provide up-to-date details on all of this, so contact us to inquire about the Orinda, CA real estate market.

Should You Buy Or Rent A Property In Orinda?

The median rent price in Orinda, CA is currently $5,450 per month. WIthout assistance from Section 8, this is unlikely to be affordable for most households. Similarly, the house prices remain well in excess of $1 million on average. If you can afford to enter the Orinda, CA housing market, we suggest that buying offers far greater advantages than renting.

Realistically, the only reason to rent would be if you are only staying for the short-term. You could rent temporarily to experience the city before committing to buying, but there is little benefit to renting for the long-term in Orinda, CA.

The Role Of Climate And Its Impact On The Orinda Housing Market

The Mediterranean climate in the city is one of the major attractions for the Orinda, CA housing market. With warm, dry summers and mild winters, life is comfortable and there are lots of opportunities for outdoor recreation. However, this climate does give rise to the risk of wildfires, which may affect many home insurance policies in the city. It is important to be prepared for this risk, and there is ample guidance in the city for this.

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