Irvine Housing Market Report: March 2017
Historically, properties in this market sell at a 22.3% premium. Today’s premium is 11.3%. This market is 11.0% undervalued.
Median home price is $778,900, and resale $/SF is $434/SF. Prices rose 5.0% year-over-year.
Monthly cost of ownership is $3,589, and rents average $3,214, making owning $374 per month more costly than renting.
Rents rose 4.3% year-over-year. The current capitalization rate (rent/price) is 4.0%.
Market rating = 9