Costa Mesa

Property For sale & Area Information.

Welcome to Costa Mesa

Costa Mesa’s real estate market is thriving, fueled by its coastal proximity, strong local economy, and vibrant cultural scene. While rising mortgage rates have cooled some segments, demand remains robust—especially for well-located single-family homes and upscale townhomes near the beach and South Coast Metro.

Median Home Prices

Single-Family Homes: Median price stands at $1.35 million, up 6.5% year-over-year (YoY).
Condominiums & Townhomes: Median price is $825,000, reflecting a 5% YoY increase.
Luxury Market ($2M+): High interest, especially in Eastside Costa Mesa and Westside bluff properties. Days on Market (DOM) averaging 45–60 days.

Inventory & Market Speed

Tight Supply: Just 1.5 months of inventory available (6 months is considered balanced).
DOM Trends:
- Single-Family Homes: 10–18 days (competitive bidding still common).
- Condos/Townhomes: 20–30 days.
- Luxury Homes: 50+ days, with room for negotiation.
Price Reductions: Occurring on 13% of listings, primarily in higher-end properties.

Key Market Dynamics

Seller’s Market: Over 40% of homes are selling above asking price, especially in desirable neighborhoods like Eastside Costa Mesa, Mesa Verde, and College Park.
New Development:
- Growth around The LAB, SoBeCa District, and South Coast Metro.
- Upscale townhome and mixed-use developments driving condo demand.
Location Premium: Homes closer to the beach and Back Bay command 15–25% higher prices than inland areas.

Interest Rates & Affordability

Mortgage Rates: Hovering around 6.75% (30-year fixed).
Affordability: A $1.3M home requires approx. $8,800/month (PITI), pushing many buyers toward more affordable condos and townhomes in the Westside or North Costa Mesa.

Top Market Drivers

Job Access: Quick commutes to Irvine, Newport Beach, and Santa Ana tech and finance hubs.
Top Schools & Parks: Strong school options and green spaces like Fairview Park and Tewinkle Park boost family demand.
Coastal Lifestyle: Costa Mesa’s blend of surf culture, music, food, and design keeps it a magnet for creatives and young professionals.

Future Outlook (2024–2025)

Prices: Forecasted to rise 4–5% annually, in line with Orange County averages.
Inventory: Modest increases as new developments complete, but land constraints will keep supply limited.
Luxury Market: Steady but sensitive to mortgage fluctuations; DOM may stretch longer.

Conclusion

Costa Mesa remains one of the most dynamic and in-demand markets in coastal Orange County. Its unbeatable location, lifestyle offerings, and access to major job centers make it a prime target for buyers, despite affordability hurdles. Expect strong competition in popular neighborhoods and ongoing appreciation over the coming year.

Buyers: Act quickly—well-priced homes move fast.
Sellers: With limited inventory, it’s still your market.