This report thoroughly examines the Lake Forest housing market, offering a detailed look at home valuations by property type and contextualizing Lake Forest’s place within Orange County’s varied real estate scene. Comprehensive data on housing supply, demand dynamics, and vital economic indicators are provided to equip prospective homeowners and investors with the tools for informed decision-making in Lake Forest property.
Table of Contents
Lake Forest Housing Market Data
1. Median Home Price
This section analyzes Lake Forest, California’s housing market by detailing current home prices and breaking them down by property type. It outlines the general trend of higher pricing for single-family homes compared to townhouses and condos. Additionally, it includes a comparison of Lake Forest’s home prices with those in other Orange County cities, allowing for a broader understanding of its market position. The data will equip prospective buyers with valuable insights for making informed purchasing decisions in Lake Forest.
- Current Sales Prices of Lake Forest Homes
The table below outlines the median sales prices for Lake Forest homes, which are $1,115,000 for all property types. Single-family homes are positioned at the higher end, with a median sales price of $1,300,000. On the other hand, townhouses and condominiums offer more affordable options, with median prices of $741,000 and $610,000 respectively, catering to a wide range of budgets within the housing market.
| Property Type | Lake Forest Median Home Sales Price |
| All Properties | $1,115,000 |
| – Single-Family Home | $1,300,000 |
| – Townhouse | $741,000 |
| – Condominium | $610,000 |
All data is from the California Regional Multiple Listing Service, INC. InfoSparks © 2024 ShowingTime.
- Lake Forest Home Sales Prices Over Time
The charts provided illustrate an increase in the median home sales prices in Lake Forest, continually outpacing the general trends of the Orange County market. The second graph also shows that all property types have maintained a steady appreciation, though single-family homes have continued to be priced at a more premium level compared to condominiums and townhouses over the same period.
- Current Home Sales Prices – Lake Forest vs. Other Orange County Cities
Lake Forest’s median home sales prices offer a balance within the spectrum of Orange County’s real estate market, presenting an attractive option for those seeking a middle ground between the premium pricing of coastal cities like Newport Beach and Laguna Beach and the more budget-friendly locales such as Anaheim and Santa Ana.
2. Supply and Demand – Lake Forest Housing Market
This section provides a comprehensive look at the supply and demand dynamics within Lake Forest’s housing market. It outlines the total housing stock, active listings, recent sales, current inventory level, and how quickly homes are selling. A snapshot of these indicators helps illustrate the market’s fluidity and efficiency, providing prospective buyers with a clearer understanding of the pace and health of Lake Forest’s real estate activities.
- Key Housing Market Indicators – Lake Forest
In Lake Forest, the real estate market features approximately 97 active home listings with about 61 homes sold each month. The city presents a tight housing market with an inventory supply of 1.5 months. Homes in Lake Forest also tend to sell relatively quickly, with an average of 10 days on the market.
| Total Homes in Lake Forest | ~30,600 |
| Active Home Listings | 97 |
| Homes Sold | 61 |
| Inventory – Months Supply | 1.5 |
| Days on Market | 10 |
Total Homes in Lake Forest: This refers to the approximate number of residential properties within the city.
Active Home Listings: The number of homes currently listed for sale in Lake Forest.
Homes Sold: A count of the actual sales that have closed in a given month. Calculations are based on sold data.
Inventory—Months Supply: The inventory of homes for sale at the end of a given month, divided by the average monthly Pending Sales from the last 12 months. This is also known as the absorption rate.
Days on Market: The average number of days between listing a home in Lake Forest and accepting an offer in a given month.
- Lake Forest Active Listings vs. Homes Sold Over Time
The graph reflects a notable decline in active home listings and homes sold in Lake Forest since early 2021. More recently, both active listings and the volume of homes sold have stabilized, pointing to a market that has found its rhythm, moving at a consistent pace rather than the heightened activity of earlier periods.
- Current Days on Market – Lake Forest vs. Other Orange County Cities
Homes in Lake Forest tend to remain on the market for less time compared to many other Orange County cities, selling relatively swiftly, showcasing the city’s robust real estate demand within a competitive national context.
3. Property Taxes
Property taxes in California are determined by a combination of state law and county-specific regulations. Under Proposition 13, enacted in 1978, the base tax rate for properties is fixed at 1% of the assessed value. This assessed value is initially pegged to the purchase price and can only increase by a maximum of 2% annually, safeguarding homeowners from steep tax hikes when property values escalate quickly.
Orange County follows this state framework but also applies additional levies that can vary significantly between locations within the county. These can include voter-approved debt rates for city and district improvements, and direct assessments for community services like flood control and street lighting. Also, properties in areas with Mello-Roos districts may incur additional taxes for community facilities.
To aid in understanding, consider the example of a property tax bill below. It breaks down the individual components that constitute the total tax obligation. Notably, while the General Tax Levy remains constant at 1%, the aggregate of additional charges, such as special district assessments, significantly affects the overall tax bill. These variations emphasize the importance of due diligence in comprehending the full scope of property taxes when assessing the cost of homeownership in different parts of Orange County.
4. Median Home Size
This section examines the median home size and price per square foot in Lake Forest, essential indicators for assessing property value and space. These metrics aid prospective buyers in comparing market value and understanding what their budget can secure in terms of home size, especially in relation to other areas in Orange County.
- Lake Forest Home Size and Value
Lake Forest’s median size of homes sold is around 1,850 square feet, positioning it comfortably among Orange County cities offering a substantial amount of living space. The price per square foot stands at $603, reflecting a market that provides considerable home sizes at value-driven prices, a balance appealing to buyers seeking both space and affordability within the region.
| Median Home Size | ~1,850 ft2 |
| Price per Square Foot | $603 |
All data is from the California Regional Multiple Listing Service, INC. InfoSparks © 2024 ShowingTime.
Lake Forest Residents Data
1. Population
Exploring the dynamics of Lake Forest’s population and its density offers a glimpse into the city’s living conditions and community structure. Population density, which measures the number of residents per square mile, sheds light on how closely people live together and can indicate the balance between urban development and available living space. Understanding this helps explain how population concentration impacts the social fabric, infrastructure, and lifestyle of residents in Lake Forest in relation to other parts of Orange County.
- Lake Forest Population Statistics
With a population of approximately 85,428 and a moderate population density of 5,136 residents per square mile, Lake Forest demonstrates a solid blend of urban living with adequate community space, reflecting a well-balanced residential environment.
| Population | 85,428 |
| Population Density (Residents per square mile) | 5,136 |
- Population Density – Lake Forest vs. Other Orange County Cities
The map illustrates the various levels of population density across Orange County, with Lake Forest characterized by an intermediate population concentration, as indicated by the middle blue shade. This moderate residential density signifies that Lake Forest provides a balanced lifestyle—less densely populated than the inner-city areas, yet more community-oriented than the outlying, less populated regions. This makes Lake Forest an ideal locality for those who appreciate a blend of suburban tranquility and urban accessibility.
2. Employment Industries and Median Income
Exploring Lake Forest’s economic landscape reveals the key employment sectors underpinning the local job market and the median household income, which reflect the community’s overall financial health. A deeper understanding of these factors helps frame Lake Forest’s economic position within the wider context of Orange County.
- Lake Forest Industries and Employment Breakdown
The leading employment sectors in Lake Forest are Manufacturing and Professional, Scientific, & Technical Services, followed closely by Health Care & Social Assistance and Retail Trade. This distribution indicates a workforce with a strong presence in specialized and technical fields, a significant focus on health and social services, and a robust retail sector catering to the community’s needs.
- Lake Forest Median Household Income and Employment Rate
Lake Forest boasts a median household income of $128,033, which stands out on the higher end within Orange County, signifying the city’s economic prosperity. Its employment rate is solid at 67.30%, indicating a healthy job market. This economic profile suggests that Lake Forest’s income levels are bolstered by a mix of well-paying positions across its diverse industry sectors.
| Median Household Income | $128,033 |
| Employment Rate | 67.30% |
(ages 16 and over) that is employed, excluding those not seeking employment, such as retirees and students.
Source: US Census Bureau
3. Lake Forest City Attractions
Lake Forest, California, blends natural beauty with a thriving community spirit, offering residents and visitors a peaceful yet vibrant lifestyle. Here are some of the key attractions:
- Lake Forest Sports Park and Recreation Center: A massive complex featuring sports fields, basketball courts, and a gymnasium, catering to a variety of athletic activities and community events.
- Heritage Hill Historical Park: Home to some of the oldest buildings in the county, this park offers a glimpse into Southern California’s history.
- Etnies Skatepark of Lake Forest: One of the largest and most renowned skateparks in the country, designed for skaters of all skill levels.
- Serrano Creek Park & Trail: A natural refuge within the city, perfect for hiking, horseback riding, and enjoying the outdoors.
- Whiting Ranch Wilderness Park: Offers extensive trails for mountain biking, hiking, and equestrian use, set against a backdrop of stunning geological formations and rich wildlife.
- The Arbor at Lake Forest: A shopping and dining destination that caters to everyday needs as well as special occasions.
- Pittsford Park: Known for its community pool, playgrounds, and picnic areas, making it a favorite spot for family outings.
- Lake Forest Golf and Practice Center: A welcoming facility for golfers of all levels, with a well-maintained driving range and challenging par-3 course.
- Tucker Wildlife Sanctuary: A part of the California State University system, this sanctuary offers educational programs and a serene environment for observing local flora and fauna.
- Foothill Ranch Towne Centre: Combines retail, dining, and entertainment in one convenient location, serving as a community gathering point.
Lake Forest’s commitment to preserving its natural environment while fostering a close-knit community atmosphere makes it a unique and cherished place in Orange County.
Conclusion
This report’s data provides a snapshot of the Lake Forest housing market as a component of the dynamic Orange County real estate landscape. This market offers various housing options, aligning with diverse budgetary requirements and showcasing steady sales that underline a sustained demand. The economic health of Lake Forest is depicted through its median household income and solid employment rate, supporting a labor force engaged across multiple sectors. With its balanced population density and favorable median home size, Lake Forest affords residents a blend of suburban comfort and urban amenities. These elements collectively affirm Lake Forest’s role as a versatile and appealing housing market for an array of buyers and investors in Southern California.
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