The Tustin housing market showcases a selection of property types with prices that align with the larger Orange County trends, yet remain distinctive to Tustin. This article will guide you through the essential details of the market, including recent sales prices for different types of homes, the current inventory, how fast homes are selling, as well as property taxes and median home sizes. It delivers key takeaways to inform your home-buying decisions in Tustin, a market characterized by its diversity and balance within the dynamic landscape of Southern California real estate.
Table of Contents
Tustin Housing Market Data
1. Median Home Price
This section analyzes Tustin, California’s housing market, 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 compares Tustin’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 Tustin.
- Current Sales Prices of Tustin Homes
Tustin’s housing market offers varied options with an overall median home sales price of $1,060,500. Single-family homes average $1,262,250, while townhouses and condominiums are more affordable at $826,000 and $730,000, respectively, accommodating a range of budgets within this Orange County city.
| Property Type | Tustin Median Home Sales Price |
| All Properties | $1,060,500 |
| – Single-Family Home | $1,262,250 |
| – Townhouse | $826,000 |
| – Condominium | $730,000 |
All data is from the California Regional Multiple Listing Service, INC. InfoSparks © 2024 ShowingTime.
- Tustin Home Sales Prices Over Time
Tustin’s median home sales prices have steadily increased, closely tracking and more recently surpassing the upward trend of Orange County’s market. Prices for different property types have all risen, with single-family homes consistently commanding the highest prices, while condominiums and townhouses show a more gradual increase. This indicates a healthy demand across all housing options in Tustin.
- Current Home Sales Prices – Tustin vs. Other Orange County Cities
In Orange County, Tustin’s median home sales price places it in the middle range, above cities like Garden Grove and Anaheim, but below top-tier markets like Newport Beach and Laguna Beach. This indicates Tustin’s balanced appeal to those seeking quality homes in a less exorbitant market.
2. Supply and Demand – Tustin Housing Market
This section comprehensively examines Tustin’s housing market’s supply and demand dynamics. It outlines the total housing stock, active listings, recent sales, current inventory level, and how quickly homes sell. 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 Tustin’s real estate activities.
- Key Housing Market Indicators – Tustin
The Tustin housing market has an average of 51 active home listings and 35 sales each month, indicating steady interest. The market maintains a relatively tight inventory of 1.4 months, pointing to a seller’s advantage. Homes sell quickly, with an average of only nine days on the market. This suggests Tustin is a somewhat competitive market, with properties moving faster than in many other cities in the county.
| Total Homes in Tustin | ~28,200 |
| Active Home Listings | 51 |
| Homes Sold | 35 |
| Inventory – Months Supply | 1.4 |
| Days on Market | 9 |
Total Homes in Tustin: This refers to the approximate number of residential properties within the city.
Active Home Listings: The number of homes currently listed for sale in Tustin.
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 Tustin and accepting an offer in a given month.
- Tustin Active Listings vs. Homes Sold Over Time
In Tustin, the active home listings have shown a decline from early 2021, but recently, both listings and sales have plateaued, reflecting a stabilizing market. This consistent balance between available homes and sales suggests a steady real estate climate, without the extreme fluctuations experienced in some markets.
- Current Days on Market – Tustin vs. Other Orange County Cities
In Tustin, properties are selling at an impressive pace, as indicated by the median number of days on the market. Homes in Tustin are being snapped up faster than other areas in Orange County.
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 help you better visualize this, consider the property tax bill example 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 Tustin, 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.
- Tustin Home Size and Value
Tustin’s real estate market features homes with a median size of approximately 1,720 square feet and pricing at an average of $618 per square foot. This places Tustin’s homes comfortably in the middle range of home sizes in Orange County, with a price per square foot that suggests a balance between affordability and quality in the housing market. Buyers looking for reasonably sized properties at competitive market rates will find Tustin’s offerings quite attractive.
| Median Home Size | ~1,720 ft2 |
| Price per Square Foot | $618 |
All data is from the California Regional Multiple Listing Service, INC. InfoSparks © 2024 ShowingTime.
Tustin Residents Data
1. Population
Exploring the dynamics of Tustin’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 Tustin’s social fabric, infrastructure, and lifestyle relative to other parts of Orange County.
- Tustin Population Statistics
Tustin has a population of around 76,940 and a moderate population density of 6,920 residents per square mile. This suggests a somewhat denser and more bustling community compared to many other coastal areas, reflecting its urbanized character within Orange County.
| Population | 76,940 |
| Population Density (Residents per square mile) | 6,920 |
- Population Density – Tustin vs. Other Orange County Cities
As indicated by the darker shade on the map, Tustin has a higher population density of 6,920 residents per square mile compared to many other areas of Orange County. This places it among the more densely populated cities in the region, though not quite to the same high levels seen in cities like Santa Ana or Garden Grove. This suggests a vibrant and active community, potentially with less personal space per resident than found in cities with lighter shades on the map.
2. Employment Industries and Median Income
Exploring Tustin’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 Tustin’s economic position within the wider context of Orange County.
- Tustin Industries and Employment Breakdown
Tustin’s labor market is primarily driven by the Health Care & Social Assistance and Professional, Scientific, & Technical Services sectors, followed closely by the Manufacturing and Retail Trade industries. This employment distribution points to a workforce engaged in providing essential health services, specialized professional expertise, and meeting consumer needs through retail.
- Tustin Median Household Income and Employment Rate
Tustin’s median household income is $104,427, placing it in the lower-middle tier compared to other cities in Orange County. This income level and employment rate of 63.50% indicate a steady, diverse economic environment.
| Median Household Income | $104,427 |
| Employment Rate | 63.50% |
(ages 16 and over) that is employed, excluding those not seeking employment, such as retirees and students.
Source: US Census Bureau
3. Tustin City Attractions
Tustin, California, often referred to as “The City of Trees,” combines a small town’s charm with a larger city’s conveniences. Here are some of the prime attractions:
- Old Town Tustin: A picturesque area with historic buildings, local eateries, and antique shops, offering a taste of the city’s rich heritage.
- The Marconi Automotive Museum: An impressive collection of high-performance and historical cars, with proceeds going to charity.
- Tustin Ranch Golf Club: Known for its scenic greens and exceptional service, it’s a golfer’s retreat with a renowned restaurant on site.
- Tustin Market Place: An expansive open-air shopping center with a wide selection of retail stores, restaurants, and entertainment venues.
- Peters Canyon Regional Park: Offers trails that cater to hikers, mountain bikers, and equestrians, boasting views of the mountains and a variety of wildlife habitats.
- The District at Tustin Legacy: A vibrant shopping and entertainment complex that hosts community events, live music, and family activities.
- Chemers Gallery: An art gallery showcasing diverse works ranging from paintings and ceramics to jewelry and glasswork.
- Tustin Area Museum: This is a small, local museum that details the history of Tustin through artifacts, photographs, and stories.
- Victory Park: A serene park setting ideal for picnics, sports, and outdoor activities, featuring a veterans memorial.
- Cedar Grove Park: Nestled in the Tustin foothills, this park provides a peaceful getaway with walking paths and playgrounds for children.
With its blend of historical sites, recreational areas, and cultural attractions, Tustin offers a fulfilling experience for residents and visitors alike.
Conclusion
The Tustin housing market offers a microcosm of opportunity for prospective homeowners. From its median home sales price that finds a sweet spot within the spectrum of Orange County’s market, to the rapid turnover of homes reflecting a strong demand, Tustin stands out as an area of particular interest. Property sizes and values further underscore the city’s position as a locale where one can find reasonable space without the extravagance often associated with Southern California living. Tustin’s economic indicators, population density, and local attractions contribute to its reputation as a city that harmonizes small-town allure with urban convenience, making it an attractive destination for buyers from various walks of life.
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