Situated amidst the rolling hills of Southern California, the Mission Viejo housing market offers a blend of suburban calm and urban accessibility. This report delves into the latest market conditions and trends essential for those considering a home purchase here. It highlights key factors like median home prices and supply-demand dynamics, providing a clear picture of Mission Viejo’s real estate compared to nearby areas. The following sections give an overview of housing costs and economic indicators shaping the local market.
Table of Contents
Mission Viejo Housing Market Data
1. Median Home Price
This section analyzes Mission Viejo, 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 compares Mission Viejo’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 Mission Viejo.
- Current Sales Prices of Mission Viejo Homes
The table below offers insight into the Mission Viejo real estate market over a recent 12-month period, indicating an overall median home sale price of $1,030,000. Single-family homes represent the higher end of the market with a median price of $1,155,000. In contrast, townhouses and condominiums are relatively more affordable, with median prices of $796,000 and $689,950 respectively. This range of prices reflects the diversity of housing options available to suit various budgets within the Mission Viejo housing market.
| Property Type | Mission Viejo Median Home Sales Price |
| All Properties | $1,030,000 |
| – Single-Family Home | $1,155,000 |
| – Townhouse | $796,000 |
| – Condominium | $689,950 |
All data is from the California Regional Multiple Listing Service, INC. InfoSparks © 2024 ShowingTime.
- Mission Viejo Home Sales Prices Over Time
The charts illustrate the median home sales prices in Mission Viejo and Orange County, showing a general upward trend in the market. Mission Viejo’s median prices steadily increase over time, maintaining above the median for Orange County as a whole. Analyzing the property types in Mission Viejo, it’s clear that all categories are climbing in price, with single-family homes consistently commanding the highest median sales prices. Condominiums and townhouses also show an upward trajectory, albeit at a gentler slope. The trend across all property types underscores a persistent appreciation of housing values in the area, highlighting that despite the differences in price points, the market for each housing type is experiencing growth.
- Current Home Sales Prices – Mission Viejo vs. Other Orange County Cities
Mission Viejo sits comfortably in the mid-range of the Orange County real estate market, offering a more accessible entry point compared to the high-end markets such as Newport Beach and Laguna Beach. This positioning reflects its appeal to homebuyers seeking a balance between affordability and the desirable amenities of Orange County living.
2. Supply and Demand – Mission Viejo Housing Market
This section comprehensively examines the supply and demand dynamics within Mission Viejo’s housing market. 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 Mission Viejo’s real estate activities.
- Key Housing Market Indicators – Mission Viejo
In Mission Viejo, the real estate dynamics underscore a high-demand market, with the number of homes sold recently—74—being quite substantial in relation to the active listings, which stand at 94. This ratio suggests that homes listed are selling at a rapid pace, likely due to strong buyer interest in the region and lower relative supply over the past year. With only 1.2 months of inventory available, it indicates that listings are being absorbed quickly, reinforcing the impression of a market favorable to sellers.
| Total Homes in Mission Viejo | ~35,000 |
| Active Home Listings | 94 |
| Homes Sold | 74 |
| Inventory – Months Supply | 1.2 |
| Days on Market | 9 |
Total Homes in Mission Viejo: This refers to the approximate number of residential properties within the city.
Active Home Listings: The number of homes currently listed for sale in Mission Viejo.
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. Also known as absorption rate.
Days on Market: The average number of days between when a home in Mission Viejo is listed and when an offer is accepted in a given month.
- Mission Viejo Active Listings vs. Homes Sold Over Time
The chart for Mission Viejo reveals a decreasing trend in the supply of active home listings over time, while the demand, as indicated by homes sold, has shown a less pronounced decline and remained relatively stable over the past year. This pattern suggests that even as fewer homes are being listed, the demand for purchasing homes remains steadfast, maintaining a consistent sales volume in the market.
- Current Days on Market – Mission Viejo vs. Other Orange County Cities
Mission Viejo stands out as one of the cities in Orange County where homes sell more rapidly, with properties spending a median of just nine days on the market. This brisk pace indicates a solid and active real estate market, where demand is high, and listings move quickly, reflecting a robust level of buyer interest within the region.
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 property base tax rate 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 understand, 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 Mission Viejo, 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.
- Mission Viejo Home Size and Value
In Mission Viejo, the median size of homes sold is around 1,730 square feet, which situates the city in the middle range for home sizes within Orange County. With a price of $594 per square foot, Mission Viejo presents a market that offers a balance of moderate living space and value, reflecting a combination of comfortable home sizes and competitive market pricing relative to the broader area.
| Median Home Size | ~1,730 ft2 |
| Price per Square Foot | $594 |
All data is from the California Regional Multiple Listing Service, INC. InfoSparks © 2024 ShowingTime.
Mission Viejo Residents Data
1. Population
Exploring the dynamics of Mission Viejo’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 Mission Viejo in relation to other parts of Orange County.
- Mission Viejo Population Statistics
Mission Viejo hosts a population of around 90,088, with a moderate population density of 5,089 residents per square mile. This suggests a community that’s neither too crowded nor too sparse, providing a balanced urban environment within the spectrum of Orange County’s varying densities.
| Population | 90,088 |
| Population Density (Residents per square mile) | 5,089 |
- Population Density – Mission Viejo vs. Other Orange County Cities
The map’s medium shade for Mission Viejo places it in the middle tier for population density in Orange County. It is less dense than cities like Santa Ana and Garden Grove. This portrays Mission Viejo as a community that balances the liveliness of urban life with a more relaxed, spacious setting, offering residents a relatively open and private atmosphere compared to the county’s densely populated hubs.
2. Employment Industries and Median Income
Exploring Mission Viejo’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 Mission Viejo’s economic position within the broader context of Orange County.
- Mission Viejo Industries and Employment Breakdown
The local workforce is predominantly engaged in Professional, Scientific, & Technical Services, with Health Care & Social Assistance and Manufacturing also representing significant employment sectors. This indicates a strong presence of specialized knowledge-based professions, essential health services, and industrial production in the area’s economy.
- Mission Viejo Median Household Income and Employment Rate
Mission Viejo exhibits a strong median household income at $126,469, positioned well among other cities in Orange County, indicative of its economic prosperity. The employment rate stands at 61.90%, which is not the peak but suggests that the robust income figures may be attributed more to the presence of higher-earning roles or greater wealth among residents rather than sheer employment quantity.
| Median Household Income | $126,469 |
| Employment Rate | 61.90% |
(ages 16 and over) that is employed, excluding those not seeking employment, such as retirees and students.
Source: US Census Bureau
3. Mission Viejo City Attractions
Mission Viejo, California, is a picturesque city known for its planned communities, rolling hills, and recreational facilities. Here are some of the main attractions:
- Lake Mission Viejo: This man-made lake is the centerpiece of the city. It offers swimming, fishing, boating, and summer concerts.
- Oso Creek Trail: A scenic walking and biking trail featuring art installations, beautiful landscaping, and access to local parks.
- Mission Viejo Library: A community hub offering a vast collection of resources, programs for all ages, and a serene environment for reading and study.
- Saddleback College: Known for its academic programs, arts performances, and community events, contributing to the cultural richness of the city.
- The Shops at Mission Viejo: A premier shopping destination with a wide range of retailers, eateries, and services in an elegant setting.
- Mission Viejo Country Club: A private club boasting a championship golf course, tennis courts, and social events in a picturesque setting.
- Florence Joyner Olympiad Park: A tribute to the Olympic athlete, this park offers athletic facilities, playgrounds, and picnic areas amidst panoramic views.
- Norman P. Murray Community and Senior Center: A focal point for community activities, classes, and gatherings, serving residents of all ages.
- Arroyo Trabuco Golf Club: A public golf course known for its challenging layout and beautiful natural surroundings.
- Kaleidoscope Courtyards: An entertainment and dining complex featuring cinemas, restaurants, and fitness centers in a lively atmosphere.
Mission Viejo is celebrated for its welcoming environment, well-maintained landscapes, and a strong sense of community, offering a high quality of life for its residents.
Conclusion
Mission Viejo’s housing market is characterized by a robust demand for homes, a relatively quick turnover in property sales, and a market that balances affordability and the desirable amenities of Southern California living. The city’s moderate population density and solid median household income reflect a healthy economic status. With a diverse array of attractions and a strong community focus, Mission Viejo shines as a favorable housing market and a desirable location to call home. The data and insights provided in this report underscore the city’s standing within the dynamic landscape of Orange County’s real estate and economic sectors.
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