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Irvine real estate market overview
- Average Monthly Rent: $3,069
- Home Price/Value Percentage Change: 4.40%
- Median Home Value: $1,239,792
- Best Time To Sell a Home: May
- Affordability Index: Low
- Days To Sell a House: 53
- Job Market: Fair
- Public School Ranking: 40
Location and weather
Irvine lives near the Pacific coast, adjacent to Santa Ana, and is about 40 miles southeast of Los Angeles. Since Irvine is an inland city, it doesn't have any beaches of its own but is in close proximity to over 100 beaches nearby. These include some of the finest beaches in California, from Long Beach to San Clemente.
Irvine has the perfect climate that California is known for, with short, warm summers and long winters. Temperatures in the summer are in the 80's, with lows in the mid-60's. Winter temperatures are in the mid-60's, with lows in the high 40's.
Population, job market and cost of living
Irvine's population in 2023 is 336,260, with a growth rate of 2.92%.
The job growth has decreased by -9.60% over the last year and in ten years, is predicted to have increased by 40.18%. The largest industries are in professional, technical & scientific services, manufacturing, and education. The major employers are Taco Bell, Mitsubishi Digital Electronics America Inc, Alorica, Ingram Micro and Ivantis.
The University of California, Irvine is also one of the largest employers in the city. On their campus is the Barclay Theatre, which hosts concerts and other cultural events. Irvine Land Ranch Reserve is a major attraction as well. It has over 50,000 acres of protected land, making the area a favorite for horseback riding, hiking and birdwatching.
The cost of living is high, due to the Irvine real estate market and high cost of available housing. With a beautiful climate, a variety of outdoor recreational opportunities, and a thriving cultural scene, Irvine will continue to attract those that want to work and play in this city.
Irvine real estate market details
- Portola Springs
- El Camino Real
- Northwood
- Woodbridge
- Westpark
The average monthly rent in Irvine is $3,069 for an average apartment size of 922 sq. feet.
There has been a 4.4% increase in median home value over the last year. As of 2023, the median home value is $1,239,792.
On average, homes in Irvine sell after 53 days on the market.
The best time to sell a home for the highest valued sale is during May. For the quickest sale, homeowners should sell in April.
The affordability index in Irvine is 181. This number indicates low affordability in this city.
The top ranked public schools are University High School, Portola High School, Northwood High School, Woodbridge High School and Alternative Education San Joaquin High School. This information is based on data measuring academic performance and equity.