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Newport Beach real estate market overview
- Average Monthly Rent: $3,434
- Home Price/Value Percentage Change: 0.60%
- Median Home Value: $2,907,930
- Best Time To Sell a Home: September
- Affordability Index: Low
- Days To Sell a House: 64
- Job Market: Weak
- Public School Ranking: 40
Location and weather
Newport Beach is located in the southern part of California in Orange county. The city lies along Newport Bay and is just south of Long Beach. Newport was developed around yachting, sport and commercial fishing, and beach activities. Newport Beach is also home to Newport Harbor Art Museum and the Orange County Museum of Art. Nearby in Irving is the University of California. At only 47 miles from Los Angeles, Newport is also a residential community for commuters.
In Newport Beach, the summers are short, arid, and clear, while the winters are long, cool, and partly cloudy. Summer temperatures are in the high 70's, with lows in the mid-60's. The winter temperatures are in the mid-60's, with lows in the high 40's.
Population, job market and cost of living
The population of Newport Beach in 2023 is 85,254, with an annual growth rate of 0.01%.
The job growth has decreased by -9.6% over the last year and in ten years, is predicted to have increased by 31.87%. The major industries are in professional, scientific, technical services, finance, insurance, and retail trade. The largest employers are Irvine (Real Estate), Pacific Mutual Fund, Ho (a regional health care delivery network), Internet Infinity Inc, Chipotle Mexican Grill and Alliant Insurance Services Inc.
The cost of living is high, due to the cost of Newport real estate and the cost of available housing. With a scenic Pacific coast location, a culture of yachting, boating and art, along with steady job growth, Newport Beach will continue to attract job seekers, families and retirees to this boating community.
Newport Beach real estate market details
- Turtle Rock
- West Newport
- Bayside
- Corona del Mar
- Turtle Ridge
The average monthly rent in Newport Beach is $3,434 for an average apartment size of 954 sq. feet.
There has been a 0.6% increase in median home value over the last year. As of 2023, the median home value is $2,907,930.
On average, homes in Newport Beach sell after 64 days on the market.
The best time to sell a home for the highest valued sale is during September. For the quickest sale, homeowners should sell in May.
The affordability index in Newport Beach is 353. This number indicates low affordability in this city.
The top ranked public schools are California Pacific Charter - Sonoma, California Pacific Charter - San Diego, California Pacific Charter - Los Angeles. This information is based on data measuring academic performance and equity.