Newport Beach real estate market overview
- Average Monthly Rent: $2,794
- Home Price/Value Percentage Change: 0.80%
- Median Home Value: $2,019,744
- Best Time To Sell a Home: September
- Affordability Index: 38
- Days To Sell a House: 101
- Job Market: Weak
- Public School Ranking: 38
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 2018 was 86,937, with an annual growth rate of 3.9%.
The job growth has increased by .63% 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), Glidewell Dental and OCC School of Sailing & Seamanship.
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
- Newport Coast
- Corona Del Mar
- Balboa Peninsula
- East Bluff