The median home price in Orange County reached $1 million last month. It's now the first Southern California county to ever hit that pricey mark and underscoring just how expensive the region has become.
COVID-19 unleashed new demand for homes, made the well-off wealthier, and fueled extreme bidding wars. The result? The $1-million home is everywhere.
The $1-million home boom has been driven by several factors. An intense shortage of housing has sparked brutal bidding wars that push prices. Investors are also gobbling up more homes to flip or rent out, accounting for roughly a quarter of Southern California home sales. If borrowers put 20% down and had minimal debts, they had a very good shot at getting a loan for a $1-million house if they made at least $150,000 annually.
By the fourth quarter of 2021, the median price of an existing single family house had already surpassed $1 million, according to the association’s calculations, and 17% of Orange County households could afford it.
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