Newport Beach, a coastal city in southern California, it is known for swimming, sandy beaches and its large- boat-filled harbor. Newport Harbor once supported maritime industries, but today, it is used mostly for recreation. Balboa Island draws visitors with a waterfront path and easy access from the ferry to the shops and restaurants.
Newport Beach's economy is vibrant and flourishing, which continuously attracts and retains talent. Essential industries include educational services, healthcare and social assistance, manufacturing, finance and management services. The city's real estate market boasts some of the luxurious properties in the US; however, it's important to mention that properties in the area experience high appreciation rates and has increasing rental demand. This is an area that real estate investors should think about and keep an eye on.
In October 2021, the median listing home price in Newport Beach, CA was $3.4M, trending up 23.5% year-over-year. The median listing home price per square foot was $1.2K. The median home sold price was $3M. Homes in Newport Beach, CA sold for approximately the asking price on average in October 2021. Newport Beach, CA is a seller's market in October 2021, which means that there are more people looking to buy than there are homes available. On average, homes in Newport Beach, CA sell after 59 days on the market. The trend for median days on market in Newport Beach, CA has gone up since last month, and slightly down since last year. There are 339 homes for sale in Newport Beach, CA, 25 of which were newly listed within the last week. Additionally, there are 170 rentals, with a range of $1.7K to $275K per month. There are 37 neighborhoods in Newport Beach. Crystal Cove has a median listing home price of $10.9M, making it the most expensive neighborhood. Newport Beach Country Club is the most affordable neighborhood, with a median listing home price of $1.1M .
Taking everything into consideration, Newport Beach provides abundant opportunities for real estate investors in single-family homes.