The Laguna Hills California residential real estate forecast is a good one for sellers, at least, in the immediate future. But, this could and probably will change over the coming months, given a number of circumstances. However, this doesn’t necessarily mean that the local residential real estate market in Laguna Hills will suffer a sudden and long drop. So, read on to learn more about the residential real estate market forecast for Laguna Hills California.

The Laguna Hills California residential real estate forecast looks like it will result in a more balanced market over the next few months and into the first quarter of next year. Currently, there are nearly one hundred homes for sale in the area and the median list price stands at $1 million. Meanwhile, the median list price per square foot is $576, but the median selling price is $1.2 million. Although the last figure exceeds the first, the sale-to-list price ratio in the area isn’t at parity. Presently, the sales list price ratio is 99.2% and the median days on the market is 54 days, representing a strong seller’s market.

However, this will probably change as interest rates continue to pick up. Since the Federal Reserve has announced its plans for more rate hikes, new mortgage applications will necessarily fall, and the rising cost of purchasing a home, made more expensive by inflation, will probably result in a cooling of the market, most likely bringing it to a balanced state between buyers and sellers.