Newport Beach Housing Market Report: April 2017
What’s happening down at the beach?
Historically, properties in this market sell at a 33.2% premium. Today’s premium is 26.2%. This market is 7.0% undervalued.
Median home price is $1,668,500, and resale $/SF is $790/SF. Prices rose 4.0% year-over-year.
Monthly cost of ownership is $7,660, and rents average $6,245, making owning $1,402 per month more costly than renting. Rents rose 6.0% year-over-year.
The current capitalization rate (rent/price) is 3.6%.
Market rating = 9