Interested in Irvine California Median home prices? Learn more about the spike in median home prices in Irvine California in 1998…
Irvine California is the incorporated city that is part of Orange County in California, United States of America. The exceptionally well planned city was developed by the Irvine Company in the early 1960s. By December of 1971 it was formally incorporated as a 180.5 square kilometer city. It has an approximate population of 212,793 according to latest estimates.
Median Prices in Irvine California Since 1998
As the economy gained strength after strength in 1999, the Orange County housing market saw a sharp increase in prices of approximately 9% in 1998. Even though the median prices started edging downwards by the end of the year, the year following still saw an increase. The record highs were reached in 1998 when the median price touched $212,000. This means half of the homes sold for more and half of the homes sold for less.
In fact, in the report by the FBI, Irvine California is one of the safest places in the US and has the lowest violent crime incidents. This caused the housing prices to shoot up considerably. The median prices saw a spike in the year 1998 in this region. It also has the seventh highest median income range in the United States with cities of the same population levels.
Analysis of the 1998 Median Home Prices In Irvine California
In fact, the strong income and economic growth resulted in boosting consumer confidence and more people started buying homes. This showed the increase of sales throughout the market. Homes like the entry-level areas in Irvine were also coveted in 1998 rather than just the high end homes located close to the ocean. The year 1998 saw what was the 20th consecutive month where price gains were recorded spreading through all areas of Irvine California.
The home price increases between 2004 and 2005 average at 9.8% and 9.26% respectively. The median home prices can be ranged at $640,000 and $259 566 for the years 2004 and 2005. With a very high percentage of air quality on the AQI up to 71.9%, and low property crime risk of 52 in 2004 and 74 in 2005, the median prices seem to shoot up every year in Irvine California.
Current Developments in Property in Irvine California
The city has taken on an undeveloped region towards its North through annexation. Also annexed was the El Toro Marine Corps Air Station. This has resulted in massive land areas for suburban and urban development projects. The Marine Air Corps station is to be converted into the futuristic Orange County Great Park.
Since 2008 Irvine California has received citations as one of the best places to live. In fact, it has received four ranks many a time. It has amazing housing opportunities, good schools and business communities.