Costa Mesa, California is perfectly positioned in the middle of Orange County and is the ideal Southern California destination. The city is located 37 miles south of Los Angeles and 88 miles north of San Diego making it easily accessible for visitors exploring the West Coast. Costa Mesa is located within minutes of many notable Southern California beaches – Huntington Beach, Laguna Beach, and Newport Beach – that are frequented by tourists and residents in the area. The city’s economy relies heavily on its retail assets and is home to the famous South Coast Plaza, one of the most popular and profitable shopping centers in the United States. Costa Mesa also hosts the annual Orange County Fair which takes place every July, drawing more than one million attendees every year.
The median price of a home in the Costa Mesa area today is $920,000, with prices rising 20.3% over the last year. In June 2020 there were 36 homes sold in Costa Mesa, up considerably from the 20 homes sold in June 2019. The average days a home stays on the market is 17 days, compared to an average of 45 days in the summer of 2019.
The current low mortgage rate environment in Southern California has enabled homeowners and purchasers to finance and refinance monthly payments to incredibly reasonable levels. Prior to the Great Recession, average mortgage rates were at 6.35% with monthly mortgage payments at $4,356. Today, a $700,000 mortgage payment at 3.15% is $3,008 per month. That is a savings of $1,348 per month, or $16,176 per year.