During the summer of last year, the median home price in Orange County rose above the $1 million threshold for the first time ever. And now, at the start of spring 2024, Orange County home prices have cleared the $1.1 million mark. As usual, supply and demand are driving these recent housing market trends in Orange County. Inventory levels have declined a bit over the past year, while home sales have increased. This makes the market more competitive while boosting prices at the same time.