Last year around this time, there was a family looking for a home near the Irvine Spectrum. They found a house they liked, but the price was a bit high and mortgage rates were steep, so they decided to "wait a little longer" and postponed the contract. However, after about a year, when they looked for similar listings again, they found that prices had actually gone down.

So, did the people who waited make the right choice? Not necessarily.

Looking at the Great Park area during the same period, new developments continued, and new communities and homes were being built, keeping rental prices at a significantly high level.

Even within Irvine, the atmosphere can vary greatly depending on which village you look at.

The 2026 Irvine housing market data is also interesting. Zillow's average home value is reported to be about $1.3 million, which shows an increase from the previous year, while Redfin's actual transaction median price was about $1.52 million, which had decreased from the previous year at certain points.

It's understandable to ask, "So, did it go up or down?"

Zillow is based on estimated home values, while Redfin focuses on actual transactions, so the direction can appear differently depending on the types of homes being sold and the timing.

Therefore, it's difficult to judge the market based solely on the overall average for Irvine.

Especially, new development areas like Great Park and already established villages should be viewed separately.

New neighborhoods may initially look a bit sparse due to a lack of surrounding shops and trees, but after a few years, schools, parks, and commercial facilities gradually come in. This changes the overall atmosphere of the neighborhood.

In contrast, older villages have the advantage of already having schools, parks, and shopping routes established.

However, the good locations and school districts are already reflected in the prices, making the initial costs quite significant.

Another factor supporting home prices in Irvine is job availability. There are many tech companies in the area, and investments from companies like Broadcom continue. As long as tech companies and professional jobs are maintained, housing demand will inevitably be affected.

And for Korean families, school districts are also a crucial factor. Many parents only consider Irvine from the start due to the Irvine Unified School District. However, not all homes with an Irvine address go to the same school. The assigned school can change just by crossing a street, so it's advisable to check the school district assignment by entering the address before signing a contract.

Ultimately, the most challenging question is, "Should I buy now or wait longer?"

No one can answer that accurately. Some people who waited last year ended up buying at a lower price, while others lost out on homes they liked while waiting, and rental prices in their desired neighborhoods went up.

If the 30-year mortgage rate is in the 6% range, you definitely shouldn't just look at home prices. You need to calculate the actual amount you can afford each month, including down payment, interest, property taxes, HOA fees, and insurance.

I think it's more realistic to first consider whether the neighborhood is one where I can live for 7 or 10 years, rather than trying to find the perfect buying timing in Irvine.

After all, a home isn't something you buy just by looking at charts like stocks. You have to consider your child's school, your commute, and your daily shopping.

More important than whether the overall home prices in Irvine have gone up or down is knowing how much a home in the village you want is currently priced at; that's the more significant market to focus on.