Multifamily Sales Pulse for Orange County - Southern California September 2026

Orange County

ORANGE COUNTY ANALYSIS

September showed several encouraging signs of improving transaction activity in the Orange County multifamily market.

47 apartment properties closed during the month, while the average marketing time declined to just 33 days. At the same time, 28 properties were under contract and another 16 were pending, indicating an improving pipeline of potential future closings.

Available inventory also moved in a more favorable direction. Active listings declined to 279 properties, while months of inventory decreased to 8 months. Although buyers still have a meaningful number of properties to choose from, the reduction in available inventory combined with stronger transaction activity suggests a somewhat healthier balance between supply and demand.

Pricing remained firm. The average sale price increased to approximately $2.27 million, while the average 4.47% cap rate and 14.63 GRM remained essentially unchanged.

MIKE'S TAKE

September's numbers were more encouraging than the headline inventory level might suggest.

More properties sold, properties that sold moved more quickly, and both under-contract and pending activity increased. At the same time, active inventory and months of inventory declined.

Buyers still have choices and remain selective, but the market appears to be moving toward a somewhat healthier balance. For owners considering a sale, pricing and property presentation remain important, but well-positioned properties continue to attract qualified buyers.

Southern California

SOUTHERN CALIFORNIA ANALYSIS

The broader Southern California multifamily market continues to operate with significantly more available inventory than Orange County, creating a highly competitive and increasingly property-specific investment environment.

451 multifamily properties closed during the month, including 341 sales of 2–4 unit properties and 110 sales of properties with 5 or more units. The average sale price was approximately $1.54 million, while properties that sold spent an average of 63 days on the market.

Southern California currently has approximately 12,780 active multifamily listings, representing about 28 months of inventory. At the same time, 222 properties are under contract and another 261 are pending, demonstrating that buyers remain active despite the substantial amount of available inventory.

MIKE'S TAKE

Southern California continues to be a market of submarkets.

The amount of available inventory gives buyers considerable choice, but transactions are still occurring when properties offer the right combination of location, income, condition and pricing.

For Orange County apartment owners, the broader Southern California numbers provide useful context, but they shouldn't be used alone to determine the value or marketability of an individual property. Orange County's current inventory, transaction activity, comparable sales and likely buyer pool provide a much more relevant picture.