Great Park Irvine Home Prices: Down 7.7%, But Selling Faster Than Last Year

The short version: Great Park's median sale price is down 7.7% from a year ago, according to Redfin's September 2026 data. Over the same stretch, homes are selling faster, in a median of 74 days compared with 82 last year. That's a market where prices are adjusting but buyers haven't disappeared. Homes priced right are still moving. Homes priced on last year's numbers are sitting.

Two headlines can both be true at once, and right now in Great Park they are. If you only read "prices are down," you'd think the bottom fell out. If you only read "homes are selling faster," you'd think it's 2022 again. Neither is the full picture, so let's walk through what the numbers actually say and what they mean for your next move.

Great Park by the Numbers: Fall 2026

Here's where Great Park stands, based on Redfin's September 2026 neighborhood data:

• Median sale price: about $1.42 million, down 7.7% year over year. Redfin calculates this over a rolling three-month window, which smooths out single-month swings.
• Median price per square foot: $649, down 3.0% year over year.
• Median days on market: 74 days, down from 82 a year ago.
• Homes sold: 83 in September, compared with 98 last September.
• Sale-to-list ratio: 97.1%, slightly up from a year ago.
• Homes sold over asking: 6.2%, up about 3 points year over year.
• Homes with a price cut: 44.3%, up about 7 points year over year.

Why Prices Fell More Than Price per Square Foot

Notice the gap. The median sale price is down 7.7%, but price per square foot is only down 3.0%. That tells me part of the drop is about what sold, not just how much things are worth.

Great Park's sales mix shifts a lot from quarter to quarter. A stretch with more townhomes and smaller detached homes closing will pull the median down even if values on any given street haven't moved much. So yes, prices have softened. But the 3% per-square-foot decline is the better gauge of what's happening to the value of a typical home.

Why Homes Are Selling Faster Anyway

Days on market dropped while prices dropped, and those two go together more than people think. When sellers price to today's market instead of last year's, buyers respond. The 97.1% sale-to-list ratio says most homes are closing within about 3% of their asking price. And the share selling over asking roughly doubled.

The other side of that is the price-cut number. Almost half of homes took a reduction before selling. In practice, the market is splitting in two:

• Priced right from day one: these homes get showings, offers, and sometimes competition.
• Priced on hope: these homes sit, take a cut or two, and often sell for less than they would have with the right number up front.

What This Means If You're Buying in Great Park

This is the most room buyers have had in Great Park in a while. You can negotiate. You can ask for credits. You don't have to waive every contingency to get a seat at the table.

But don't assume every home is a bargain. The well-priced, well-presented homes still draw multiple offers, and that over-asking share is going up, not down. My advice: know the difference between a home that's sat because it's overpriced and one that's newly listed at the right number. Go hard on the first. Move quickly on the second.

What This Means If You're Selling in Great Park

Your price is your strategy. With nearly half the market taking reductions, the first two weeks matter more than ever. That's when buyer attention is highest. Overpricing and "testing the market" costs you that window, and the price cuts that follow tend to cost more than pricing right would have.

Presentation matters too. In a market where buyers have choices, the homes that show best and photograph best are the ones that sell in that first window. If you're thinking about listing this winter or spring, start with a real look at what comparable homes in your village have actually closed for, not what they listed for. A home value review is the right first step.

The Bigger Picture

Great Park is still one of the most in-demand parts of Irvine. You've got newer construction, Irvine Unified schools, and the park itself keeps growing. A price adjustment doesn't change any of that. What it changes is the playbook. Buyers have more leverage than they did a year ago, and sellers who price with discipline are still getting deals done, and doing it faster.

If you want to see how these trends look on your specific street or floor plan, our Great Park neighborhood page is a good starting point, or reach out and I'll pull the numbers for you.

Frequently Asked Questions

Are home prices dropping in Great Park, Irvine?

Yes. Redfin's September 2026 data shows Great Park's median sale price at about $1.42 million, down 7.7% year over year. Price per square foot fell a smaller 3.0%, to $649, which suggests part of the drop reflects a shift in which homes sold.

How fast are homes selling in Great Park right now?

Homes in Great Park are selling in a median of 74 days, down from 82 days a year ago, based on Redfin's September 2026 data.

Is Great Park a buyer's market or a seller's market?

It's closer to balanced. Buyers have more negotiating room than last year, with about 44% of homes taking a price cut. But well-priced homes still sell near or above asking. The sale-to-list ratio is 97.1%, and 6.2% of homes sold over asking.

Should I wait to buy in Great Park?

That depends on your timeline and financing, not just the headlines. Today's market gives buyers more leverage than a year ago. Waiting for a deeper drop is a bet, and the best-priced homes are still drawing competition now.

How should I price my Great Park home to sell?

Price to recent closed sales in your village and floor plan, not to last year's peak or to current list prices. With nearly half of homes taking reductions, pricing right from day one is the best way to sell quickly and protect your bottom line.

Thinking about a move in Great Park? Reach out anytime, or start with a free home valuation to see where your home stands in today's market.

Chris Kwon, Kwon Home Group

Market data: Redfin, Great Park (Irvine, CA) housing market, September 2026. Figures are based on Redfin's calculations of MLS and public-record data and may change as the data is revised.