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The demand for Florida real estate has been very strong over the past few years, but in early May of 2024 the Florida market is undergoing a healthy rebalancing with the higher interest rates and a greater number of homes now spending more days on the market. As the median price of a Florida home just achieved an all-time high in March, combined with 7%+ mortgage rates and rising home insurance costs, some buyers are now becoming more challenged with overall home affordability. At the end of March 2024, the median single family Florida home price was $421K and this represents a 4% year-over-year price increase.
With so many people moving to Florida in recent years, this has caused housing prices to rise significantly in a relatively short period of time. This strong demand has also caused the number of homes for sale, often referred to as available inventory, to remain somewhat low at a 4-month supply (a 6-month supply is considered a normal, balanced market). Additionally, as most Florida homeowners have a mortgage rate well under the current 7%+ rate, many are choosing to remain in their current home with their low monthly payment, versus moving and taking on a higher payment. (movingtofloridaguide.com)
In today's Florida real estate market, correctly priced homes are continuing to sell fairly quickly after hitting the market and multiple-offer situations may still occur, but at a much lesser pace than happened during the market peak. The number of days on the market in our area is 43 days, with a statewide average of 59 days.
While many who are relocating to Florida are eager to escape the cold weather or to start their retirement years as Floridians, and not necessarily wanting to wait this extended length of time for a home to be built, many are opting for recently-built homes in the resale market and will often pay full ask price (or slightly above) to secure a deal. Currently there are 1,462 active listings in Gulf and Franklin Counties (residential, commercial and vacant land), with 711 being residential; 682 being vacant lands and 62 being commercial.
If you are coming down to the coast, be sure to come by to see us and get a copy of our listings in several locations throughout the tri-county area. It has a list of restaurants and a map as well as current homes and land that we have for sale.
We would love to see you! Until then,
Sunniest Regards!
Brian Burkett and Preston Russ, Brokers
Coastal Realty Group
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