February 2024 Florida Housing Market Update

By: Gitta Urbainczyk
Home Buying, Home Selling

The Florida real estate market in February 2024 continues to show signs of strength and resilience, with several key trends indicating a promising outlook for both buyers and sellers. Here’s a summary of the current market conditions and expectations:

MARKET OVERVIEW:

Home Values and Sales

The average home value in Florida as of the end of 2023 was around $389,325, reflecting a 2.0% increase over the previous year. The market is characterized by a healthy level of activity, with a significant number of properties listed for sale and new listings entering the market, providing ample opportunities for buyers.

Interest Rates

Mortgage interest rates, which reached their highest level in 23 years in October 2023, are expected to stabilize in the second half of 2024. This stabilization, along with easing inflation, is anticipated to encourage more buyers to enter the market.

Home Prices

Home prices are expected to continue rising due to the ongoing low supply-high demand dynamic. However, the rise in inventory levels might help to slow down the price growth, offering opportunities for negotiation

MARKET DYNAMICS:

Seller’s Market

Despite the increase in inventory, Florida is expected to remain a seller’s market in 2024. However, buyers will also find opportunities, especially in areas where home prices are expected to increase significantly

Population Growth

Florida’s population growth, driven by in-migration, is fueling demand for housing. Large metro areas, in particular, are seeing concentrated growth, contributing to job formation and strengthening both residential and commercial sectors.

New Construction

The new construction market is adjusting to meet the demand, with builders offering incentives and returning to traditional sales processes. However, supply chain issues, although less severe than before, are still present, causing minor delays

Looking Ahead…

Experts anticipate the Florida housing market to strengthen further in 2024, driven by population and business growth. The market is adjusting to a new normal with increasing inventory that is helping to moderate price growth. Real estate professionals are advised to focus on fostering relationships, showcasing professionalism, and providing excellent service to navigate the market effectively.

In summary, the Florida real estate market in February 2024 presents a balanced opportunity for both buyers and sellers. While it remains a seller’s market due to continued demand and rising home prices, the growing inventory and potential stabilization of mortgage rates offer hopeful signs for buyers.

Let’s do it!

Buyers and sellers should take advantage of a good opportunity when they have one. As the most trusted Realtor in Lake Mary, Gitta Sells is here to help you seize the moment. We are happy to answer any questions you may have in deciding whether now is the right time to buy or sell. Contact us at 407-330-2181 or gittasells@gitta.com. We can’t wait to hear from you!

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The Gitta Sells Team | Keller Williams Heritage Realty

1150 Douglas Ave #2020,
Altamonte Springs, FL 32714

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