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January 2024 Florida Housing Market Update

The Florida real estate market in 2024 presents a dynamic and promising landscape for both buyers and sellers. As of the end of 2023, the average home value in Florida was approximately $389,325, marking a 2.0% increase over the past year. This growth is a sign of the state’s thriving real estate market.

Key indicators of the Florida housing market include:

For Sale Inventory

As of December 31, 2023, there were about 133,691 properties listed for sale, offering a diverse range of options for potential buyers.

New Listings

Around 32,615 new listings entered the market in the same period.

Median Sale and List Price

The median sale price for homes in Florida was about $361,667 as of November 30, 2023. The median list price stood at $435,000 as of December 31, 2023.

Sales Over and Under List Price

In November 2023, 14.5% of sales exceeded the list price, while 67.9% were below the list price, indicating a competitive market.

In a nutshell…

Looking at specific areas in Florida, several metro areas are anticipating significant home price increases in 2024. Regarding market trends, there’s an expectation of a continued strong market in Florida, driven by population and business growth. The market is adjusting to what appears to be a new normal in terms of prices and interest rates. Inventory is increasing, which is helping to slow down price growth. However, many buyers and sellers are currently in a waiting mode, watching the trends in mortgage rates before making decisions.

It’s also expected that mortgage interest rates will stabilize by the second half of 2024. After reaching high levels in 2023, a gradual decline in rates may encourage more buyers to enter the market. In terms of home prices, a continued rise is anticipated until the low supply-high demand dynamic changes. Furthermore, the number of home buyers is expected to rise due to easing inflation and stabilizing rates.

As for the market dynamics, 2024 is predicted to still be a strong market for sellers, but buyers will also find opportunities. The ongoing rise in home prices in Florida suggests that the state will continue to be an attractive market for real estate investments and transactions.

Overall, the Florida housing market appears to be robust and resilient, offering various opportunities for those involved in the real estate sector

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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