09/09/2024
So, How Is the Real Estate Market in Florida?
Balanced! The number of homes for sale increased by 40.1% in June 2024 compared to the previous year. This is the 8th consecutive month the housing market has witnessed such growth. Single-family homes for sale are up by 15.2%, and condos by 13.8%.
Median Days on Market: The median days on market for homes for sale is 57 days, up by 16 days YoY. This trend suggests a cooling demand in the Florida real estate market.
Housing Inventory and Supply: As a buyer, you have more options now as the housing inventory is up by 40.1%. There are 198K homes for sale in Florida, with an average supply of 5 months.
Average Home Prices: The median home price in Florida is $419,200. But, it is expected to decrease due to a rise in inventory in the latter half of 2024. The sale-to-list price ratio is 96.90%, dropping by 0.53 pt YoY.
Home Sales: As per June 2024 data, home sales decreased by 14% YoY! Only 32,836 homes were sold, compared to 38,399 last year.
Average Rent Prices: Rental costs vary statewide. An average tenant in Miami pays $2,538, while the one living in Tampa pays $1,920. You should check the local rates in your region.