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  • Writer's picturecindyryb

The Florida Housing Boom: Median Prices Rise Above National Trends

Years back, Florida was one of those places where you could move and find reasonably priced real estate. For the first time in state history, Florida's median home sale price exceeds the national median home sale price. According to Florida Realtors: The Voice for Real Estate in Florida, this trend started several months ago. The median home sale price in Florida is currently $420,600, compared to the US price of $397,200. The US value appears to be declining, whereas Florida appears headed in the opposite direction. Read on for more information about what the Florida median housing price might mean for buyers and sellers.

house pending sale

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Redfin finds that Florida's home prices were up 3.3% year over year in May 2024. They say the number of homes sold was down 4.9% vs. the previous year, with 37,602 homes sold in May of this year compared to 39,529 sold in May 2023. Homes appear to be taking a bit longer to sell this year at 55 days vs. 42 days in May 2023. According to Redfin, the median sales price of a single-family home in Florida was $446,800, with a 2.5% decline in the number of homes sold, and those sold being on the market for 51 median days. The median sales price for a townhouse in Florida was $361,300, with a 2.9% increase from the previous year, and the median number of days on the market being 50. Condos/coops are at a median sales price of $326,300 which is 2% higher than in May 2023. They've taken longer to sell in May 2024, with the number of days on the market being 73, which is a significant increase from the previous year at 48 days.

Are you interested in finding a foreclosure? Check Zip-Foreclosures to find REO (Real Estate Owned) foreclosures, properties coming up for foreclosure auctions, properties in pre-foreclosure (lis pendens), HUD or VA foreclosures, short sales, and even properties that are listed as lease option (rent to own).

house sold realtor giving keys to purchaser

The question is, are there enough homes for sale to meet the demand of buyers? Redfin feels there is, as in May 2024 there were 198,701 homes for sale across the state, up 38.4% from the previous year. 48,234 homes were newly listed in May 2024, up 10.9% from the year before.

In May 2024, 11.5% of homes listed sold for above the listing price. 33.4% of homes sold for less than the listing price. The sale-to-list price was at 97%.

Check Realtor.Com to search for real estate, see what's sold recently in an area, or get an estimate of your home's value.

home sold sign with realtor standing near

So which cities in Florida have the most competition for buying? In May 2024, two cities in Pasco County were considered as being in the top ten most competitive cities for purchasing: Pasadena Hills and Land O'Lakes. Four Orange County locations (Alafaya, Ocoee, Apopka, and Winter Garden), one Seminole County location (Winter Springs), one Volusia County location (Deltona), and two Hillsborough County locations (Town 'n' Country, Brandon) also made it into the top ten list.

Is Florida still considered a desirable place where people want to live? It appears that way. The top five states being considered by out-of-state homebuyers were Florida, North Carolina, Arizona, South Carolina, and Tennessee. Where are these buyers likely coming from? The top five states buyers looked to exit were California, New York, Illinois, Washington, and Massachusetts. Five of the top ten inbound metro areas people are moving to include Sarasota, Cape Coral, Orlando, Tampa, and Jacksonville.

Check ForSaleByOwner.Com to find properties for sale by owner or to learn about selling your property on their site.

Many of my articles have dealt specifically with Lake County, Florida, and the surrounding area. I'm hoping you'll want to follow along. There are two ways: one way is to save this link and visit my blog regularly for updates. Another way is to download the Newsbreak app, create a User Account, and follow me at Lake County Florida - Here's What's Happening! If you enjoyed this post and you think others may enjoy it as well, please share it with them. Thanks!


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