Market Trends, Home Prices, and Expert Relocation Advice from Bravo Title Agency
The demand for Florida real estate has been consistently robust in recent years. However, as we approach late September 2024, following the Federal Reserve’s half-point rate cut, the Florida housing market is experiencing a healthy rebalancing. With an expanding inventory and homes spending more time on the market, the dynamics are shifting. Though the median price of a Florida home reached a record high in April, the combination of mortgage rates hovering around 6% and rising home insurance costs is presenting affordability challenges for some buyers.
As of August 2024, the median price for a single-family home in Florida stood at $412K—a slight 1% decrease year-over-year. To explore median prices across different Florida regions and review the cost of living compared to other states, we invite you to visit Bravo Title Agency’s Florida Cost of Living page.
|
Type |
Aug 2024 |
Aug 2023 |
% Change |
|
Single Family Homes |
$412K |
$415K |
-1% |
|
Condos/Townhomes |
$310K |
$324K |
-4% |
|
Months of Inventory |
4.5 |
3.0 |
+50% |
Source: Florida Realtors, September 2024
Florida’s rapid influx of new residents in recent years has contributed to significant price increases. While inventory has grown to a 4.5-month supply, the market remains slightly undersupplied (with a balanced market considered at six months). Additionally, many homeowners with mortgage rates below the current market are opting to stay put, avoiding the higher payments that would come with moving.
In today’s market, correctly priced homes continue to sell quickly. High-demand neighborhoods, particularly those with strong school districts and desirable locations, still see occasional multiple-offer situations—though at a more moderate pace compared to the market’s peak.
New Construction Market Trends
Florida’s new construction market is also experiencing a slowdown in demand due to the higher interest rates. National builders are now offering incentives, such as lower rates through in-house lenders and credits to help buyers manage their financing costs. Build times have extended from the usual 7-9 months to 9-12 months due to construction labor shortages across various metropolitan markets. As a result, many buyers eager to relocate are opting for recently built homes in the resale market, often paying close to or above the asking price to secure a property.
Florida Median Home Price vs. Inventory Plotted values reflect single-family homes, past 12 months
In August 2024, the median Florida home price declined slightly to $412K, down $5K from July. Inventory levels have stabilized at a 4.5-month supply, marking the highest level in two years.
Source: Florida Realtors, September 2024
If you’re considering a move to Florida and conducting your initial research, Bravo Title Agency encourages you to explore the expert insights below. These experienced realtors provide their regional outlook for the Florida market in late 2024 and early 2025, highlighting key trends and offering valuable relocation advice.
Florida Market Outlook by Region
Northwest Florida / Panhandle
Natalie Carmichael – Pensacola Relocation Expert
The Pensacola market is moving toward a more balanced state, where buyer and seller demand are becoming more aligned. Rising interest rates have caused some heavily financed buyers to pause, leading sellers to offer incentives such as price reductions, closing cost contributions, or rate buy-downs for qualified buyers.
West Coast Florida
Natalie Wetherington – Tampa Bay Relocation Expert
After several rate hikes over the last two years, Tampa Bay is now seeing a rebalancing in the housing market, particularly in homes priced between $250K and $500K. Sellers are no longer commanding over-ask prices, and fewer multiple-offer situations are occurring, especially in higher-priced homes, as affordability becomes a greater challenge for buyers.
Central Florida
Justin Pekarek – Orlando Relocation Expert
Central Florida, especially the Greater Orlando area, remains a magnet for families seeking Florida’s lifestyle. The growth in newer areas like Lake Nona, bolstered by the new Disney Campus and Medical City, is driving demand for both resale homes and new construction. Build times, however, have extended to up to 18 months due to ongoing demand and labor shortages.
East Coast Florida
Jeff Riber – Jacksonville Relocation Expert
The Jacksonville market continues to thrive, with strong buyer demand keeping inventory levels low. While homes are staying on the market longer than during the peak of the pandemic, multiple offers still occur in desirable areas. The market is healthier, with fewer speculative bidding wars and more balanced pricing.
South Florida
Geoff Fahey – Miami Relocation Expert
Miami remains a hotspot for both domestic and international buyers, especially for luxury high-rise developments and income-producing properties. With inventory now at a healthier level of 4.4 months, the market has steadied, though the average home price in Miami has risen to $581K—a notable 8.4% year-over-year increase.
At Bravo Title Agency, we understand the evolving Florida real estate landscape. As the market continues to shift, our team of experts is ready to provide you with the insights, guidance, and support needed to navigate your next home purchase or investment.
Contact Bravo Title Agency today to discuss your real estate plans and how we can assist in making your move to Florida seamless and successful.