Florida Housing – Year-End Update for 2023

For 2023, the Florida housing market has slowed considerably from it’s frenzied pace during the high of the pandemic and the number of sale transactions declined to 2014 / 2015 levels.

According to FloridaRealtors, there were a total of 378,188 existing home sales throughout the State of Florida during 2023. This represents a 11.9% decline from the number of sale transactions during 2022 (429,490).

2023 – 378,188 (down 11.9% year-over-year)
2022 – 429,490 (down 18.7% year-over-year)
2021 – 528,004 (up 19.1% year-over-year)

2020 – 443,448 (up 4.7% year-over-year)
2019 – 423,439 (up 3.8% year-over-year)
2018 – 407,833 (up 3.1% year-over-year)

2017 – 395,638 (up 1.7% year-over-year)
2016 – 389,156 (down 0.4% year-over-year)
2015 – 390,852 (up 8.9% year-over-year)

2014 – 358,771 (up 4.0% year-over-year)

Based on the current level of activity, it is anticipated that the trend of increasing sales of existing homes in Florida will continue to subside during for 2024 due to a combination of higher interest rates, reduced demand and elevated pricing levels.

Overall dollar sales volume for 2022 was $199.48 billion which is was a 9.5% decline from the $220.4 billion amount realized during the prior year but still considerable higher than pre-pandemic levels. Dollar sales volume has continued to increase due to the substantial growth of home values.

2023 – $199.4 billion (down 9.5% year-over-year)
2022 – $220.4 billion (down 8.5% year-over-year)

2021 – $240.9 billion (up 48.4% year-over-year)
2020 – $162.4 billion (up 20.3% year-over-year)
2019 – $134.9 billion (up 6.7% year-over-year)

2018 – $126.4 billion (up 10.1% year-over-year)
2017 – $114.8 billion (up 9.3% year-over-year)
2016 – $105.0 billion (up 4.6% year-over-year)

2015 – $100.4 billion (up 15.1% year-over-year)
2014 – $87.2 billion (up 11.0% year-over-year)

Home Prices (Year End 2023)

The median sale price is one of the preferred statistical methods for measuring price activity as it is not as sensitive of extraordinary high or low sale prices (that are not typical of a particular market area) which can easily skew the values.

For 2023, the median sale price for existing home sale transactions in Florida was $380,000, up 2.7% than that observed for 2022.

2023 – $380,000 (up 2.7% year-over-year)

2022 – $370,000 (up 18.5% year-over-year)
2021 – $315,000 (up 18.9% year-over-year)
2020 – $265,000 (up 10.4% year-over-year)

2019 – $240,000 (up 4.3% year-over-year)
2018 – $230,000 (up 7.0% year-over-year)
2017 – $215,000 (up 9.1% year-over-year)

2016 – $197,000 (up 10.7% year-over-year)
2015 – $178,000 (up 10.1% year-over-year)
2022 – $161,720 (up 7.8% year-over-year)

For the same period, the average sale price for existing home sale transactions in Florida was $527.324. This amount is 2.8% higher than 2022 and largely driven by the sale of homes over $1,000,000.

2023 – $527,324 (up 2.8% year-over-year)

2022 – $513,131 (up 12.5% year-over-year)
2021 – $456,160 (up 24.6% year-over-year)
2020 – $366,110 (up 14.9% year-over-year)

2019 – $318,607 (up 2.8% year-over-year)
2018 – $309,948 (up 6.8% year-over-year)
2017 – $290,116 (up 7.5% year-over-year)

2016 – $269,859 (up 5.0% year-over-year)
2015 – $256,918 (up 5.7% year-over-year)
2014 – $243,117 (up 6.8% year-over-year)

Inventory Levels (Year End 2023)

Inventory is the number of active property listings on the market for sale at any given point in time. This particular statistic is one of the main components in a healthy real estate market.

Overall inventory was up by 29.1% (year-over-year) as of the year-end 2023, nearing pre-pandemic levels. In the past three years, overall inventory has been extraordinary low compared to that experienced from 2014 to 2019.

2023 – 127,873 homes (up 29.1% year-over-year)
2022 – 99,084 homes (up 95.5% year-over-year)
2021 – 50,688 homes (down 44.5% year-over-year)

2020 – 91,370 homes (down 33.7% year-over-year)
2019 – 137,849 homes (down 10.6% year-over-year)
2018 – 154,168 homes (up 11.2% year-over-year)

2017 – 138,696 homes (down 5.9% year-over-year)
2016 – 147,343 homes (up 0.6% year-over-year)
2015 – 146,442 homes (down 7.4% year-over-year)

2014 – 158,068 homes (up 0.1% year-over-year)

The months supply of home inventory also increased, but is historically low. At the current pace of sales, there is around four months of inventory available for sale in Florida (as of year-end 2023) which is up 46.4% from 2022.

2023 – 4.1 months supply (up 46.4% year-over-year)
2022 – 2.8 months supply (up 133.3% year-over-year)
2021 – 1.2 months supply (down 52.0% year-over-year)

2020 – 2.5 months supply (down 35.9% year-over-year)
2019 – 3.9 months supply (down 13.3% year-over-year)
2018 – 4.5 months supply (up 7.1% year-over-year)

2017 – 4.2 months supply (down 6.7% year-over-year)
2016 – 4.5 months supply (flat year-over-year)
2015 – 4.5 months supply (down 15.1% year-over-year)

2014 – 5.3 months supply (down 3.6% year-over-year)

Are you thinking of selling?

Based on the most recent data, the current state of the residential market is changing fast. If you are a homeowner and are considering selling your personal residence, vacation home or investment property, now may be the perfect time to do so while prices are still strong.

Our team has assisted sellers not only throughout the state of Florida, but in most major markets nationwide. We take a highly methodical and deliberate approach when working with or clients and have specific strategies to help get the best value for the property.

The information provided in this website was derived from sources deemed to be reliable to is not guaranteed or warranted. All information, content, and materials available on this site are for general informational purposes only.

Home Prices (Year End 2023)

Inventory Levels (Year End 2023)

Are you thinking of selling?

Recent Posts