Rising Home Prices Continue in Florida (February 2024)

The latest figures from the National Association of Realtors (NAR) indicate that the number of completed transactions for existing homes rose by 9.5% in February 2024, reaching a seasonally adjusted annual rate of 4.38 million units.

Lawrence Yun, the chief economist at NAR, commented, “Additional housing supply is helping to satisfy market demand,” He added, “Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices.”

The median price for existing homes continues to rise. At $384,500, there’s been a 5.7% increase compared to the previous year, marking the eight consecutive month of year-over-year price growth.

The inventory of existing homes saw a 10.3% improvement from last year, totaling 1.07 million units. Given the current sales rate, the market has a 2.9-month supply of homes available. Homes stayed on the market for an average of 38 days in February.

Investors and buyers of second homes accounted for 21% of all home sales during the month.

The Florida Housing Market

As of the end of February, Florida saw a total of 27,668 sales transactions across properties of all types, a modest year-over-year increase of 0.6%.

The median sale price maintained its upward year-over-year trend. February’s median sale price reached $381,000, which is a 4.4% rise from the previous year, though it didn’t quite match the peak of $387,990 seen in June 2023.

2024 has shown a notable surge in active inventory. At the close of the month, there were 146,153 units on the market, representing a 49% increase from the year before. 

Closed Sales

In Florida, the number of closed sales transactions saw a slight year-over-year increase of 0.6%, yet the overall trend is still declining. The total sales of 27,668 units represents a substantial decline from the May 2023 peak, which recorded 39,267 transactions.

Median Sales Prices

After experiencing a rapid run-up from January 2021 to May 2022, the median sale price for homes in Florida remains fairly stable. As of February 2024, the median sale price across all property types was $381,000, up 4.4% year-over-year.

The peak occurred in May 2022, with a median sale price of $388,990.

Active Inventory

Active inventory in Florida across all property types exploded higher in February 2024 to 146,153, up 49% on a year-over-year basis and reaching a level not seen since mid-2020.

The South Florida Housing Market

Year-over-year, the South Florida market for existing homes is seeing persistent growth in median sales prices while the number of sales transactions remains fairly stable.

February experienced a slight 0.5% decrease in closed sales from the previous year, totaling 5,329 units. Despite the dip in sales volume, the total value of homes sold rose by 9.9% to reach $4.0 billion, a reflection of the ongoing increase in home prices.

The median price for homes across all categories climbed by 11% to $485,000 compared to the same period last year.

February was another month of increasing inventory levels.  Overall inventory was up 39% to more than 36,000 units with a 28% increase in new listings.

The Greater Orlando Housing Market

Following a year that generally saw a decline in sales transactions, the Orlando area’s market for existing homes saw another increase.  There were 3,023 closed sales during February 2024, up 6.8%. The total dollar volume of sales experienced a 8.8% increase, reaching $1.4 billion.

Year-over-year, the median home price for all types of properties rose by 4.4% to $399,990, although this figure does fall short of the peak of $403,990 seen in May 2022.

The number of homes on the market also showed a significant rise, marking a 46% increase from the previous year. Additionally, the Orlando metro area witnessed a 26% surge in new listings.

The Tampa Bay Housing Market

Existing-home sales in the Tampa–St. Petersburg–Clearwater MSA declined by 1.8% year-over-year to 4,360 units. However with dollar volume improved by 1.9% to $1.9 billion due to increasing home sale prices.

The median home price across all property types rose by 4.2% to $370,000 but is below the recent peak in May 2022 of $385,000.

Active inventory levels have improved, up 47% year-over-year with 15,766 homes across all property types available for sale.  New listings across the metro area were up 31% with new pending sales down by 4.3% to 5,237 units.

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.

To learn more about how we help our clients get the best possible price for their property, visiting our web site or contact us at info@quantumcos.com.

Quantum Realty Advisors, Inc.

For more than 20 years Quantum has provided premium quality real estate services not only to traditional home buyers and sellers, but to business enterprises, trust and estate managers, asset management firms, charitable organizations and several of the world’s best know financial institutions.

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