The Florida Residential Housing Market (September 2022)

According to the National Association of Realtors, existing US home sales have now fallen to a 10-year low and have declined for eight straight months. Individual sales transactions were down 23.8% year-over-year and 1.5% month-over-month to a seasonally adjusted annual rate of 4.71 million units.    

According to Lawrence Yun, NAR’s chief economist, “Despite weaker sales, multiple offers are still occurring with more than a quarter of homes selling above list price due to limited inventory”.  He further indicated, “The current lack of supply underscores the vast contrast with the previous major market downturn from 2008 to 2010, when inventory levels were four times higher than they are today.”

Median existing home prices across all property types continue to rise.  As of the end of September 2022, the median price was up 8.4% (year-over-year) to $384,800. This marks 127 consecutive months of year-over-year median home price increases which is the longest-running streak on record.

Housing inventory declined for the second straight moth to 1.25 million units.  Based on the current pace of sales, there is a 3.2-month supply of homes on the market at this time.

The average marketing time for September 2022 was 17 days, up from 14 days in July but consistent with 17 days as of August 2021.

The Florida Housing Market

According to Dr. Brad O’Connor who is the Chief Economist for the Florida Realtors, Hurricane Ian had an impact in the most recent market data.  He stated, “As a result, the data shows a pronounced slowdown in real estate activity, even in areas deemed unlikely to be threatened by the worst impacts of the hurricane, with a drop in both new listings and new pending sales ahead of it”. 

Dr. O’ Conner further indicated, “part of the reason September’s year-over-year declines in closed sales are high is that during the pandemic years of 2020 and 2021, the Florida real estate market didn’t get the memo that the second half of the year is supposed to be our slow time for closed sales. This is plainly visible if you look at monthly sales data for the past five years. Total closed sales across all property types in 2020 and 2021 remained elevated throughout the second half of both years, whereas here in 2022, we are trending below – but largely in line with – our September sales totals from 2018 and 2019.”

Closed Sales – September 2022

The number of closed sales transactions within the state of Florida has declined (year-over-year) for eight straight months and for nine of the last 10 months. As of September 2022, the number of individual closed sales declined by 28.5% to 29,654 transactions. 

Closed Sales – Month by Month

Month Closed Sales % Change YOY
Sep. 2021 29,654 -28.5%
Aug. 2022 36,263 -16.5%
Jul. 2022 34,389 -24.6%
June 2022 41,594 -20.0%
May 2022 43,747 -8.9%
Apr. 2022 43,710 -16.5%
Mar. 2022 47,203 -7.5%
Feb. 2022 36,006 -1.5%
Jan. 2022 33,422 3.5%
Dec. 2021 44,392 -0.2%
Nov. 2021 40,472 5.1%
Oct. 2021 40,446 -5.9%

Median Sales Prices – September 2022

Median sale prices continue to exceed their year-over-year averages but declined on a month-over-month basis during the past three months.  During September 2022, the median sale price across all property types was $370,990, up 14.2% year-over-year but down slightly from $388,990 observed in June 2022.  

It does appear that a downward trend is in place.

Median Price – Month by Month

Month Median Sale Price % Change YOY
Sep. 2021 370,990 14.2%
Aug. 2022 $375,000 16.6%
Jul. 2022 $379,500 18.1%
June 2022 $388,990 21.7%
May 2022 $385,000 24.2%
Apr. 2022 $375,000 25.0%
Mar. 2022 $365,000 23.7%
Feb. 2022 $350,000 23.0%
Jan. 2022 $343,000 22.5%
Dec. 2021 $345,000 23.2%
Nov. 2021 $335,000 19.7%
Oct. 2021 $325,200 18.3%

Active Inventory – September 2022

Active inventory across all property types continues to improve throughout the state. For the month September 2022, inventory is up 52.5% year-over-year to 96,277 units.  This represented an increase of approximately 50,000 units from the 46,247 active homes on the market as of the end of January 2022. 

Month Active Inventory % Change YOY
Sep. 2021 96,277 52.5%
Aug. 2022 93,101 47.4%
Jul. 2022 90,022 44.1%
Jun. 2022 79,015 36.7%
May 2022 61,318 8.8%
Apr. 2022 51,234 -13.3%
Mar. 2022 46,247 -28.2%
Feb. 2022 44,417 -39.1%
Jan. 2022 46,944 -43.8%
Dec. 2021 50,688 -44.5%
Nov. 2021 56,659 -42.9%
Oct. 2021 60,594 -41.2%

The South Florida Housing Market

The South Florida existing-home market has continued its trend of lower overall sales.  Closed sales during September 2022 were down 26% year-over-year to 6,667 units.  The overall dollar volume also declined by 20% to $4.2 billion.

The median home price across all property types for September 2022 increased by 15% to $432,008 year-over-year.  Luxury transactions across South Florida for $1 million or more continued to impact the median and average values.

Inventory improved slightly with approximately 24,000 homes across all property types available for sale within South Florida.  New listings across the tri-county area were down by 17% to 9,102. 

The Greater Orlando Housing Market

The Orlando – Kissimmee – Sanford existing home market also observed a slowdown in sales during the month of September 2022.  Closed sales of 3,282 were down 31%6 year-over-year along with the overall dollar volume which was down by 21%.

The median home price across all property types increased by 16% to $385,000 year-over-year. Luxury transactions in the metro area Orlando area continued to impact the median and average values.

Inventory levels improved substantially with 8,598 homes across all property types available for sale, up 67%.  New listings across the metro area were down by 20% to 3,914 units while new pending sales are down by 31% to 3,162 units.

The Tampa Bay Housing Market

Hurricane Ian had an impact on the Tampa – St. Petersburg – Clearwater MSA during the month of September.  Existing-home sales were down 35% year-over-year to 5,535 units while dollar volume was also down by 2.6% to $2.4 billion.

The median home price across all property types for September 2022 increased by 16% to $365,000 year-over-year. Luxury transactions in the Tampa Bay  continued to heavily influence the median and average values.

Inventory levels have improved by a staggering 91% (year-over-year) with 11,829 homes across all property types available for sale.  New listings across the metro area were down 20% while new pending sales were down by 20% to 4,280 units.

The Greater Jacksonville Housing Market

During the month of September, the greater Jacksonville housing market also continues to experience slower activity with respect to home sale transactions.  Closed sales of 2,214 were down 31% year-over-year and the overall dollar volume was also down by 22% to less than one-billion dollars.

Prices across all property types continue to rise by double digits – the median home price increased by 12% to $354,990 year-over-year.  Luxury transactions in the Jacksonville continued to heavily influence the median value.

Inventory continues to improve with approximately 7,409 homes across all property types available for sale within the greater Jacksonville area, a 59% increase year-over-year.  New listings were down 24% to 2,760 homes while new pending sales declined by 37% to 2,108 homes.

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

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.

Recent Posts