As the sun continues to shine on the Sunshine State, the Florida real estate market is experiencing a notable shift that has both homebuyers and sellers taking a keen interest. The year 2024 has brought with it a surge in housing inventory, a stark contrast to the inventory squeeze of previous years.
This rise in available properties is changing the dynamics of the market, presenting challenges for home sellers and new opportunities for purchasers.
Florida Housing Inventory
Since early 2020, the number of homes across all property types actively listed for sale throughout the state of Florida has varied considerably. From a pandemic low in February 2020 of 44,715 units, inventory has climbed to pre-2020 levels to almost 150,000 units as of March 2024.
During the first quarter 2024, the number of individual properties for sale increased from 127,873 units to 149,690 units.
Single family homes comprises the majority of the properties available for sale across the state. As of March 2024, single family home inventory was 81,603 units, a 24.8% year-over-year improvement and a significant leap from the pandemic low of 26,902 units.
South Florida Housing Inventory
The tri-county South Florida market has lagged statewide averages with respect to housing inventory levels. As of the end of March 2024, the total number of units actively listed for sale is 34,528. While this is a 28.3% year-over-year increase and well above the pandemic low in March 2022 of 14,586 units, it is still well behind the January 2020 level of 47,110 total units.
The number of South Florida single-family homes listed for sale is also well below pre-pandemic levels. At just 12,954 homes, inventory is well behind the January 2020 level of 17,711 units.
What Increasing Inventory Means for Buyers and Sellers?
It’s clear that this uptick is more than a fleeting trend and could be a pivotal moment for the state’s real estate market. For buyers, the increased inventory signals a market ripe with choices and the potential for more negotiating power. Sellers, on the other hand, may need to recalibrate their strategies to stand out in a more crowded marketplace.
Whether this surge in inventory heralds a buyer’s market or simply a return to equilibrium after years of scarcity, one thing is certain: the Florida real estate landscape is evolving. Staying informed and agile will be key for anyone looking to make their mark on the Sunshine State’s property scene in 2024 and beyond.
