by DaveN 
Florida’s Housing Market: November 2024 Update
Hi, this is Kelly Niles, your trusted real estate advisor in Florida!
As we dive into the last stretch of 2024, Florida’s housing market continues to shift, presenting both challenges and opportunities for buyers and sellers. Let’s break down what’s happening across the Sunshine State and how you can navigate these changes.
What’s Happening in the Market Right Now?
The numbers tell an interesting story. In September 2024, the median home price in Florida was $403,500, reflecting a slight 0.2% year-over-year increase. While prices have remained steady in many areas, the total number of homes sold dropped by 14%. Homes are taking longer to sell, with the average time on the market climbing to 63 days—up 20 days from the previous year.
These stats suggest a cooling market in many areas, creating new dynamics for buyers and sellers alike.
Regional Trends
Florida is a diverse state, and housing trends vary depending on the area:
Southwestern Florida: Markets like Punta Gorda, Sarasota, and Cape Coral-Fort Myers are seeing significant price declines. Punta Gorda’s median home prices fell by 6.5%, while North Port-Sarasota-Bradenton dropped by 5.8%, and Cape Coral-Fort Myers is down by 3.7%.
Central and Northern Florida: While the data isn’t as dramatic, we’re seeing more balanced conditions in areas like DeLand and Orlando. Here, the rising inventory may be a sign of a market moving toward buyers.
What’s Driving the Market?
Several key factors are shaping the current housing landscape in Florida:
Inventory Growth: Many areas are seeing an increase in available homes, which is slowing price growth. For buyers, this means more options and possibly more room to negotiate.
Insurance Costs: Rising home insurance premiums have become a big concern. In some parts of Florida, rates have skyrocketed by as much as 400% since 2019, adding to the cost of homeownership.
Mortgage Rates: While the Federal Reserve has made rate adjustments, the average 30-year mortgage remains just above 7%. This has made monthly payments more expensive for many buyers, impacting affordability.
What Does This Mean for You?
For buyers, this might be the time to find a deal, especially in areas where prices are softening. Sellers should focus on pricing their homes competitively and investing in curb appeal to stand out in a slower market.
Looking Ahead
Despite some challenges, Florida remains a highly desirable place to live. With our growing population, favorable tax environment, and incredible lifestyle offerings, the long-term outlook for real estate here is strong. However, staying informed and working with professionals who understand local market trends is more important than ever.
If you’re considering buying, selling, or investing, let’s talk about how these market changes might affect your goals. Feel free to reach out for a free instant home evaluation or just to chat about the market. Together, we can make the best of Florida’s evolving housing landscape!
Warm regards,
Kelly Niles – 386-287-2221
Licensed Real Estate Agent
Central Florida Specialist