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Navigating the Florida Housing Market: A Comprehensive Guide for 2023-2024

The Sunshine State has always been a significant player in the real estate landscape, with its amazing beaches, lively cities, and serene suburbs. As of late, the Florida housing market is undergoing dynamic shifts, propelled by various economic and demographic drivers. But the question is where does the market stand today and where is it headed in the next year?

Current Overview of Florida Housing Market

Florida Housing Market and private equity solutions in Miami and orlando

As of July 31, 2023, the average home value in Florida sits at a comfortable $390,052, marking a 0.7% growth over the previous year. Properties are moving briskly, with homes taking a median of 20 days to reach the pending status. The competitive nature of the market is further highlighted by a sale-to-list ratio of 0.982, indicating that homes are fetching close to their asking prices.

The Road Ahead: 2023-2024 Forecast

Looking forward, Zillow’s data shines a light on promising trends across various Metropolitan Statistical Areas (MSAs) in Florida. By July 2024, MSAs like Clewiston, Wauchula, and Palatka are projected to spearhead the growth, with respective appreciation rates of 9.7%, 9.6%, and 9.1%. Major cities like Miami are not far behind, anticipated to grow at 8.4%. The forecast paints an optimistic picture, with 20 significant MSAs in Florida expected to register considerable growth.

A Year in Review: Florida's 2022 Housing Data

Sales Dynamics:

  • Florida witnessed a total of 287,352 closed sales in 2022, marking an 18% dip YoY.

  • Cash transactions, often an indicator of investor activity, stood at 92,051, a decrease of 12% YoY.

  • Cash sales constituted 32% of all transactions, reflecting a 7% rise YoY.

  • The prime market segments were the $400,000 – $599,999 and $300,000 – $399,999 brackets, reporting 81,155 and 43,683 sales respectively.

Pricing Patterns:

  • Median sale price for the year was $402,500, a robust 15.7% YoY surge.

  • The average sale price climbed to $562,442, marking an 11.3% rise.

  • The cumulative sale price for all transactions summed up to $161.6 Billion, a decrease of 8.7% YoY.

  • Notably, homes typically fetched their original list price in 2022, maintaining the 100% ratio from 2021.

Market Dynamics:

  • Properties lingered on the market for a median of 14 days before going under contract, and 56 days from listing to closing.

  • New pending sales for the year were 290,375, indicating a 21.1% decline YoY.

Florida's Housing Supply Landscape

2022 was a year of mixed signals when it came to housing supply in Florida.

  • New listings introduced to the market totaled 366,296, marking a 3.0% YoY decline.

  • However, active listings by the year-end soared to 65,786, a staggering 116.8% YoY increase.

  • The Months Supply of Inventory (MSI) for Florida stood at 2.7 months, reflecting a 170% YoY surge. To contextualize, an MSI of 5.5 months is considered a balanced market. With Florida’s figure leaning lower, it suggests a seller's market.

Florida Real Estate Market in 2024

Florida’s housing market remains a focal point for real estate enthusiasts, with its ever-evolving dynamics offering opportunities and challenges alike. As we move forward, both buyers and sellers need to be attuned to the state's shifting landscapes to make informed decisions. And we can assist with tools that reduce risk while still investing in a good market in the best areas.


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