YOU WON'T BELIEVE WHAT IS HAPPENING IN THE REAL ESTATE MARKET: UPDATE ON REAL ESTATE
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- เผยแพร่เมื่อ 29 ก.ค. 2024
- YOU WON'T BELIEVE WHAT IS HAPPENING IN THE REAL ESTATE MARKET: THIS ONE HAS BEEN A DOOZY AND TODAY WE ARE GOING TO TALK ABOUT THE LATEST TRENDS AND WHAT WE ARE ACTUALLY SEEING IN THE REAL ESTATE MARKET!
Real estate market updates and trends
Hey there, fellow real estate enthusiasts! It's your favorite Florida realtor, back with a must-see update on the one-of-a-kind real estate market we call home.
Things have been a little...interesting, in the Sunshine State lately. Home prices soaring, inventory levels fluctuating like the tides, and buyers and sellers alike trying to figure out the best time to make a move.
Well, buckle up, because, I'm going to break down all the latest trends, insights, and forecasts for the Florida real estate market in 2024. We are at the end of Q1 and its times to assess!
So grab a glass of that famous Florida orange juice, and get ready to have your mind blown by the state of real estate in the Sunshine State. Let's dive in!
I VALUE YOUR TIME SO HERE ARE SOME CHAPTERS YOU CAN EXPECT TODAY:
Lets talk about some stats and how they correlate with what were seeing
1. Home prices in Florida have continued to rise, with the median home price reaching $404,100 as of January 2024, up 4.6% year-over-year. 13
2. Home sales in Florida increased by 0.9% year-over-year in January 2024, indicating continued strong demand. However, the number of closed sales did drop slightly from 2022 to 2023. 34
3. Housing inventory levels in Florida have increased the most in the nation on a year-over-year basis, up 34%. This is particularly concentrated in Southwest Florida markets like Cape Coral and Fort Myers, also where we are in Charlotte county which were impacted by Hurricane Ian. 5
We literally got smacked by Ian and this is what happened
4. Mortgage rates, while still elevated, have started to decline, with the average 30-year fixed rate expected to drop from around 7.5% currently to 6.3% by the end of 2024. This could help bring more buyers back into the market. 4
What happened with us?
What does this mean for buyers?
5. Florida's population and job growth remain strong, driving continued housing demand. However, the state is still facing a shortage of new home construction, with only about 20,000 new homes being built annually versus a need for 200,000. 245
What about the market overall?
The Florida real estate market is showing signs of a slowdown but is not expected to crash. Prices are still predicted to rise, though at a slower pace than the rapid appreciation seen in recent years. 24
Overall, the Florida real estate market remains robust, with both buyers and sellers navigating a dynamic environment of rising prices, inventory changes, and shifting mortgage rates.
We are full-time parents and Realtors with ERA Advantage Realty, Inc. in Port Charlotte, FL. In our free time, we love spending time with our family, boating, working out, and enjoying everything that this beautiful state has to offer. We love showing you the southwest Florida experience.
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00:00 Introduction
00:53 HOME PRICES
01:18 HOME SALES
01:35 HOUSING INVENTORY
05:28 MORTGAGE RATES
05:56 FL POPULATIN AND JOB GROWTH
06:15 FL REAL ESTATE MARKET OVERVIEW
Thank you so much for watching. Pleas comment below with any questions or comments. we love to talk about this info and really love hearing other insights out there!
Great information, thanks
You bet! Thanks for watching !!
Great information! I was just looking at a house you have listed in Rotunda and one on 13253 Irwin Drive
Check them out… they were great! Both homes are priced well and a great option!!
It's most def a sellers market here in VB, Virginia
Oh Yeah? Hurricane Ian has been the biggest factor as of very recently.
@@TheSammisTeam We're in the top 3 market out here on the housing index. It's great.
Nice!!!! Good to know. If you are a realtor lean in 😀👍🏼
Great info! so question, do you think the interest rates will go down with what they are predicting out there??
that is a great question and I always tell people, of course I don't have a crystal ball..I wish I did! but from the research that I have gathered, it looks like we might have another drop in July and perhaps closer to the end of the year. we will see, I know it shouldn't matter, but an election year might play a factor. we will keep watching!