The Florida real estate market in 2024 is a bit of a mixed bag. While the days of red-hot bidding wars and sky-high price jumps seem to have cooled, the market is still quite strong, especially in major urban areas like Miami, Tampa, and Orlando. Inventory levels are rising, with more homes hitting the market, which is creating more opportunities for buyers who were previously priced out. For example, the single-family home supply is around 4.6 months, giving buyers more options and slightly more leverage in negotiations.
However, high mortgage rates are putting some pressure on buyers. Many are waiting to see if these rates drop, but experts predict that demand will remain strong regardless, thanks to Florida's steady population growth. Retirees and families relocating for work-from-home flexibility continue to drive the demand, especially in amenity-rich communities.
In terms of pricing, the market has stabilized compared to the double-digit appreciation seen in recent years, but prices are expected to stay elevated given Florida's desirability as a place to live and invest.
Sellers are still in a favorable position, but they must price their homes more realistically to attract offers in this more balanced market.
If you're thinking about investing or buying in Florida, now could be a great time, particularly as builders are offering incentives and inventory is ticking up. However, for buyers relying on financing, the higher interest rates might make the monthly payments steeper than just a couple of years ago.
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