At the end of 2024, the Florida real estate market recorded a 1.9% decline in sales compared to 2023, according to Florida Realtors.
However, the real estate market continued to show an increase in new listings for both single-family homes and condos/townhouses, a rise in inventory levels for both property categories, and a stabilization of median prices for existing single-family homes, as well as condo and townhouse units, according to the latest housing data released by Florida Realtors®.
Closed sales of existing single-family homes across the state at the end of the year totaled 252,688, a 1.9% decrease compared to the end of 2023, according to data from the Florida Realtors research department, in collaboration with local real estate boards and associations.
Regarding existing townhouses, a total of 94,380 units were sold statewide in 2024, representing a 10.5% drop from 2023. Closed sales can occur 30 to 90 days or more after sales contracts are signed.
Modest Declines and Price Stability
“In general, Florida’s housing market in 2024 saw mostly modest declines in sales and little change in home prices,” said Brad O’Connor, Chief Economist at Florida Realtors.
Despite some fluctuations in mortgage rates, they remained high relative to recent years, added O’Connor.
Additionally, he noted that the most significant changes in 2024 were the widening performance gap between the single-family home market and the condo/townhouse market, as well as the overall increase in inventory levels.
December Sales Helped Year-End Transactions
O’Connor pointed out that December’s closed sales for single-family homes helped boost year-end transactions.
“This strong performance brought us to nearly 253,000 closed single-family home sales statewide for the year, which is just under 2% below the 2023 total of nearly 258,000 sales but also marks the lowest annual sales we have seen since 2014,” he said. “There was little variation across the state in 2024, as most counties saw only small year-over-year decreases,” he explained.
The statewide median sale price for existing single-family homes at year-end was $420,000, a 2.4% increase from the previous year. Meanwhile, the statewide median price for condos and townhouses was $320,000, reflecting a slight decline of 0.8% compared to the prior year. The median price represents the midpoint—half of the homes sold for more, and half sold for less.
December 2024 Market Trends
Although year-end sales were lower than in 2023, December showed stronger performance for single-family homes, with closed sales increasing 12.8% compared to December 2023. In contrast, condo and townhouse sales declined by only 0.5% year-over-year, according to Florida Realtors data.
The statewide median sale price for existing single-family homes in December was $415,000, reflecting a 1.2% increase from the previous year. Meanwhile, the statewide median price for condos and townhouses was $315,000, a 4.5% drop from the previous year’s figure.
