Florida’s real estate market started 2024 on the upswing: higher median prices, more new listings, more inventory (active listings) and year-over-year averages, according to the latest real estate data from Florida Realtors®.
However, mortgage interest rates above 6% continued to affect the buying power of potential homebuyers, while contributing to a lock-in effect among potential home sellers who purchased their homes years ago with a 3% to 4.5% mortgage rate.
“We are seeing positive signs that for-sale inventory is starting to increase in many local markets across the state, which should encourage buyers who may have been waiting on the sidelines,” said 2024 Florida Realtors® President Gia Arvin, broker-owner of Matchmaker Realty in Gainesville.
Closed sales of single-family homes statewide in January totaled 14,851, up 0.6% from the January 2023 level, while sales of existing condominiums and townhomes totaled 6,008*, up 1.2% year-over-year, according to data from Florida Realtors’ Research Department in collaboration with local Realtor boards/associations.
In January, the statewide median sales price for existing single-family homes was $405,000, up 3.8% from a year earlier; for condo and townhouse units, it was $320,000, up 3.2% from January 2023.
“While sales and prices remained fairly similar compared to a year ago, we saw significantly more new listings this January,” said Florida Realtors Chief Economist Brad O’Connor.