Florida Real Estate Market Update: November 2023

The Florida real estate market remains strong in November 2023, despite rising mortgage rates and inflation. The median home price in Florida is $402,500, up by 3.0% year-over-year. Home sales have also increased by 4.5% year-over-year, with 30,887 homes sold in September 2023.

The tight inventory of homes for sale is one of the main factors driving up prices in the Florida real estate market. As of November 2023, there is a 1.8-month supply of homes for sale in Florida. This means that it would take 1.8 months to sell all of the homes currently on the market at the current sales pace. A healthy housing market is typically considered to have a 6-month supply of homes for sale.

The high demand for homes in Florida is being driven by a number of factors, including the state's strong economy, its favorable tax climate, and its desirable weather. Florida is also a popular destination for retirees and second-home buyers.

Regional Trends

The Florida real estate market is not uniform across the state. Some regions are experiencing stronger growth than others. The following are some of the key trends in different regions of Florida:

South Florida: The South Florida real estate market is very strong, with median home prices rising by 10.0% year-over-year in Miami-Dade County and 8.0% year-over-year in Broward County.

Central Florida: The Central Florida real estate market is also strong, with median home prices rising by 5.0% year-over-year in Orlando and 4.0% year-over-year in Tampa.

North Florida: The North Florida real estate market is the least competitive in the state, with median home prices rising by 2.0% year-over-year in Jacksonville and 1.0% year-over-year in Tallahassee.

Outlook for 2024

The outlook for the Florida real estate market in 2024 is mixed. On the one hand, the state's strong economy and desirable lifestyle are likely to continue to attract buyers. On the other hand, rising mortgage rates and inflation could dampen demand for homes.

Overall, the Florida real estate market is expected to remain relatively strong in 2024, but price growth is likely to slow. Home sales may also decline slightly, but they are expected to remain above pre-pandemic levels.

Advice for Buyers and Sellers

If you are a buyer in the Florida real estate market, it is important to be prepared to act quickly and make a competitive offer. The inventory of homes for sale is very tight, so homes are selling quickly. It is also important to get pre-approved for a mortgage before you start shopping for a home. This will show sellers that you are a serious buyer and that you are qualified to purchase a home.

If you are a seller in the Florida real estate market, you are likely to receive multiple offers on your home. It is important to price your home competitively and to be prepared to negotiate with buyers. It is also important to work with a qualified real estate agent who can help you navigate the selling process.

Conclusion

The Florida real estate market remains strong in November 2023, despite rising mortgage rates and inflation. The tight inventory of homes for sale is driving up prices, and the high demand for homes is being driven by the state's strong economy, favorable tax climate, and desirable weather.

The outlook for the Florida real estate market in 2024 is mixed, with price growth likely to slow and home sales expected to decline slightly. However, the market is expected to remain relatively strong overall.

If you are looking to buy or sell a home in Florida, contact me at [email protected] today. I am highly experienced and knowledgeable real estate broker who can help you navigate the market and find the best deal for your needs.

Call Selda KIRKAN today at 305 6000958 for a free consultation.

Selda KIRKAN

Real Estate Broker

Founding Partner of Cays Realty

https://cays.com