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Florida's Housing Market at the End of 2024

As we stepped into 2025, the Florida housing market revealed noteworthy trends as per the latest data released by Florida Realtors®. The year 2024 concluded with an increase in new listings for both single-family homes and condo-townhouse properties. Additionally, there were more properties available for sale across the board, with median prices showing a tendency to stabilize.

Dr. Brad O'Connor, the chief economist at Florida Realtors, noted that the overall real estate landscape experienced modest declines in sales numbers while home price fluctuations were minimal. Although mortgage rates had some ups and downs, they consistently remained high compared to recent years. The more significant transformations witnessed in 2024 included a growing disparity in performance between single-family homes and condo-townhouse markets, alongside rising inventory levels.

Throughout the year, there were around 252,688 closed sales of existing single-family homes in Florida, which marked a slight drop of 1.9% from the end of 2023, based on the research conducted by Florida Realtors and local Realtor associations. In contrast, sales of condo-townhouses totaled 94,380 units, experiencing a steeper decline of 10.5% from 2023.

Despite the downward trend, a notable uptick in closed sales during December 2024 helped offset overall annual transaction numbers. This spike pushed the total single-family closed sales for the year to nearly 253,000, which, although still lower than the previous year's nearly 258,000 sales, represented the smallest figures seen since 2014. This decline was felt across most counties, where only marginal changes were observed year-over-year.

Highlighting the underwhelming performance of the condo-townhouse segment, O'Connor attributed this to several complex factors, particularly concerns regarding insurance coverage and compliance with reserve requirements, which deterred many potential buyers. Consequently, the sales for condo-townhouses in 2024 were at their lowest since 2010.

Regarding pricing, the statewide median price for existing single-family homes reached $420,000 by year-end, reflecting a 2.4% increase from the prior year. Meanwhile, the median price for condo-townhouse properties dipped slightly to $320,000, down by 0.8% from last year.

In terms of inventory, data from December 2024 indicated that the active listings for single-family homes stood at a 4.7-month supply, while the stock for condo-townhouses hit an 8.2-month supply. According to the general rule that a balanced market maintains a supply of five to six months, it appeared that single-family homes were on the cusp of a seller's market, while condo-townhouses had shifted firmly into buyer-favorable conditions.

December reports showed that statewide closed sales of single-family homes rose by 12.8% compared to December 2023, totaling 20,784 transactions. In the same month, condo-townhouse sales saw a nearly static change, with 7,169 units sold, resulting in a minor 0.5% drop year-over-year.

For the fourth quarter of 2024, closed sales of existing single-family homes surged to 56,496, a slight increase of 1.1% versus the same quarter of the prior year. The median sales price maintained an upward trajectory at $415,000, marking a 1% increase. On the flip side, condo-townhouse sales for the same quarter descended by 12.3% to 19,670 units, while the median priced rested at $315,000, down 3.1% from the previous year.

Despite the fluctuating sales volumes, O'Connor emphasized that the dollar volume of home sales held strong throughout 2024. The overall dollar volume of single-family home sales rose by 2.5%, reaching about $152 billion. Even after adjusting for inflation with data from the Bureau of Labor Statistics' Consumer Price Index, real terms revealed only a minimal decline of 0.5% in this category.

Conversely, the nominal dollar volume for condos and townhouses saw a substantial drop of over 9%, totaling around $45 billion. When considering inflation, the decrease in real terms escalated closer to 12%. Notably, despite this decline, the dollar volume remained higher than in any year prior during the current housing cycle.

For comprehensive reports on statewide housing activity, please visit the Florida Realtors Newsroom, where you can find detailed market data analysis.

Florida Realtors® plays a pivotal role as Florida's real estate voice, providing essential services, resources, continuing education, and legislative advocacy to approximately 238,000 members across various boards and associations.