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Florida Housing Market Update: November 2024

In November 2024, Florida's housing market reported a significant rise in new listings and higher inventory levels compared to the same period last year. According to the latest figures from Florida Realtors®, this uptick comes at a time when the statewide median sales prices are beginning to ease, allowing for more favorable conditions for homebuyers.

Gia Arvin, the President of Florida Realtors for 2024, shared insights into this trend, stating, "Homebuyers who have been waiting on the sidelines are seeing more opportunities and more options available for purchase. The increase in new listings was notable, with existing single-family homes seeing a rise of 7.2% year-over-year, while new listings for condo and townhouse units grew by 5.4%."

The data indicates that closed sales of existing single-family homes totaled 17,095 in November, representing a decrease of 3.5% compared to last year. Similarly, the sales of existing condo-townhouse units dropped by 15.6%, totaling 6,002. Despite these declines in closed sales, the market appears more favorable due to increased inventory and lower median prices.

The statewide median sales price for existing single-family homes in November stood at $410,700, which is a slight decrease of 0.6% from the previous year’s figure of $413,000. For condo-townhouse units, the median price was reported at $311,000, down 5.8% from $330,000 in November 2023. These price adjustments signal a change in the market dynamic, potentially creating more opportunities for homebuyers.

Dr. Brad O'Connor, Chief Economist at Florida Realtors, pointed out that the growth in pending sales is particularly noteworthy. He noted, "New pending sales for single-family homes increased by 12.6% year-over-year, marking the most substantial year-over-year growth we have seen since April 2021. This increase comes after a decline of 8% in the previous month, indicating a possible rebound in buyer activity."

However, Dr. O'Connor cautioned that this increase may be largely attributed to a post-hurricane rebound, suggesting that market activity which should have occurred in October was delayed until November.

On the supply side, Florida's market had a 4.8-month supply of existing single-family homes, an increase of 29.7% year-over-year. In contrast, the supply for condo-townhouse units was at 8.2 months, which reflects a staggering 64% increase in inventory year-over-year. This rise in supply is significant, as it offers more choices for potential buyers.

Overall, the data suggests a shift in Florida's housing market that may continue into December. For those interested in the comprehensive housing reports and regional data, Florida Realtors provides detailed resources on their Newsroom site. As the voice for real estate in Florida, the organization serves over 238,000 members, offering research, education, and legislative representation. For more information, visit Florida Realtors Newsroom.