As we begin to enter the festive holiday time of the year, there is no doubt that many Americans will be attending various social events and cocktail parties. Not surprisingly, in areas such as South Florida, the topic of real estate oftentimes comes up. Of course, this year’s conversations will likely sound a bit different than just one year ago. Last year at this time, any discussion about real estate was dominated by how quickly prices were going up and houses were selling. Of course, things such as bidding wars were also common discussion topics. Fast forward to the present time and these discussions will likely sound a bit different.
Where are we now?
- The average 30-year fixed mortgage rate is currently 7.32%. The average 30-year fixed mortgage rate for 2021 was 2.96%.
- Nationwide, average listings stay on the market for 19 days today, as opposed to 11 days a year ago.
- Active inventory of homes for sale has climbed 3% year-over-year. This figure is still far below pre-pandemic normal levels.
- Persistently rising mortgage rates are resulting in more affordability issues for buyers.
- There are an estimated 32% fewer home buyers in today’s market as compared to one year ago.
Median days on the market in Florida metros
Although we are seeing the average number of days that listings spend on the market increasing, homes are still selling faster across all Florida metro markets than they did in the pre-pandemic year.
|Florida metro market||Median days on market (September 2022)||Median days on market (September 2019)|
Although we are certainly witnessing an overall rebalancing of the housing market, South Florida continues to see more demand from buyers as compared to the rest of the nation. In fact, the top four metro markets with the greatest year-over-year home value appreciation are in The Sunshine State. They are as follows:
- Miami, FL: +25.7%
- Orlando, FL: +23.4%
- Tampa, FL: +23.2%
- Jacksonville, FL: +22.6%
In closing, South Florida continues to be one of the healthiest housing markets in the country. Of course, being one of the most desirable states to live in does not hurt either. Are you ready to make your move to paradise? Contact our team at Live South Florida Realty, Inc. today! Also, be sure to download the free Florida Home Search app for your smartphone or tablet today!