The real estate market in Florida has seen a significant change in March 2023. According to the latest data, the median home price in Florida increased by 3.2% compared to the previous year, selling for a median price of $400,200. This marks a continued increase in home prices after years of steady growth.
However, the number of homes sold in March 2023 has decreased significantly compared to the previous year. The average number of homes sold was down 18.1% year over year, with only 38,312 homes sold in March this year, compared to 46,801 homes sold in March last year.
Another significant change in the Florida real estate market is the median days on the market, which has increased by 24 days year over year. In March 2022, the median days on the market were only 25 days, while in March 2023, it has increased to 49 days. This suggests that homes are taking longer to sell in the current market.
Despite the decrease in the number of homes sold and the longer days on the market, the Florida real estate market still offers opportunities for both buyers and sellers. With home prices continuing to increase, sellers can take advantage of the current market conditions to sell their homes at a higher price. On the other hand, buyers can still find their dream home, as there is still a wide range of homes available on the market.
In conclusion, the Florida real estate market has experienced a slowdown in sales, an increase in the median days on the market, but still, home prices continue to increase. As the pandemic situation improves, the real estate market in Florida is expected to pick up again. Real estate professionals can help navigate the changing market and provide valuable insights to both buyers and sellers. It is essential to stay informed about the latest trends and monitor the market to make informed decisions.