According to the latest data from the National Association of Realtors (NAR), home sales in 2024 fell to the lowest levels since 1995, with just 4.06 million homes sold during the year.

NAR’s chief economist Lawrence Yun, indicated that home sales momentum is building, stating “Home sales in the final months of the year showed solid recovery despite elevated mortgage rates”. Further indicating, “home sales during the winter are typically softer than the spring and summer, but momentum is rising with sales climbing year-over-year for three straight months.”

Despite the downturn in sales, the median price for existing homes continued its upward trend, reaching $407,500 in 2024 which is a new record high.

At the year end, housing inventory reached 1.15 million units, marking a 16.2% from the previous year.

The Florida Housing Market

Home sales in the State of Florida declined 4.4% during 2024 to 361,476 units, a level not seen since 2014.

Single family home sales were down by 1.9%, while condominiums and townhomes declined by 10.5%.

Median sale prices continued their upward trend with a 1.3% gains, reaching $385,000 across all property types.

Single family homes increased by 2.4% to $420,000, while condominiums and townhomes declined by 0.8%.

Inventory has recovered to pre-pandemic levels, reaching over 170,000 active listings available for sale as of the end of 2024, up 33.2%.

Single family home inventory increased by 27% during the year, while condominiums and townhomes were up 42.8%.

Florida Luxury Homes

Sales of the luxury home segment experienced a differing trend to that of the broader market. During 2024, sales on properties $1,000,000 and greater increased by 3.9%.

Single family home sales were increased by 7.8%, while condominiums and townhomes declined by 8.1%.

Median sale prices were flat during 2024, coming at $1 ,500,000 and returning to 2019 levels.

Active inventory has substantially increased and is at an all time high of 23,580 units, up 15.7% year-over-year.

Single family home inventory increased by 12.8% during the year, while condominiums and townhomes were up 22.6%.

Do you have a property to sell?

If you have a property that you need to sell, now is the time to call Quantum Realty Advisors, Inc. for a free, 30-minute consultation to discuss your immediate needs and how we can help to address them. 

On behalf of our clients and strategic partners, we have successfully sell over hundreds of residential and commercial properties in most major markets nationwide. 

Our team has an extensive network of highly experienced partner brokers who can assist with all the local requirements, and we will personally be there for you every step of the way. 

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