Florida Still Sellers Market

Florida Still Sellers Market is the title on this picture and the background is a beach picture.

Florida Still Sellers Market

Florida Still Sellers Market in 2023.  As the U.S. housing market continues to experience high home prices.  Additionally, there’s elevated mortgage rates.  The 2023 Knock Buyer-Seller Market Index has some predictions.  It’s looking like homebuyers will gain a slight advantage in the coming year. The Index evaluates critical housing market data.  This determines whether the largest 100 markets in the country favor buyers or sellers.

According to the latest Index, the Mississippi River acts as a dividing line in 2023. The top five buyers’ markets are located to the west and the top five sellers’ markets situated along the East Coast. This shift is due to the reality of rising home prices.  Also the interest rates eating into purchasing power. As a result, cities that experienced rapid price growth during 2021 will now start to favor buyers. Meanwhile, markets that offer a good job market and affordable housing will perform well in 2023.  Moreover this will be creating a more balanced housing market overall. However, the home-buying experience will vary depending on the location.

Florida Still Sellers Market:  Current Data

The latest data from the November 2022 Buyer-Seller Index reveals that 80 of the largest 100 housing markets saw an increase in inventory. Also, all but two markets leaned toward favoring buyers. Throughout 2022, the top buyers’ markets were primarily located west of the Mississippi.  These areas saw home prices rise at a faster pace compared to the rest of the nation. The top five buyers’ markets saw prices increase by an average of 44.6% between January 2020 and November 2022, compared to 34.9% for the rest of the country during the same period.

No Florida city made the top 25 list of buyers’ markets because demand is still high.  With home prices and interest rates having a significant impact on purchasing power, homebuyers will have to carefully consider their options in 2023. The Knock Buyer-Seller Market Index provides valuable insights for those looking to navigate the housing market, offering a comprehensive look at the trends and conditions affecting the market.

Homes For Sale St Petersburg FL

As per the latest market trends, Florida’s metropolitan areas are among the “top 25″ for a seller’s market. As per the November 2023 data, home sales in the state’s top metropolitan areas like Tampa-St. Petersburg-Clearwater, Deltona-Daytona Beach-Ormond Beach, Orlando-Kissimmee-Sanford, and Jacksonville are declining, with a decrease of 5.5%, 6.9%, 7.6% and 7.6% respectively. However, the prices of homes in these areas are on the rise, with an increase of 9.9%, 3.3%, 6.7% and 1.4% respectively.

The top seller’s markets are likely to see an increase in home sales by 5% to 18% in the next 12 months.  However,  that’s not the case in Hartford, Connecticut, where there’s a projection of  a dip of 1.7%. On the other hand, home sales for the rest of the nation are likely going to decline by 16.3% by the end of 2023.

Florida Still Sellers Market:  Home Prices Set To Rise

The median home price in these markets is predicted to rise by 8.3%, compared to the less than 1% increase expected for the entire country. On average, the days on the market will be 15 days, which is half of the 30-day forecasted national median, while the average months’ supply will be just one month, compared to 3.1 months for the 100 largest markets in words written on this picture.  The background is a beach scene.Florida

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Realtor, St. Petersburg FL