Florida Housing Market Shows Signs of Recovery in Early 2025
ORLANDO, Fla. — April 24, 2025 /PRNewswire/ — The Florida housing market is experiencing a notable shift as March and the first quarter of 2025 reveal an increase in new listings, rising inventory, and a dip in median home prices. This updated data from Florida Realtors® illustrates a move towards market normalization, offering renewed hope for prospective homebuyers.
A Turning Point for Homebuyers
Tim Weisheyer, the 2025 Florida Realtors® President, shared insights on this evolving landscape:
"After years of incredibly low inventory and ever-increasing home prices across Florida, we are experiencing a normalization of the real estate market in our state. This is great news for homebuyers that have been sitting on the sidelines."
Market Highlights
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Closed Sales:
- Existing Single-Family Homes: 23,128 sales, down 1.3% year-over-year.
- Condo-Townhouse Sales: 8,414 sales, a decline of 9.8% from March 2024.
- Median Sales Prices:
- Single-Family Homes: $412,500, down 1.9% from last year.
- Condo-Townhouse Units: $315,000, a decrease of 4.5% year-over-year.
Increased Inventory Offers Opportunities
In March, new listings increased by 10.8% for single-family homes and 5.8% for condo-townhouse properties compared to the previous year. The following supply details point to a robust market:
- Single-Family Homes: 5.5 months’ supply.
- Condo-Townhouse Properties: 10.1 months’ supply.
Dr. Brad O’Connor, Chief Economist at Florida Realtors, explained the impact of mortgage rates on the market:
"One reason for the stabilization is likely due to average 30-year fixed mortgage rates hovering around 6.75% in March, encouraging buyer activity."
Understanding Buyer Dynamics
While closed sales saw slight declines, the number of single-family homes going under contract increased by over half a percent year-over-year in March.
Key Takeaways for Buyers
- Normalization: An influx of listings and reduced prices makes now a favorable time for buyers.
- Expert Guidance: Working with a skilled Realtor® can help navigate local market nuances.
- Future Outlook: Although April may see a boost in closed sales due to favorable mortgage rates, buyers should be aware that rates have recently climbed back to over 7%.
Conclusion: A Market in Transition
Florida’s housing market is in a period of transition, providing opportunities for both new and seasoned buyers. With growing inventory and easing median prices, the state shows signs of recovery following years of tight conditions.
For comprehensive reports on Florida’s housing activity, visit the Florida Realtors Newsroom.
Florida Realtors® continues to advocate for the real estate community in Florida, serving 238,000 members across 51 boards and associations.