The Florida real estate market in Martin County has experienced a significant downturn, with median home prices dropping by approximately $100,000 compared to the previous year. This sharp decline, observed in February, contrasts with more stable median prices in neighboring St. Lucie and Indian River counties, though St. Lucie also saw a slight decrease. The overall trend across the Treasure Coast indicates a market leaning more towards sellers, despite the notable price drop in Martin County.
Key Takeaways
- Martin County’s median home sale price fell by about $100,000 year-over-year.
- The number of homes available on the market decreased across all three Treasure Coast counties.
- The market dynamics in all three counties are shifting towards a seller’s advantage.
Martin County’s Price Plunge
In February, the median sale price for homes in Martin County stood at $544,500, a substantial 16% decrease from $649,950 in February 2025. This marks the lowest median sale price in the county since October 2021. While St. Lucie County also saw a minor dip in its median sale price to $390,000 from $390,500, Indian River County experienced a modest increase, reaching $427,500 compared to $412,500.
Shifting Market Dynamics
Across the Treasure Coast, the inventory of available homes has shrunk compared to last year. Martin County saw its listings drop from 969 to 815, St. Lucie from 2,747 to 2,463, and Indian River from 1,357 to 1,276. This reduced inventory, coupled with a benchmark of 5.5 months for a balanced market, has pushed all three counties into a seller’s market territory. Martin County now has 4.7 months of inventory, St. Lucie 5.3 months, and Indian River 5.5 months, all down from the previous year.
Sales and Contract Trends
Home sales saw a slight decrease in Martin County (152 sales, down from 154) and Indian River County (199 sales, down from 208). St. Lucie County, however, reported an increase in sales, with 383 homes sold compared to 374. The time it takes to secure a contract on a home has lengthened in Martin County, averaging 72 days compared to 40 days last year, and in Indian River County, increasing from 67 to 84 days. St. Lucie County saw a slight improvement, with contracts taking 58 days on average, down from 60.
Mortgage Rates and Market Outlook
Recent trends show a decrease in mortgage rates, with 30-year and 15-year fixed rates falling to 5.98% and 5.44% respectively in late February. Despite the notable price drop in Martin County and the overall shift towards a seller’s market, experts suggest the market remains relatively balanced, with global events potentially causing some buyers to pause their decisions.
Sources
- Florida local real estate market sees home prices plummet by $100k, Treasure Coast News.