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, marks a notable shift in the local housing landscape, even as other Treasure Coast counties show more stable or slightly increasing prices. The overall market dynamics suggest a move towards a seller’s advantage across the region.
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 Treasure Coast region is leaning more towards a seller’s market.
Martin County’s Price Plunge
In February, the median sale price for homes in Martin County stood at $544,500, a substantial decrease from $649,950 in February 2025. This represents a roughly 16% drop. The median sale price in January was even lower, at $507,000, the lowest figure recorded since October 2021. This significant price correction in Martin County contrasts with St. Lucie County, where prices remained relatively steady, and Indian River County, which saw a modest increase.
Broader Treasure Coast Market Trends
Across the Treasure Coast, the number of homes listed for sale saw a decline in February compared to the same period last year. Martin County had 815 homes on the market, down from 969. St. Lucie County saw a decrease from 2,747 to 2,463 listings, and Indian River County dropped from 1,357 to 1,276.
Despite the decrease in inventory, the market is generally considered balanced, with a slight lean towards sellers. The benchmark for a balanced market is 5.5 months of inventory; anything lower indicates a seller’s market. In February, Martin County had 4.7 months of inventory, St. Lucie had 5.3 months, and Indian River had 5.5 months, all indicating a seller’s advantage.
Home Sales and Time to Contract
Home sales data for February shows mixed results. Martin County saw a slight decrease in sales, with 152 homes sold compared to 154 the previous year. St. Lucie County experienced an increase, with 383 homes sold, up from 374. Indian River County saw a dip in sales from 208 to 199.
The time it takes for a home to go from listing to contract has increased in Martin and Indian River counties. In Martin County, the median time to contract rose to 72 days from 40 days. Indian River County saw an increase from 67 to 84 days. St. Lucie County experienced a slight decrease, from 60 to 58 days.
Mortgage rates also saw a slight decrease in late February, with 30-year fixed rates at 5.98% and 15-year fixed rates at 5.44%. Experts suggest that global events may be causing potential buyers to pause, contributing to the market fluctuations.
Sources
- Florida local real estate market sees home prices plummet by $100k, Treasure Coast News.