Get Possible Relief Ahead For Homeowners And Realtors

While it's true that recessions can create opportunities to purchase homes at potentially lower prices, it's not guaranteed. Waiting for a recession to buy a house may not be the best strategy as home prices could remain high regardless of a recession.

In September 2023, homes in Florida sold for 97.4% of their listed price. This means that sellers are willing to negotiate and offer discounts. The GDP of Florida grew by 6.9% in 2022. This shows that real estate property investment is a beneficial option for potential home-buyers.

Are home prices in Texas dropping or rising? They are rising, but only slightly. ing to data from Redfin, Texas's median home price in August 2023 was up 0.4 percent year-over-year.

The prediction in the TD Economics article linked above is that Florida will see a decrease in sales of 10-15% between now and June 2023. That said, home sales (and home construction) are not expected to take a hit anywhere like we saw in the previous recession.

When is the best time to buy a house in 2023? If you're looking for the best deals, you might want to wait until late fall or early winter. That's the time when buyers typically pay the lowest premiums above market value. However, if you're after lots of inventory, focus on late spring and early summer in any year.

Average Home Prices: The average median home price in Florida is $402,500, up by 2.8% YoY. In 2024, experts predict the median sale price will increase due to the tight inventory. Currently, the sale-to-list price ratio is at 97.4%, with a decline of 0.27 pt YoY compared to September 2022.

Let's take a look at the latest housing market trends in Florida. As of September 2023, home prices in Florida have not shown a significant drop. In fact, the statewide median prices for both single-family homes and condo-townhouse units have demonstrated stability and, in some cases, moderate growth.

It's doubtful that a housing market recession or real estate sector crash will occur in 2024. “Florida markets have been suffering from low inventory all through 2022 and 2023, increasing our home values.