Florida’s real estate market is a story of resilience and opportunity. Despite challenges such as record-high interest rates, the state’s housing sector continues to thrive, offering both buyers and sellers compelling prospects.

Market Performance:

Advice for Home Buyers:

  1. Timing Advantage: Purchase now to avoid bidding wars and leverage seller concessions.
  2. Interest Rates: While the current 7.28% interest rate is high, waiting for a significant drop may not be wise. Consider refinancing if rates decline.

Advice for Home Sellers:

  1. Capitalize on High Prices: List your property now to benefit from Florida’s high home prices.
  2. MLS Advantage: Homes listed on MLS sell faster and for more than off-MLS homes, highlighting the importance of professional representation.

Market Statistics and Trends:

  1. Average Home Price: Currently at $404,100, up 4.6% year-over-year, with further increases expected due to limited inventory.
  2. Home Sales Growth: January 2024 saw a 0.9% increase in home sales compared to the previous year.
  3. Rental Market: Rental costs vary, with Miami averaging $2,451 and Tampa $1,923.
  4. Days on Market: Median days on market was 59 days, up by 6 days year-over-year.
  5. Inventory: 171,000 homes are currently for sale in Florida, with a 6-month supply.

2024 Market Predictions:

  1. Return of Sellers: Sellers who held back in 2023 are expected to return, adding to housing inventory.
  2. Stabilizing Interest Rates: Mortgage rates are forecasted to stabilize above 6% in the second half of 2024.
  3. Increased Buyer Activity: Easing inflation and stabilizing rates are expected to drive more buyers into the market.
  4. Continued Price Growth: Home prices are projected to rise until supply increases sufficiently.
  5. New Construction Boost: Increased new home construction sales are expected, with builders and sellers vying for buyers.
  6. iBuyer Offers: iBuyers are likely to make lowball offers, presenting opportunities for buyers.

Conclusion: Florida’s real estate market is robust and offers ample opportunities for both buyers and sellers. Whether you’re looking to buy or sell, now is an opportune time to engage with the market.

For further details or assistance with the real estate in the GTA, feel free to contact

Paul Bendavid

RE/MAX Realtron Realty Inc. Brokerage

Cell: 647-988-7355

Office: +1 905 539 9511

Address: 183 Willowdale Ave, Toronto, Canada