Across Florida, homeowners are worried about the state of the market. With mortgage rates at a historic high, inflation, and fears of a housing crash, many home sellers are concerned about home prices in Florida. After all, your home is your most valuable asset so it’s important to get the most money out of your home as possible. Home sellers also want to sell their homes fast and avoid it lingering on the market for months. So, will home prices in Florida go up or down in 2023?
Below we explore the condition of the current 2023 Florida housing market and tell you what you need to know to sell your home in any real estate market.
Current Home Prices in Florida
To give you an idea of the state of the Florida market, here is a breakdown of the activity of three major markets in 2022 compared to September 2021:
- Orlando median home prices are up 14.49%
- Tampa median home prices are up 16.13%
- Jacksonville median home prices are up 12.06%
As you can see, the trend has been for rising home prices in 2022. However, you can expect this trend to slow in 2023.
According to Redfin, in December 2022, home prices in Florida were up 5.8% while the number of homes sold was down 39.8%. There were 24.7% of homes that had price drops – a number that increased from 12% in December of 2021.
While home prices are still high they are slowly starting to drop off as 2023 begins. As home prices drop and demand remains high, this signals a change from a seller’s market to a more neutral market.
The Future of Home Prices in Florida in 2023
In 2023, home prices in Florida are changing. Whether that change continues depends on several factors such as interest rates and mortgage rates as well as supply and demand.
Nationwide, mortgage rates are high but beginning to decrease. The overall housing supply remains low while demand remains high. Federal interest rates are expected to continue to rise until September 2023, when they will begin to reverse.
What does all this mean for you? Simply put, while still higher than average, home prices will begin to trickle down in 2023. But that doesn’t mean that you still can’t get a great deal on your home.
We Guarantee Your Home Will Sell At Your Price
At Your Home Sold Guaranteed Realty - Florida Waterfront, we know the state of the real estate market causes concern for our clients. To put your mind at ease, we’ve developed an exclusive Seller Guarantee through our Guaranteed Sale Program. It states that if your home doesn’t sell, we will buy it from you in cash. No matter the state of the market, Your Home Sold Guaranteed Realty - Florida Waterfront has you covered.
Don’t be a victim to the real estate market. If you’re ready to start, call us at 407-307-2617, contact us here or complete the form below.