Norada Real Estate Investments

Sioux Falls Housing Market: Prices, Trends, Forecast 2023

by

The Sioux Falls housing market has been on a roller coaster ride for the past year, with rising interest rates, limited inventory, and affordability challenges causing fluctuations in buyer and seller behavior. As we move into the second half of 2023, let's take a closer look at the latest market statistics to gain insight into what we can expect in the coming months.

Sioux Falls Housing Market Trends 

The housing market in Sioux Falls for August 2023 was influenced by several key factors, impacting various aspects of the market. Here's an in-depth analysis of the housing market statistics for the month from the REALTOR® Association of the Sioux Empire (RASE). We delve into the key market indicators and trends that shaped the real estate scene in Sioux Falls, South Dakota.

Monthly Market Indicators

During the summer homebuying season, the housing market was affected by higher mortgage rates, elevated sales prices, and a limited housing inventory. The average 30-year fixed-rate mortgage remained above 6.5% since May, reaching a two-decade high in August. This led to a 2.2% month-over-month decrease in existing-home sales nationally and a significant 16.6% decline compared to the same time last year, according to the National Association of REALTORS® (NAR).

In the Sioux Falls region, the statistics for August were as follows:

  • New Listings increased by 2.3% to 676
  • Pending Sales were up by 20.9% to 573
  • Inventory levels fell by 2.1% to 1,430 units
  • The Median Sales Price increased by 0.5% to $311,600
  • Days on Market went up by 4.8% to 66 days
  • Months Supply of Homes for Sale increased by 14.7% to 3.9 months

Housing Supply Overview

The limited supply of existing homes for sale has led to a boost in the new-home market. New-home sales reached a 17-month high, rising 4.4% month-over-month nationally. The new-home market saw a 31.5% year-over-year increase, with the Midwest and West regions experiencing significant gains in monthly sales.

For the 12-month period spanning September 2022 through August 2023, Pending Sales in the Sioux Falls region were down by 14.8%. Notably, the price range with the largest gain in sales was the $800K to $900K range, witnessing a 61.9% increase.

Overall, the Median Sales Price showed a 7.1% increase to $300,000. The construction type with the largest price gain was the Previously Owned segment, where prices increased by 5.5% to $290,000. The $200K to $250K range tended to sell the quickest, at 59 days, while the $1M and Above range tended to sell the slowest, at 107 days.

Market-wide, inventory levels decreased by 2.1%, but the New Construction segment gained 17.3% in inventory. This translated to 3.7 months' supply for Single-Family homes and 4.7 months' supply for Condos.

Despite a decline in existing-home sales, the Sioux Falls housing market remained active and showcased resilience, with new-home sales driving a portion of the market's momentum.

Sioux Falls Housing Market Forecast 2023-2024

According to Zillow's data, the average home value in Sioux Falls stands at $314,113, reflecting a notable increase of 2.1% over the past year. This figure provides a snapshot of the recent market performance, showcasing a positive trend in home values. Such sustained growth is indicative of the underlying strength of the market.

Sioux Falls MSA Housing Market Forecast

Projections and Trends

The Sioux Falls Metropolitan Statistical Area (MSA) housing market forecast presents an optimistic perspective for the coming months. The forecast takes into account various factors that contribute to the overall market dynamics.

Based on the provided forecast data, we can observe the following projected changes in the Sioux Falls MSA:

  • August 31, 2023: A projected increase of 0.6% in the market.
  • October 31, 2023: A further increase of 1.2% in the market.
  • July 31, 2024: A significant rise of 5.4% in the market.

These projections reveal a trend of gradual but consistent growth in the Sioux Falls housing market. The forecast suggests that the city's real estate sector is anticipated to maintain its upward trajectory over the specified time frame.

Navigating a Promising Path

The Sioux Falls housing market, as indicated by recent data and future projections, is poised for a period of continued growth. The current average home value, coupled with the positive one-year value change, signifies a resilient market that responds to demand and economic factors. The Sioux Falls MSA housing market forecast paints an encouraging picture of the market's journey over the next year. With projected increases in the coming months, the city's real estate landscape showcases promise for both buyers and sellers.

Sioux Falls Housing Market Forecast
Source: Zillow

Should You Invest in the Sioux Falls Real Estate Market?

Sioux Falls, South Dakota is a city that has been attracting a lot of attention from real estate investors in recent years, thanks to its strong economy, affordable housing, and high quality of life. If you're considering investing in the Sioux Falls real estate market, there are many compelling reasons to do so. The city's economy is diverse and growing, with major employers in healthcare, finance, and manufacturing, which has created a strong demand for housing, especially in the rental market.

Additionally, Sioux Falls has a growing population and is consistently ranked as one of the best places to live in the United States. With a focus on the keyword “Sioux Falls real estate market,” it's clear that this city is a promising destination for real estate investors looking for a stable and profitable market. However, as with any investment, it's important to weigh the potential risks and benefits before making a decision.

If you're considering investing in the Sioux Falls real estate market, here are some top reasons why it might be a good idea:

  • Strong job market: Sioux Falls has a diverse and growing economy, with major employers in industries like healthcare, finance, and manufacturing. This means that there is a steady demand for housing, and the rental market is particularly strong.
  • Affordable housing: The cost of living in Sioux Falls is relatively low compared to other parts of the country, which means that housing prices are also relatively affordable. This can make it easier to generate cash flow from rental properties, and there may also be potential for appreciation over time.
  • Growing population: Sioux Falls has been consistently growing over the past decade, with a population increase of more than 14% since 2010. This means that there is likely to be continued demand for housing in the city.
  • Quality of life: Sioux Falls is consistently ranked as one of the best places to live in the United States, with a high quality of life, a strong sense of community, and abundant outdoor recreation opportunities.
  • The Low Tax Rate: One advantage of investing in the Sioux Falls real estate market is the low tax rate, as there is no state or local income tax or state business income tax. Although the state has a slightly higher than average property tax rate of 1.2 percent, the low overall property costs in Sioux Falls result in average to below-average property tax bills. Additionally, property owners in Sioux Falls benefit from the state's lack of laws on certain issues, such as the requirement to provide receipts for deposits or record deposit withholdings, though it's recommended to do so. With no state or local income tax or state business income tax, investors can potentially save money on taxes and increase their overall return on investment.

Despite these benefits, there are also some potential drawbacks to investing in the Sioux Falls real estate market. One potential concern is the risk of overbuilding, particularly in the apartment sector. There is also the risk of a downturn in the local economy, particularly if there are major shifts in industries that drive job growth in the region.

Overall, however, Sioux Falls appears to be a promising market for real estate investors, particularly those looking for strong cash flow from rental properties in a growing and stable community. As with any investment, it's important to conduct thorough due diligence and work with local experts to make informed decisions.

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market area, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS strives to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.

Remember, caveat emptor still applies when buying a property anywhere. Some of the information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

Sources:

  • https://www.zillow.com/sioux-falls-sd/home-values/
  • https://rase-inc.org/rase-members/monthly-rase-mls-statistics/
  • https://www.redfin.com/city/15282/SD/Sioux-Falls/housing-market
  • https://www.realtor.com/realestateandhomes-search/Sioux-Falls_SD/overview

Tennessee Housing Market: Prices, Trends, Forecast 2023

by

Tennessee Housing Market

The housing market is a dynamic ecosystem that plays a crucial role in the economy and people's lives. Whether you're a potential homebuyer, seller, or just interested in understanding the current trends, staying informed about the latest house prices and trends is essential. In this article, we delve into the house prices and trends in the Tennessee housing market. Let's delve into some trends that provide valuable insights for both buyers and sellers in navigating the dynamic housing market.

Current House Prices & Trends in Tennessee

The housing market in Tennessee is undergoing a noticeable shift in August 2023. Key indicators show that while home prices are still on the rise, the number of homes being sold and the available inventory are both decreasing. This scenario suggests an increasing level of competitiveness in the market, particularly for prospective buyers.

Home Prices

According to data by Redfin, the median home price in Tennessee for August 2023 stood at $381,800, reflecting a 5.8% increase from the previous year. Although this signifies significant growth, it's important to observe that the pace of home price appreciation is slowing down compared to the 7.5% increase witnessed in August 2022.

Homes Sold

In August 2023, the number of homes sold in Tennessee amounted to 8,026, indicating a 14.7% decrease compared to the same period in the previous year. This decline represents the first time in over two years that the number of homes sold has decreased year-over-year.

Homes for Sale

The inventory of available homes for sale in Tennessee reached 31,890 in August 2023, denoting a 3.4% decrease from the preceding year. This stands as the lowest number of homes for sale in Tennessee since 2019.

Market Competition

The Tennessee housing market is gradually becoming more competitive for buyers. In August 2023, only 21.8% of homes were sold below list price, marking a 6.8 point decrease year-over-year. Furthermore, the average days on the market increased by 7 days compared to the previous year, totaling 47 days.

Implications for Buyers and Sellers

For buyers: In this competitive market, being prepared to act swiftly and being flexible with your budget is crucial. Collaborating with a qualified real estate agent can significantly help in finding the right home and negotiating the best price.

For sellers: With the current housing market dynamics, sellers are in a favorable position to secure a good price for their homes. However, competitive pricing and ensuring the property is in optimal condition before listing are vital considerations.

Top 10 Metros in Tennessee with the Fastest Growing Sales Price

  • Lenoir City, TN
  • Pigeon Forge, TN
  • Jefferson City, TN
  • Sevierville, TN
  • Jackson, TN
  • Soddy-Daisy, TN
  • Tullahoma, TN
  • East Ridge, TN
  • Goodlettsville, TN
  • Greeneville, TN

Tennessee Housing Supply

The housing supply in Tennessee has been dwindling for several months. In August 2023, the available homes for sale numbered 31,890, a 3.4% reduction compared to the previous year. This represents the lowest inventory of homes for sale in Tennessee since 2019.

The average months of supply now stand at 3 months, reflecting a 0 change year-over-year. Essentially, this means it would take 3 months to sell all the homes currently on the market if no new homes were listed.

Tennessee Housing Demand

The demand for homes in Tennessee remains robust. In August 2023, the sale-to-list price ratio was 98.1%, indicating that homes are selling close to their asking prices.

Moreover, only 27.5% of homes experienced price drops in August 2023, a slight increase from 27.0% in the same period the previous year. This implies that sellers are generally not forced to reduce their prices significantly to secure a sale.

Overall, the Tennessee housing market is positioned well, yet it's essential to acknowledge the increasing competition for buyers in the current market landscape.

Tennessee Housing Market Forecast 2023-2024

The Tennessee housing market is displaying promising trends as of July 31, 2023, offering potential homeowners and investors valuable insights into its evolving dynamics. According to Zillow, the average home value in Tennessee has risen by 2.3% over the past year, reaching an average of $312,078. This positive trajectory speaks to the overall health of the market.

Market Strength and Stability:

The steady 2.3% increase in the average home value over the past year signifies a growing and resilient market. This rise indicates a consistent demand for homes, contributing to an overall sense of stability and potential for returns on investment.

Market Speed:

The Tennessee housing market's agility is evident as homes go to pending status in a median of just 12 days as of July 31, 2023. This rapid pace reflects the strong demand and quick turnover of properties, creating an environment where buyers and sellers need to act decisively.

Sales Dynamics:

The market's median sale-to-list ratio, recorded at 0.999 as of June 30, 2023, highlights that properties are generally selling close to their listed prices. This balance indicates a fair marketplace where negotiations are based on reasonable expectations.

Furthermore, the distribution of sales outcomes underscores the diversity of opportunities for both buyers and sellers. With 27.0% of sales happening above the list price and 49.9% under the list price, the market accommodates a range of strategies and preferences.

Regional Forecast for Tennessee:

The housing market in Tennessee is showing promising growth potential, with several Metropolitan Statistical Areas (MSAs) projected to experience significant increases in home prices by July 2024. Let's delve into the details of the top 10 MSAs and their anticipated growth trajectories:

McMinnville, TN MSA:

McMinnville is projected to see substantial growth, with a remarkable 12.5% increase in home prices by July 2024. This indicates a rapidly appreciating market, potentially driven by factors like local economic development or increased demand.

Newport, TN MSA:

Newport is expected to experience a robust 11.5% surge in home prices by July 2024. Such growth suggests an area that might be undergoing positive changes, making it an attractive prospect for buyers and investors.

Greeneville, TN MSA:

The Greeneville market is predicted to grow by 11.2% by July 2024, showcasing a consistent upward trajectory. This level of growth might reflect a strong local economy and increasing demand for housing.

Tullahoma, TN MSA:

Tullahoma is expected to experience an 11.0% increase in home prices by July 2024. This could be due to factors such as its location, amenities, and potential for economic growth.

Sevierville, TN MSA:

Despite starting with a lower growth rate, Sevierville is projected to see a 10.5% increase in home prices by July 2024. This could indicate a market that's gaining momentum and becoming more attractive to buyers.

Knoxville, TN MSA:

Knoxville is set to experience a 10.0% rise in home prices by July 2024, showcasing a steady growth pattern. The city's strong economy and cultural amenities might be driving this upward trend.

Crossville, TN MSA:

Crossville is anticipated to have a 9.8% increase in home prices by July 2024. This growth might be attributed to factors such as its natural beauty and appeal as a retirement destination.

Johnson City, TN MSA:

Johnson City is projected to grow by 9.7% in home prices by July 2024. The city's educational institutions and amenities could be contributing to its attractiveness.

Dayton, TN MSA:

Dayton is expected to see a 9.7% increase in home prices by July 2024, indicating a positive trend that might be driven by factors such as job growth and quality of life.

Morristown, TN MSA:

Morristown is forecasted to experience a 9.6% growth in home prices by July 2024. This suggests a market that's gradually appreciating due to local factors such as economic development and amenities.

In summary, the Tennessee housing market is exhibiting signs of steady growth and dynamic sales patterns. With a 2.3% increase in average home value, rapid sales, and diverse sales outcomes, the market offers a range of opportunities for potential buyers and investors seeking to navigate this evolving landscape.

Tennessee Housing Market Forecast
Source: Zillow

Other Factors That Can Impact the Housing Market in Tennessee

When the housing market is booming, it is partly caused by job growth and decreases in unemployment. The housing market is inextricably linked to the economy. The health of the economy and job growth affects real estate buyers' purchasing power. Tennessee has seen the job market increase by 1.8% over the last year.

Future job growth over the next ten years is predicted to be 41.6%, which is higher than the US average of 33.5%. Tennessee was ranked as the 11th best economy in the country in an analysis from WalletHub. The rankings included the 50 states and the District of Columbia, which ranked just ahead of Tennessee at 10th.

The state ranked fourth in terms of economic activity, fifth in terms of economic health, and 38th in terms of innovation potential. It topped the chart in terms of change in GDP from 2020 to 2021, a key factor in its economic activity ranking. Tennessee experienced 8.6% real GDP growth, trailing only New Hampshire (8.5%) and California (7.8%).

More people require housing as the population grows. This means that, in the long run, population growth drives increased demand for housing and, as a result, a strong real estate market.  Population growth has a positive impact on the housing market. Middle Tennessee is an area that is constantly growing and according to the United States Census Bureau, Spring Hill in the region was among the top 10 cities for population growth.

Spring Hill was named the tenth fastest-growing city in the nation between 2020 and 2021. According to The Boyd Center for Business and Economic Research, Tennessee could grow by nearly a million people over the next 20 years and reach a total population of 7.87 million by 2040.

The number of people in their prime working years, ages 25 to 54, is projected to increase at a slower pace than the state’s population as a whole. Population growth in the state will slow over the next two decades. Between 2010 and 2020, Tennessee's population increased by 8.9 percent. It is expected to fall to 7.7 percent between 2020 and 2030. Between 2030 and 2040, it could slow even more to 6.2 percent.

The Tennessee Quarterly Business and Economic Indicators report, released by state leaders, illustrates the health of the state's economy. According to the report, 21,353 new businesses filed for the first time in the first quarter of 2022. This was an increase of more than 8% over the same quarter last year.

According to the report, 9,454 of those new businesses were registered in the state's four largest counties: Shelby, Davidson, Knox, and Hamilton. Knox County saw the greatest increase in new filings compared to last year, with 1,366 initial filings, a 14.2% increase. The report also says nominal personal income was $382.8 billion in the state during the fourth quarter of 2021, an increase of 7.4% compared to the previous quarter.

Sources:

  • https://www.neighborhoodscout.com/tn/real-estate
  • https://www.zillow.com/nashville-tn/home-values/
  • https://www.newsweek.com/house-prices-falling-these-five-overvalued-cities-1739363
  • https://fred.stlouisfed.org/series/TNSTHPI#
  • https://www.bestplaces.net/economy/state/tennessee/
  • https://tnsdc.utk.edu/2022/03/09/tennessee-could-add-nearly-1-million-new-residents-by-2040/
  • https://www.wbir.com/article/money/economy/tennessee-economic-report-q1-2022/51-58fb9599-f0db-47ad-9316-94b102a1df54

Savannah Housing Market: Prices, Trends, Forecast 2023

by

The Savannah housing market is a dynamic landscape that has captured the attention of homebuyers, sellers, and real estate enthusiasts alike. In 2023, the market has experienced notable shifts in house prices and trends, making it a pivotal moment for those interested in the city's real estate.

In this blog post, we'll delve into the current state of the Savannah housing market, highlighting key insights and trends that are shaping the industry. By analyzing data sourced from Redfin, we'll provide a comprehensive overview of the house prices, trends, and forecasts that are driving the Savannah real estate scene.

Savannah Housing Market Prices & Trends

According to data by Redfin, the Savannah housing market is experiencing a moderate level of competitiveness. On average, homes in Savannah receive 5 offers and sell within approximately 29 days. The median sale price of a home in Savannah was $332K last month, showing a 5.3% increase compared to the previous year. Additionally, the median sale price per square foot in Savannah is $196, indicating a 12.0% increase since last year.

Current Housing Market in Savannah

The current housing market in Savannah is characterized by its moderate competitiveness. Homes typically sell within 29 days, and there's a considerable demand, leading to an average of 5 offers per home.

The Redfin Compete Score™, which rates the competitiveness of an area on a scale of 0 to 100, is moderate in Savannah. Over the last 3 months, some homes have received multiple offers. On average, homes sell for around list price and go pending in approximately 29 days. Hot homes can sell for about 2% above list price and go pending in around 11 days.

Comparison with National Averages

The median sale price in Savannah is 21% lower than the national average, making it an attractive market for potential homebuyers. Moreover, the overall cost of living in Savannah is 9% lower than the national average, enhancing its appeal for both buyers and residents.

Migration and Relocation Trends in Savannah

Across the nation, 0.22% of homebuyers are searching to move into Savannah from outside metros. Washington, DC, New York, NY, and Atlanta, GA are the top metros contributing to this influx. On the other hand, Gulfport, MS, Asheville, NC, and Charleston, SC are the popular destinations for those leaving Savannah.

Thus, the Savannah housing market presents an intriguing blend of moderate competitiveness and attractive pricing compared to national averages. The migration trends indicate a steady interest in the area, particularly from certain metros. Additionally, the availability of various schools with moderate to good ratings enhances the appeal of Savannah as a potential place for homeownership.

Savannah Housing Market Forecast 2023-2024

The housing market in Savannah is currently showing strong trends, and these patterns play a vital role in shaping the market's forecast for the near future. Its housing market has seen a significant surge in the average home value over the past year.

According to Zillow, the average Savannah home value stands at $293,446, reflecting an impressive 8.6% increase over the previous year. Additionally, homes in Savannah typically go to pending status within approximately 16 days from listing, indicating a brisk market demand. The provided data is accurate up to August 31, 2023.

Market Metrics (as of July 31, 2023):

  • Median Sale to List Ratio: 1.000
  • Percent of Sales Over List Price: 49.4%
  • Percent of Sales Under List Price: 34.1%
  • Median Days to Pending: 16

Savannah MSA Housing Market Forecast

Zillow's forecast for the Savannah Metropolitan Statistical Area (MSA) indicates a positive trajectory for the housing market. The expected changes in the Home Price Index (HPI) are as follows:

  • 30-09-2023: 0.8%
  • 30-11-2023: 2%
  • 31-08-2024: 7.1%

Key Questions about the Savannah Housing Market

As potential homebuyers consider entering the Savannah housing market, several crucial questions come to mind:

1. Is it a Good Time to Buy a House in Savannah, GA?

Given the appreciating home values and relatively short time to pending, it may be seen as a good time to buy a house in Savannah. However, it's essential to assess personal financial circumstances and market trends in detail.

2. Will Home Prices Drop in 2023 near Savannah, GA?

Based on the data and forecast, there's no indication of a significant drop in home prices in Savannah for the remainder of 2023. The forecast suggests a continued upward trend in home prices.

3. Is Savannah, GA a Sellers Market?

Yes, with a high median sale to list ratio and a significant percentage of sales over list price, Savannah, GA is indicative of a seller's market. Buyers might face competition and potentially higher prices due to this market dynamic.

Savannah Housing Market Forecast 2023-2024
Source: Zillow

Is Savannah a Good Place to Invest in Real Estate?

Are you considering investing in the Savannah real estate market? Look no further! Savannah is a beautiful city in Georgia that offers a variety of benefits for real estate investors. Whether you are a seasoned investor or just getting started, there are many reasons to consider investing in this charming city. We will discuss the top reasons why Savannah is a great place to invest in real estate for the long term.

  • Strong and Stable Market: Savannah's real estate market is known for its stability and consistency. The market has shown steady growth over the years, and experts predict that it will continue to do so in the future. This means that your investment in Savannah is likely to appreciate in value over time, providing a solid return on your investment.
  • Historic Charm: Savannah is known for its historic charm, which draws tourists from around the world. The city has a rich history that is reflected in its architecture and culture, making it a unique and appealing destination for visitors. This appeal helps drive demand for short-term rentals and vacation properties, making it an ideal location for real estate investors.
  • Thriving Economy: Savannah's economy is diverse and thriving, with a variety of industries including manufacturing, tourism, and logistics. This means that there is a strong demand for rental properties, as people move to the city for job opportunities.
  • Low Cost of Living: Compared to other major cities in the United States, Savannah has a relatively low cost of living. This makes it an attractive location for people looking to relocate, which further drives demand for rental properties.
  • Strong Rental Market: Savannah has a strong rental market, with a high occupancy rate and relatively low vacancy rates. This makes it a great location for buy-and-hold investors looking to generate passive income from rental properties.

In conclusion, Savannah is a great place to invest in real estate for the long term. Its strong and stable market, historic charm, thriving economy, low cost of living, and strong rental market make it an ideal location for real estate investors. The strong rental market in Savannah is a major draw for real estate investors. With a high occupancy rate and relatively low vacancy rates, rental properties in Savannah are in high demand. This is due to several factors, including the city's growing economy, tourism industry, and job opportunities.

The growing economy in Savannah has attracted many new residents to the city in search of job opportunities. This has resulted in an increase in demand for rental properties as these new residents need a place to live while they establish themselves in the city. Additionally, the city's thriving tourism industry has created a steady demand for short-term rental properties, such as vacation rentals and Airbnb listings.

Another factor contributing to the strong rental market in Savannah is the city's relatively low cost of living. Compared to other major cities in the United States, Savannah is more affordable, which makes it an attractive location for people looking to relocate. As a result, the demand for rental properties is high as people look for a place to live while they get settled in the city.

Real estate investors looking for a passive income stream can benefit greatly from the strong rental market in Savannah. Properties that are rented out long-term can generate consistent rental income, providing investors with a steady cash flow. Additionally, investors who purchase short-term rental properties can take advantage of the city's strong tourism industry to generate additional income.

Overall, the strong rental market in Savannah is a major benefit for real estate investors. With high demand for rental properties, investors have the opportunity to generate consistent rental income and take advantage of the city's growing economy and tourism industry.

Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market area, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.

NORADA REAL ESTATE INVESTMENTS strives to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.

Contact Us

Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.

Sources:

  • https://www.zillow.com/Savannah-ga/home-values
  • https://www.realtor.com/realestateandhomes-search/Savannah_GA/overview
  • https://www.redfin.com/city/17651/GA/Savannah/housing-market
  • https://www.neighborhoodscout.com/ga/savannah/real-estate

NYC Housing Market: Prices, Trends & Forecast 2023

by

NYC Real Estate Market

Here are the latest trends in the NYC real estate market as well as the statewide market. In the ever-evolving realm of real estate, data-driven insights are the bedrock of informed decision-making. The New York State Association of REALTORS (NYSAR) has once again unveiled its monthly housing market report, offering a comprehensive snapshot of the current state of the New York housing market.

Let us delve into the latest housing report for August 2023 released by NYSAR and explore the key insights it offers.

  • Pending Sales in New York State were down 11.4 percent to 10,826.
  • They are considered a forward-looking indicator of home sales based on contract signings
  • Closed Sales decreased 18.8 percent to 11,310.
  • Home for sale declined by 26.9 percent to 27,686 units.
  • The Median Sales Price was up 4.8 percent to $411,500.
  • The average sales price was up 2.6 percent to $536,024.
  • Sellers received, on average, 102.9% percent of their original list price at sale, a year-over-year gain of 0.2 percent.
  • Days on the Market increased by 10.3 percent to 43 days.
  • Months Supply of Inventory was down 9.1 percent to 3.0 months.

Pending and Closed Sales

In August 2023, pending sales in New York State saw a notable decline of 11.4 percent, amounting to 10,826. These pending sales are a forward-looking indicator, providing insights into potential future home sales based on contract signings. Correspondingly, closed sales also experienced a significant drop, decreasing by 18.8 percent to reach 11,310.

Available Homes for Sale

The number of homes available for sale witnessed a substantial decrease, plummeting by 26.9 percent to a total of 27,686 units. This decline in available homes further accentuates the competitive nature of the housing market in New York State.

Median and Average Sales Prices

The median sales price in August 2023 surged by 4.8 percent, reaching $411,500. Concurrently, the average sales price also experienced an uptick, rising by 2.6 percent to $536,024. These price increments indicate a persistent demand for housing, exerting upward pressure on prices.

Selling Trends

Sellers in New York State received, on average, 102.9% of their original list price at the time of sale. This figure represents a year-over-year gain of 0.2 percent, showcasing the competitive nature of the market where properties are often being sold at or above their listed prices.

Days on the Market and Inventory

Days on the market, a key indicator of market efficiency, increased by 10.3 percent to 43 days in August 2023. Concurrently, the months' supply of inventory saw a decrease of 9.1 percent, reaching 3.0 months. This indicates a faster pace of sales, emphasizing the demand outweighing the available supply.

This comprehensive analysis of the New York housing market for August 2023 offers crucial insights into the ongoing trends and dynamics. It underlines the competitive nature of the market, with prices on the rise and available inventory dwindling, urging buyers and sellers to carefully navigate this dynamic real estate landscape.

NYC Real Estate Market Trends: Is it a Seller's Market?

New York City, often referred to simply as New York, is a vibrant metropolis that captures the imagination of millions worldwide. Its iconic skyline, diverse neighborhoods, and cultural landmarks make it one of the most sought-after places to live, work, and invest in.

As we delve into the real estate market of New York City for August 2023, a critical question emerges: is it a seller's market? To answer this, let's dissect the latest housing statistics and trends to gauge the dynamics at play in the city that never sleeps. The following housing market trends are based on single-family, condo, and townhome properties listed for sale on Realtor.com. Land, multi-unit, and other property types are excluded.

Housing Prices in New York, NY

In August 2023, the median listing home price in New York, NY remained steady at $795,000 year-over-year. The median listing home price per square foot stood at $774, while the median home sold price was $715,000.

Sale-to-List Price Ratio

The sale-to-list price ratio, a key indicator of market competitiveness, was 97.3% in August 2023. On average, homes in New York, NY were sold for 2.7% below their asking prices during this period.

Buyer's Market Dynamics

Despite the high prices, the New York, NY housing market was categorized as a buyer's market in August 2023. This designation implies that the supply of homes outweighed the demand, providing buyers with more options and potentially room for negotiation.

Days on Market

The median days on market for homes in New York, NY was 86 days. This indicates that, on average, homes sold after spending 86 days on the market. The trend for median days on market has been on a slight incline since the previous month, and also showed a minor increase compared to the same period last year.

Neighborhood Variances

New York City comprises 235 neighborhoods, each presenting unique real estate dynamics. The neighborhood of Tribeca stood out as the most expensive, boasting a median listing home price of $5 million. On the other end of the spectrum, Riverdale emerged as the most affordable neighborhood, with a median listing home price of $349,000.

Considering these statistics, it's evident that the New York City real estate market is currently favoring buyers. However, the high sale-to-list price ratio indicates that sellers still have strong bargaining power. As always, market dynamics can shift, so staying updated with the latest trends and consulting a real estate professional is essential for making informed decisions in this bustling urban market.

NYC Housing Market Report for July 2023

In July, the New York City housing market experienced a seasonal slowdown as more New Yorkers continued their summer travels. However, StreetEasy® data indicates a rising trend in the number of listings entering contracts compared to the previous year. In July 2023, listings on StreetEasy entered contract, marking a 4.3% increase from the same period last year. This follows a 2.2% year-over-year increase in June.

Key Takeaways:

1. Despite Summer Slowdown, Luxury Sellers Maintain the Upper Hand

Despite the seasonal slowdown, the luxury market, defined as the top 10% of for-sale listings, remained strong. The starting price for luxury listings was $4.5M in July, a 12.5% increase from the previous year. In Q2 2023, 382 listings above this threshold entered contract, a solid increase of 29.9% from Q1 2023. Although slightly lower than the previous year, this signals a substantial recovery from the second half of 2022.

Discounts were rare in July, with only 5.2% of luxury listings lowering asking prices, suggesting sustained buyer interest. Luxury homes in July had a 94.8% sale-to-list price ratio, indicating that sellers still have the upper hand in the luxury market.

2. Luxury Buyers Are Shopping in Manhattan Again

Manhattan remains the primary market for luxury homes. Out of 89 luxury contracts signed in July, 81 were in Manhattan. The median asking price of the Manhattan luxury market rose 11.5% year-over-year to $7.75M. Wealthy buyers are particularly interested in condos in new construction buildings, primarily in Midtown, driving up overall luxury market prices.

The median asking price of all for-sale listings in Manhattan rose 11.9% from a year ago to $1.595M in July, reflecting the increasing overall expense of the Manhattan market. Low new listings are helping sellers maintain their advantage.

3. Brooklyn Joins the Million Dollar Club as Prices in the Borough Hit New Record

Brooklyn's housing market remains competitive, with the borough's median asking price reaching $1M in July, a record high. Rising asking prices reflect the borough's continued popularity among buyers across various price tiers.

Limited inventory relative to demand is fueling competition in Brooklyn. The sale-to-list ratio is higher than in any other borough, indicating that sellers will likely maintain their advantage this year.

4. Queens Remains a More Affordable Destination for Buyers, But Inventory Is Tight

Queens continues to offer more affordable homes, with a median asking price of $648,000 in July. Although the increase in median asking price has been modest compared to Manhattan and Brooklyn, Queens remains a competitive market.

Low inventory is advantageous for sellers, allowing them to maintain their advantage in the market. Sellers who price their homes well are likely to attract strong interest from buyers.

5. Asking Prices Will Rise and Sellers Will Stay in the Driver’s Seat This Year

In the second half of the year, asking prices in NYC are expected to continue rising across all price tiers. The city will remain a seller’s market due to declining new listing inventory. Many homeowners, locked into low mortgage rates, are reluctant to put their homes on the market. This limited inventory will help sellers maintain their advantage this year.

Overall, the New York City housing market remains dynamic and varies from neighborhood to neighborhood, making it essential for buyers and sellers to stay informed.

NYC Real Estate Market Forecast 2023-2024

What are the New York City real estate market predictions for 2023 & 2024? New York City has a track record of being one of the best long-term real estate investments in the U.S. The New York real estate market has been booming year over year. NYC home prices nearly doubled over the last decade. With supply and demand continuing to favor sellers, prices continue to rise year over year.

According to NeighborhoodScout's data, the cumulative appreciation rate over the ten years has been 80.72%, which ranks in the top 50% nationwide. This equates to an annual average real estate appreciation rate of 6.10%. 

According to StreetEast's forecast, due to the higher cost of renting and elevated inflation, renter demand will continue to cool in 2023, pushing down asking rents. This relief in rent prices, however, will be slow to come by due to a limited inventory of rental units. Priced-out buyers may stay in the rental market until 2023's spring purchasing season, keeping rents high.

Despite record-high rates and possible annual savings of $14,500 from roommates, NYC renters are prepared to pay more to avoid having roommates, according to their research. All of this suggests the rental market may cool off more slowly, despite reduced affordability. NYC homeowners will be better prepared for a possible recession.

NYC will continue to see an influx of new residents. Despite high rents, StreetEasy search data suggests the city continues to draw interest from potential new residents wishing to move from other areas. The strong demand in NYC rentals from outside the city, despite lower affordability, coincides with the city's impressive recovery, which had restored 97% of the employment lost during the epidemic by September of this year, according to an analysis by the NYC Office of the Comptroller.

Zillow provides valuable insights into the current state and future projections of the real estate market in the New York-Newark-Jersey City area.

Current Real Estate Market Metrics (Data through August 31, 2023)

  • Average Home Value: The average home value in the New York-Newark-Jersey City area is $623,405, reflecting a 1.1% increase over the past year.
  • Median Days to Pending: Homes go to pending in around 26 days.

Key Metrics as of July 31, 2023

  • Median Sale to List Ratio: The median sale to list ratio is 1.008, indicating a close alignment between sale and list prices.
  • Percent of Sales Over List Price: 54.4% of sales were over the list price, suggesting a competitive market.
  • Percent of Sales Under List Price: 34.9% of sales were under the list price, illustrating some room for negotiation.

NYC Real Estate Market Forecast (1-Year Projection from August 31, 2023)

Zillow predicts a 1.7% increase in the real estate market over the next year (by August 31, 2024).

Is NYC Real Estate Seeing a Price Drop?

Based on the data and forecast from Zillow, the NYC real estate market is not experiencing a drop in prices. The average home value has increased over the past year, and a further 1.7% increase is projected for the next year.

Is It a Good Time to Buy a House in NYC?

Considering the 1.7% projected increase in the market over the next year and the competitive nature of the current market with a significant percentage of sales going over the list price, it might be a good time to carefully consider buying a house in NYC. However, potential buyers should analyze their specific circumstances, market trends, and consult with real estate professionals for personalized advice.

NYC Real Estate Market Forecast 2023-2024
Source: Zillow

New York's Recovery From The Pandemic

Changes in house prices, rents, and mortgage interest rates can affect households' income and wealth, as well as how much money they spend and on what. Housing costs and policies can also shape where people chose to live, work, and study, as well as their ability to move or change jobs. Rising house prices, by discouraging potential migrants, could significantly reduce the growth potential of the economy, shifting the balance of labor market growth from employment to wages, with a consequent deterioration in competitiveness.

When it comes to the job market and real estate, the relationship is generally correlative: when one rises, so does the other, and when one falls, so does the other. According to preliminary figures released on September 14, 2023, by the New York State Department of Labor, the New York State's seasonally adjusted unemployment rate held constant at 3.9% in August 2023.

At the same time, New York State's labor force (seasonally adjusted) increased by 14,300. As a result, the labor force participation rate increased from 61.4% to 61.5% in August 2023, its highest level since September 2013.

The number of private sector jobs in New York State increased over the month by 4,900, or 0.1%, to 8,252,700 in August 2023. The number of private sector jobs in the U.S. also increased by 0.1% in August 2023. New York State's private sector jobs (not seasonally adjusted) increased by 133,900, or 1.6%, over the year in August 2023, which was less than the 2.0% increase in the number of private sector jobs in the U.S.

On a net basis, the total number of nonfarm jobs in the state increased by 18,100 over the month, while private sector jobs increased by
4,900 in August 2023. At the same time, the total number of nonfarm jobs in the nation increased by 187,000, while private sector jobs increased by 179,000.

  • New York City’s unemployment rate held constant at 5.3%.
  • Outside of New York City, the unemployment rate increased from 2.9% in July to 3.0% in August 2023.
  • The number of unemployed New Yorkers increased over the month by 4,500, from 380,200 in July to 384,700 in August 2023.
New York Unemployment Rate
Source: New York State Department of Labor

New York Rental Market Report

The Zumper New York City Metro Area Report analyzed active listings across the metro cities to show the most and least expensive cities and cities with the fastest growing rents. The New York one-bedroom median rent was $2,365 last month. New York City was the most expensive market with one-bedrooms priced at $3,990 whereas Kingston was the most affordable city with rent priced at $1,400.

Here are the places where it makes sense to invest in rental properties in the New York City Metro Area. These are the places where the demand for rentals is growing strong in 2023.

The Fastest Growing Cities For Rents in New York City Metro Area (Y/Y%)

  • Hoboken had the fastest growing rent, up 25% since this time last year.
  • Long Branch saw rent climb 23.5%, making it second.
  • Yonkers rent was the third fastest growing, jumping 21.3%.

The Fastest Growing Cities For Rents in New York City Metro Area (M/M%)

  • Fort Lee had the largest monthly rental growth rate, up 6.2%.
  • Union City rent was the second fastest growing, climbing 6%.
  • Yonkers was third with rent jumping 5.6%.
NYC Rental Market Trends
Source: Zumper

Where to Buy a House in NYC?

New York is dominated by renter-occupied one or two-bedroom apartments. 76.75% of New York's dwellings are rentals. As per Neigborhoodscout.com, a real estate data provider, one and two-bedroom large apartment complexes are the most common housing units in NYC. Other housing types prevalent in NYC include single-family detached homes, duplexes, rowhouses, and homes converted to apartments.

The New York housing market has affordable townhomes. New York's single-family homes account for just 1.15% of the city’s housing units. During the latest twelve months, the New York real estate did cool off. However, the cumulative appreciation rate over the ten years has been 38.81%, which ranks in the top 30% nationwide. Evaluate the specifics of the NYC housing market at the time you intend to purchase. Hiring a local property management company can help in finding tenants for your investment property in NYC.

New York City's housing market is one of the most costly and competitive in the country. There are 237 neighborhoods in New York (as per Realtor.com). Tribeca has a median listing price of $3.9M, making it the most expensive neighborhood. Riverdale is the most affordable neighborhood, with a median listing price of $360K.

There are some buyer-friendly neighborhoods in New York City where buyers have a bit more negotiating power in neighborhoods as compared to sellers. Jackson Heights is one of New York City’s most buyer-friendly neighborhoods at the moment with home prices under $700,000. Other buyer-friendly markets with a median sales price below $700,000 include Rego Park, where the median sales price in Oct 2021 was $389K, trending down -by 8.9% year-over-year. The sale-to-list price ratio was 100 percent.

The median list price of homes in Sheepshead Bay was $499K in Oct 2021, trending down -by 5% year-over-year. The sale-to-list price ratio was 97.72 percent. The median list price of homes in East Flatbush was $650K, trending up 8.9% year-over-year. The sale-to-list price ratio was 100 percent. The median list price of homes in Brighton Beach was $569K, trending up 16.4% year-over-year. The sale-to-list price ratio was 97.03 percent.

Buyers have a bit more negotiating power in neighborhoods where the median home price falls between $700,000 and $1 million. In areas like Midtown East, where the median sales price is $872,500. Homes in Midtown East sold for approximately the asking price on average in Oct 2021. The other neighborhoods best for buyers looking to spend between $700,000 and $1 million are Bayside, where the median sales price in Oct 2021 was $720,000 and the sale-to-list price ratio was 99.37 percent; Gravesend ($684,500, 96.98 percent); Flushing ($838,000, 96.38 percent); and Bay Ridge ($499,000, 98.14 percent).

All of this could vary from time to time and can be checked on Realtor.com. Check out some of the best neighborhoods for investing in New York for the long term→ These neighborhoods have been selected from all five boroughs.

If you think of investing in NYC, you have decided on a long-term investment property. Here are the ten neighborhoods in NYC having the highest real estate appreciation rates since 2000—List by Neigborhoodscout.com.

  1. Inwood North
  2. Marble Hill
  3. Washington Heights Southeast
  4. Roosevelt Island
  5. W 115th St / Amsterdam Ave
  6. E 57th St / Madison Ave
  7. Madison Ave / E 52nd St
  8. W 58th St / Grand Army Plz
  9. Tribeca South
  10. W 70th St / Amsterdam Ave

Top Real Estate Estate Markets in New York

Buffalo real estate market

The Buffalo real estate investment offers a surprisingly good deal with low prices and relatively high rental rates. The Buffalo real estate market is dominated by older homes. A majority of homes in the Buffalo housing market were built before World War 2. Interestingly, this also means that many small apartment buildings are designed to serve a population that rented small units close to their jobs.

For example, roughly a third of homes are single-family detached homes, while almost half take the form of small apartment buildings. This creates an excellent opportunity for those in the market for Buffalo rental properties. You could buy a small apartment building with multiple tenants for the cost of a single rental property in a more expensive New York real estate market.

Syracuse real estate market

Syracuse's real estate market offers cheaper property with a higher return on investment and a less hostile legal climate. It is one of the better choices if you want to invest in New York state. Another issue that factors into the equation is the job market. Lots of cities have a great quality of life but almost no one can afford to live there.

The Syracuse housing market ranked 6.3 out of 10 for its job market. That’s better than rural and much of upstate New York. And it is why there is a slow trickle of people moving in to replace those who leave. That’s why the Syracuse real estate market has a net migration of 5 or a stable population. This is in sharp contrast to the depopulation seen in most Rust Belt cities. It also means Syracuse's real estate investment properties will hold their value for the foreseeable future if they don’t appreciate it.

Albany real estate market

Albany is a steadily appreciating real estate market. While it isn’t as famous or hot as NYC, it offers an affordable entry point and a massive pool of perpetual renters. Though it may not be somewhere you want to live, many locals are choosing to stay and make their homes here. And that will continue to drive demand for Albany real estate investment properties as long as they are priced right.

Rochester real estate market

You can also consider Rochester. The Rochester real estate market is stable, offering slow appreciation, affordable properties to outsiders, and good returns. It has strong, long-term potential that is only buoyed if NYC collapses. And this is one of the reasons why being everything the Big Apple isn’t is in your favor.

The Rochester real estate market enjoys a healthy population profile. Roughly a quarter of the population consists of children, and many are likely to remain due to the healthy job market. It also means that the Rochester housing market won’t crash if the job market weakens the way San Francisco collapses whenever the tech bubble bursts. Others choose to remain here because of the low cost of living.

Some of this article's information came from referenced websites. Norada Real Estate Investments provides no explicit or implied claims, warranties, or guarantees that the material is accurate, trustworthy, or current. All information should be validated using the below references. Norada Real Estate Investments does not predict the future US housing market. Buying a rental property needs research, planning, and budgeting. Not all investments are good. Always do research and consult a real estate investment consultant.

References

  • https://www.nysar.com/news/market-data/reports
  • https://www.redfin.com/blog/data-center
  • https://www.zillow.com/new-york-ny/home-values
  • https://www.realtor.com/realestateandhomes-search/New-York_NY/overview
  • https://streeteasy.com/blog/nyc-housing-market-data/
  • https://www.redfin.com/city/30749/NY/New-York/housing-market
  • https://www.elliman.com/corporate-resources/market-reports

Sarasota Housing Market: Prices, Trends, Forecast 2023

by

The housing market in Sarasota is a topic of interest for many prospective homebuyers and real estate enthusiasts. Understanding the current state of the market can help individuals make informed decisions when it comes to buying or selling properties. In this blog post, we will explore the key aspects of the housing market in Sarasota, including median sale prices, average days on the market, competitiveness, migration trends, and environmental risks. Let's dive in and discover what the housing market in Sarasota looks like today.

Sarasota Housing Market Update

Market Statistics and Trends

According to data by Redfin, the Sarasota housing market has seen significant activity, with homes receiving an average of 1 offer and selling in approximately 34 days. The median sale price has soared to $535K, marking an impressive 28.1% increase from the previous year. Furthermore, the median sale price per square foot has climbed to $320, reflecting a 6.8% rise since last year.

Comparing Sarasota to the National Average

Sarasota's housing market stands out, with the median sale price 27% higher than the national average. Additionally, the overall cost of living in Sarasota is approximately 5% higher than the national average. Prospective homebuyers and investors will find this information crucial for their decision-making process.

Competitive Landscape and Redfin Compete Score™

The housing market in Sarasota is labeled as somewhat competitive based on the Redfin Compete Score™, which rates competitiveness on a scale of 0 to 100. Homes typically sell in about 34 days, with some properties receiving multiple offers. The average homes sell for about 4% below list price, indicating a vibrant market.

Nearby Cities Comparison

Comparing Sarasota with nearby cities reveals varying competitiveness levels. Some cities experience a higher degree of competitiveness, resulting in quicker sales, while others have a more balanced market. Understanding these dynamics aids in making informed decisions regarding location and pricing strategies.

Sarasota Migration & Relocation Trends

Sarasota's appeal is evident in its migration trends. People are moving into the area from various metros, with cities like New York, Chicago, and Boston topping the list. Conversely, certain cities attract residents from Sarasota, showcasing the ebb and flow of population in the region.

Factors Driving the Market

A number of factors are driving the Sarasota housing market, including:

  • Strong demand: Sarasota is a popular destination for retirees and second homeowners, and demand for housing remains strong.
  • Limited supply: The supply of homes for sale in Sarasota is limited, which is helping to keep prices high.
  • Rising interest rates: Rising interest rates are making it more expensive to borrow money to buy a home, which could cool the market somewhat in the coming months.

The Sarasota housing market is expected to remain competitive in 2023, with median home prices continuing to rise. However, the pace of growth is expected to slow from previous years.

How to Buy or Sell a Home in Sarasota

If you are thinking about buying or selling a home in Sarasota, it is important to work with a qualified real estate agent who can help you navigate the market and get the best possible deal.

Tips for Buying a Home in Sarasota:

  • Get pre-approved for a mortgage before you start shopping. This will give you an idea of how much you can afford to spend and will make you a more competitive buyer.
  • Be prepared to act quickly. Homes in Sarasota are selling quickly, so it is important to be decisive when you find a home that you like.
  • Work with a qualified real estate agent who can help you find the right home for your needs and budget.

Tips for Selling a Home in Sarasota:

  • Price your home competitively. The best way to get your home sold quickly is to price it competitively. A real estate agent can help you determine the best listing price for your home.
  • Make your home show-ready. This means decluttering, cleaning, and making any necessary repairs.
  • Market your home effectively. A good real estate agent will have a marketing plan to get your home seen by as many potential buyers as possible.

Sarasota Housing Market Forecast for 2023: What to Expect

The Sarasota housing market has demonstrated several key trends that shape the forecast for the upcoming months. Based on data from Zillow, here is a forecast for the Sarasota housing market, providing insights into what you can expect in the coming months.

Sarasota Market Forecast

In Sarasota, the housing market has seen a 1.1% decrease in the average home value over the past year, bringing it to an average of $462,158. Homes typically go to pending in approximately 22 days.

Key Metrics as of July 31, 2023:

  • Median Sale to List Ratio: 0.975
  • Percent of Sales Over List Price: 10.9%
  • Percent of Sales Under List Price: 73.3%

North Port-Sarasota-Bradenton MSA Forecast

Sarasota is situated within the larger North Port-Sarasota-Bradenton Metropolitan Statistical Area (MSA). The housing market forecast for this region provides further insights into the future performance of the Sarasota housing market.

In the broader North Port-Sarasota-Bradenton area, the average home value has experienced a 2.5% decrease over the past year, with the average value now standing at $458,872. Homes in this area typically go to pending in approximately 26 days.

1-Year Market Forecast (August 31, 2023):

  • Projected Market Growth: 5.6%
  • Median Sale to List Ratio: 0.977
  • Percent of Sales Over List Price: 11.5%
  • Percent of Sales Under List Price: 71.5%

These metrics suggest that while the Sarasota housing market has experienced a decrease in the average home value over the past year, a modest growth of 5.6% is anticipated in the broader North Port-Sarasota-Bradenton area over the next year. Buyers and sellers should take note of the prevailing trends and forecasts to make informed decisions in this evolving market.

The forecast for the North Port-Sarasota-Bradenton MSA provides a broader perspective, projecting potential market improvement over the next year. As always, it's important to consider that market conditions can be influenced by a range of factors, and consulting with real estate professionals and staying informed about trends can help individuals make informed decisions in this evolving real estate landscape.

Sarasota Housing Market Forecast
Source: Zillow

Sources:

  • https://www.realtor.com/realestateandhomes-search/Sarasota_FL/overview
  • https://www.redfin.com/city/16463/FL/Sarasota/housing-market
  • https://www.zillow.com/home-values/20362/sarasota-fl/
  • https://www.corelogic.com/category/intelligence/reports/home-price-insights/

Blog Posts

Contact

Norada Real Estate Investments 30251 Golden Lantern, Suite E-261 Laguna Niguel, CA 92677

(949) 218-6668
(800) 611-3060
BBB