The Escambia County real estate market has continued to grow in 2024. Take a look at the latest update on the real estate landscape in Escambia County. As we delve into the data for the first quarter of 2024, we'll explore key trends, market dynamics, and notable insights shaping the housing market in our area.
In March 2023, Escambia County had 676 listings with a median listing price of $308,392, while Santa Rosa County had 358 listings with a slightly higher median listing price of $359,800. Fast forward to March 2024, both counties saw an increase in listings, with Escambia County having 709 listings and Santa Rosa County having 452 listings. Additionally, there was a notable uptick in median listing prices, with Escambia County experiencing a rise to $319,000 and Santa Rosa County to $369,900. Overall, both counties saw an increase in the number of listings and median listing prices, reflecting a positive trend in the real estate market in the region.
Florida Real Estate Trends
Over the past decade, Florida's real estate market has experienced significant shifts and transformations. Despite national economic trends, the Florida real estate market remains resilient due to several factors:
- The state's labor market remains robust, ensuring a steady income for residents.
- Florida continues to experience strong population growth, with approximately 1,000 new residents each day, driving economic activity.
- The state remains attractive to remote workers, who are untethered from traditional office locations.
- Retirees with home equity are undeterred by high interest rates when relocating.
- However, commercial real estate faces challenges in 2024, with tighter lending and lingering effects from the shift to remote work.
From the aftermath of the housing crisis to the emergence of new trends driven by economic factors and demographic changes, understanding the trajectory of the market is crucial for both buyers and sellers. We discovered the key trends that have shaped Florida's real estate landscape from 2010 to 2020.
Recovery from the Housing Crisis
At the beginning of the decade, Florida's real estate market was still reeling from the effects of the housing crisis that began in 2008. Foreclosure rates were high, and property values had plummeted. However, as the economy gradually recovered, so did the real estate market. Over the years, Florida saw a steady increase in home prices and a decrease in foreclosure rates, signaling a return to stability.
Population Growth
Florida has long been a magnet for population growth, with people drawn to its warm climate, vibrant cities, and diverse economy. Throughout the decade, this trend continued, driving demand for housing across the state.
Rise of Luxury Real Estate
As Florida's economy strengthened and high-net-worth individuals sought investment opportunities, the luxury real estate market saw significant growth. Luxury properties, including waterfront estates, high-rise condominiums, and gated communities, became increasingly sought after, particularly in affluent areas like Palm Beach, Naples, and Sarasota.
Shifts in Housing Preferences
The preferences of homebuyers and renters also evolved over the decade, influenced by changing demographics and lifestyle preferences. There was a growing demand for urban living, walkable neighborhoods, and amenities such as coworking spaces and fitness centers. Additionally, the rise of remote work spurred interest in properties with home offices and high-speed internet access.
From recovery after the housing crisis to the emergence of new trends driven by demographic shifts and environmental concerns, the Florida real estate market has undergone significant changes over the past decade. As we move into the future, understanding these trends will be essential for navigating the dynamic and evolving landscape of Florida's real estate market.
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Exploring Escambia County, FL
At the very edge of the Florida Panhandle, Escambia County boasts a rich tapestry of history, culture, and natural beauty. The name "Escambia" likely originated from the Creek Indian word "Shambia" meaning "clear water".
Bordered by Alabama to the west and north, Santa Rosa County to the east, and the Gulf of Mexico to the south, Escambia County covers approximately 661 square miles, including 64,000 acres of water area. With over 300,000 residents, Escambia County is among Florida's oldest counties. Boasting vibrant communities, stunning beaches, and thriving economic opportunities, it offers an idyllic setting for real estate transactions.
Culture
Escambia County is steeped in history, with roots dating back to the early Native American tribes who inhabited the area. From the historic streets of Pensacola, the county seat and Florida's oldest settlement, to the charming small towns dotted throughout the region, Escambia County exudes a sense of heritage and tradition. Residents and visitors alike can explore historic landmarks, museums, and cultural festivals that celebrate the county's storied past.
One of the standout features of Escambia County is its stunning coastline along the Gulf of Mexico. From the pristine white sands of Pensacola Beach to the tranquil shores of Perdido Key, waterfront living is a hallmark of the area.
Economy
The economy of Escambia County is diverse, encompassing military, industry, shipping, tourism, agriculture, and retail sectors, contributing to its historically stable economic growth. The Port of Pensacola contributes approximately $60 million annually to the local economy.
Major Navy installations include Pensacola Naval Air Station, Saufley Field, and Corry Station, while Whiting Field is situated in Milton, Florida, approximately 30 miles northeast of Pensacola. In neighboring Okaloosa County, Eglin Air Force Base and Hurlburt Field are major employers with a significant economic impact, attracting high-tech businesses.
2024 Market Overview
In 2024, the Escambia County real estate market continues to flourish. Across various neighborhoods and property types, we're seeing median list price rise consistently year over year. From Cantonment to Pensacola Beach, the Escambia County real estate market reflects an increase in interest in supplies!
Median Home Prices
The median home price in Escambia County for March 2024 stands at $349,700. The list price of homes in Escambia County has increased by 6% since last year.
The U.S. median home price was $412,000 in September 2023, according to Redfin. Despite a decrease of over 300,000 homes on the market, there was still a 2% increase in home prices compared to 2022. However, this rise in prices coincided with a notable increase in 30-year mortgage rates from 6.09% to 7.63%. Consequently, higher mortgage rates have dissuaded potential buyers from listing their homes for sale, exacerbating the shortage of available listings.
Inventory Levels
Inventory levels in Escambia County are increasing. The Escambia County real estate market had 237 homes for sale in February 2024, a 9.2% increase compared to January 2024. Single-family inventory increased by 6% compared to January and by 28% compared to February of the previous year. Condo inventory rose by 17% compared to January and by 91% compared to February of the previous year.
Market Activity
Buyer demand remains strong in Escambia County. 1,095 homes were sold in the first quarter of 2024, reflecting an uptick in sales compared to the same time last year. Sellers are experiencing slightly quicker sales. In February, the average Days on Market (DOM) for residential and condos combined was 61, up by 2 days from January.
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Escambia County Real Estate Experts
As we conclude our Escambia County real estate update for 2024, it's evident that the market continues to grow. Whether you're buying, selling, or investing in property, it's essential to stay informed and work with a knowledgeable real estate professional to navigate these dynamic conditions effectively.
aDoor Real Estate is your trusted partner in navigating the vibrant Escambia County real estate market. Whether you're searching for a cozy suburban home, a beachfront condo, or a sprawling rural estate, our experienced agents are here to guide you every step of the way. Contact us today to get started!
