Are you wondering if it’s a good time to buy a house in Florida right now? One way to tell is by understanding whether Florida is in a buyer’s market or a seller’s market. To help make an informed decision, we can look at the months of supply of homes – a common metric used in real estate to assess whether a market is in a buyer’s market or seller’s market. Below, I’ve listed the metro areas in Florida that are currently experiencing a buyer’s market based on February 2024 real estate market data.
Is Florida in a Buyer’s Market or a Seller’s Market right now?
Looking at the home sales data, Florida’s real estate market is currently in a balanced market, with a 5.1 months supply of homes. When the supply of homes is between 5 and 6 months, the market is considered to be balanced.
If the months of supply of homes exceeds 6 months, it is a buyer’s market, indicating that there are more homes for sale than buyers. Alternatively, if the months of supply drop below 5 months, it becomes a seller’s market.
Is it a Good Time to Buy a House in Florida Right Now?
Even with a balanced market, there are metro areas in Florida that are leaning toward a buyer’s market. These are the places where the months of supply are greater than 6. We analyzed the months of supply of the top metro areas in Florida and came up with a list of places that are in a buyer’s market.
Places Where It’s a Good Time to Buy a House Right Now
Here’s a list of metro areas in Florida, where it’s currently a buyer’s market or a balanced market. In the list below, you will see the months of supply numbers for each metro area. The bigger the number, the more that metro area is in a buyer’s market. Days on the market is the average number of days it takes to sell a house.
Buyer’s Market
Key West, FL metro area
- Months of Supply: 11.2
- Median Sale Price: $987,500
- Days on Market: 92
Clewiston, FL metro area
- Months of Supply: 11
- Median Sale Price: $282,495
- Days on Market: 85
Lake City, FL metro area
- Months of Supply: 8.1
- Median Sale Price: $255,000
- Days on Market: 72
Naples, FL metro area
- Months of Supply: 7.5
- Median Sale Price: $675,000
- Days on Market: 64
Punta Gorda, FL metro area
- Months of Supply: 7.2
- Median Sale Price: $354,900
- Days on Market: 68
Miami, FL metro area
- Months of Supply: 7.1
- Median Sale Price: $526,320
- Days on Market: 72
Panama City, FL metro area
- Months of Supply: 7.1
- Median Sale Price: $366,500
- Days on Market: 85
Sebastian, FL metro area
- Months of Supply: 7.1
- Median Sale Price: $397,500
- Days on Market: 80
West Palm Beach, FL metro area
- Months of Supply: 6.9
- Median Sale Price: $500,000
- Days on Market: 72
Cape Coral, FL metro area
- Months of Supply: 6.7
- Median Sale Price: $403,000
- Days on Market: 65
Fort Lauderdale, FL metro area
- Months of Supply: 6.7
- Median Sale Price: $440,000
- Days on Market: 70
Crestview, FL metro area
- Months of Supply: 6.2
- Median Sale Price: $430,000
- Days on Market: 86
Sebring, FL metro area
- Months of Supply: 6.1
- Median Sale Price: $274,450
- Days on Market: 69
Arcadia, FL metro area
- Months of Supply: 6
- Median Sale Price: $250,000
- Days on Market: 79
Balanced Market
Port St. Lucie, FL metro area
- Months of Supply: 5.7
- Median Sale Price: $400,000
- Days on Market: 63
North Port, FL metro area
- Months of Supply: 5.6
- Median Sale Price: $449,000
- Days on Market: 60
Okeechobee, FL metro area
- Months of Supply: 5.5
- Median Sale Price: $175,000
- Days on Market: 62
Wauchula, FL metro area
- Months of Supply: 5.5
- Median Sale Price: $280,950
- Days on Market: 105
Deltona, FL metro area
- Months of Supply: 5
- Median Sale Price: $345,000
- Days on Market: 73
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