Ed DiMarco MS, MA
- Sep 2
- 3 min read

Florida Real Estate Market: Late 2024 Sees Steady Growth Amidst Shifting Dynamics

he Florida real estate market continues to display resilience and adaptability as it navigates the evolving economic landscape in 2024. The latest data for July 2024 reveals a complex picture of growth, stabilization, and challenges that excite and caution potential investors. Here's an in-depth look at the current state of the Florida real estate market and what it means for buyers, sellers, and investors.

Florida Closed Sales: A Positive Uptick

July 2024 saw a notable increase in closed sales for single-family homes across Florida, rising by 5.2% year-over-year to a total of 23,353 units sold. This significant increase marks a steady recovery from the subdued activity observed in late 2023 and early 2024. The growing number of sales reflects the underlying strength of Florida's real estate market, buoyed by ongoing demand and the state's attractive lifestyle offerings.

Florida Cash Sales: Stability Amidst Market Adjustments

Cash sales, often a strong indicator of investor activity and market confidence, increased slightly by 1.2% from July 2023, reaching 6,156 transactions. However, cash sales as a percentage of total closed sales have decreased to 26.4%, down from 27.4% a year earlier. This shift suggests that while cash buyers remain active, they are becoming more selective in their purchases, likely due to the stabilizing market and rising inventory.

Florida Price Trends: Incremental Increases in a Moderating Market

The median sale price for single-family homes in Florida increased by 0.5% year-over-year, reaching $416,990 in July 2024. This modest increase contrasts with the more significant price escalations seen in previous years, indicating a market that is beginning to stabilize. The average sale price also saw a 2.2% increase, standing at $587,882. These figures reflect a market where price growth is slowing but not reversing, offering a more sustainable environment for long-term investment.

Florida Inventory Levels: A Surge in Supply

One of the most notable changes in the Florida real estate landscape is the significant increase in inventory. Active inventory has surged by 59.4% year-over-year, with 97,634 homes available in July 2024 compared to just 61,246 in July 2023. This increase has pushed the months’ supply of inventory to 4.6 months, up from 2.8 months a year ago. The rising inventory levels indicate a shift towards a more balanced market, giving buyers more options and potentially easing some of the price pressures seen in recent years.

Florida Market Dynamics: Longer Time to Contract and Sale

The median time to contract has lengthened to 37 days, a 54.2% increase from July 2023's 24 days. Similarly, the median time to sale has increased by 19.4%, now taking 80 days on average. These longer timelines suggest that the market is cooling slightly, with buyers taking more time to make decisions amidst a growing selection of available properties.

Florida Dollar Volume and Market Activity

Despite these shifts, the overall dollar volume of sales has increased by 7.5% year-over-year, totaling $13.7 billion in July 2024. This growth underscores the market’s robustness, driven by the sheer volume of transactions and the steady, albeit slower, appreciation in home values.

Florida New Listings and Pending Sales: A Balancing Act

New listings rose by 10.7% year-over-year, with 30,348 new properties entering the market in July 2024. However, new pending sales saw a slight decline of 0.6%, reflecting a market where buyer activity is steady but not keeping pace with the influx of new inventory. Pending inventory also fell by 5.9%, indicating that while more homes are being listed, not all are being quickly absorbed by the market.

Florida: A Market in Transition

The Florida real estate market in July 2024 is characterized by growth in closed sales, rising inventory, and stabilizing prices. While the market remains strong, the dynamics shift towards a more balanced environment where buyers have more leverage and price growth is more moderate. For investors and homebuyers, this presents both opportunities and challenges. The key will be navigating this evolving landscape with a clear understanding of local market conditions and a strategic investment approach.

As Florida continues to attract new residents and businesses, its real estate market remains one of the most dynamic and promising in the country. However, success in this market will require a keen eye for detail, a willingness to adapt to changing conditions, and a long-term perspective on value creation.