Port St. Lucie Real Estate Forecast

FORT PIERCE, Fla. - Dec. 16, 2022 - PRLog -- Per Sergei Goukasov Broker/Owner of Real Estate Expo Inc. serving the Treasure Coast Of Florida. From North Vero Beach thru Jensen Beach to the south.

At this time, the median list price for homes in the area stands at $415,000, with a median list price per square foot of $232, and a median selling price of $375,000.

This means the sale-to-list price ratio in the market is right around 66% to 67%, which is well below some of the hotter markets in the state, but still on par with some of the more average-performing markets around the peninsula. Meanwhile, in Port Lucie county, the numbers are nearly identical, with a median listing price of $400,000, a median list price per square foot of 231, and a median selling price of $365,000. This puts the sale-to-list price ratio of the County at 91% to 92%, which means it's outperforming the local micro market.

At this time, there are a number of factors in play that will determine the strength or weakness of the residential real estate market in Port St Lucie Florida. Among them are rising interest rates, prolonged inflation, changing job markets, new construction, rents, and demographic changes in key areas, along with a growing population.

The Federal Reserve has made it clear it will continue its strategy of incrementally bumping up interest rates, which are now the highest in decades, over the course of the next year. This will drive down new mortgage applications, along with refinances, and that will have a negative impact on the residential real estate market. Persistent inflation is also a negative factor that is playing into the market, which also drives down the number of transactions as buyers pull back when dollars are worth less.

Additionally, there are other pressures bearing down on the local real estate micro market, along with the macro economy of the state at large. For instance, the state continues to experience a huge influx of new residents and that will help to drive up property values as housing becomes more scarce.

For any questions or help selling or buying properties. Please call Sergei at   772-216-7126
or see   https://realestateexpoinc.com/