Treasure Coast Florida Real Estate Forecast 2023

FORT PIERCE, Fla. - Jan. 13, 2023 - 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.

The residential real estate market on the Florida Treasure Coast is currently showing strong demand for housing, with over 2,600 active listings and a median asking price of $410,000. The median list price per square foot is $231, and the median selling price is $372,700, representing a substantial but not huge increase in a year-over-year comparison.

However, there are several factors that are negatively impacting the market and causing some buyers to avoid the real estate market altogether or delay their home purchases. One major factor is some of the highest interest rates in decades, which make it more expensive for buyers to take out a mortgage. This can make it more difficult for some buyers to afford long-term commitments.

Another factor that is impacting the market is continuous inflation, which is causing the prices of everything to rise. This can make it more expensive for buyers to purchase a home, as the cost of living in the area continues to go up year after year.

Finally, there has been less new construction in the area, which means that there is a limited supply of new homes available. This can make it more difficult for buyers to find a home that best meets their needs and preferences.

Despite these challenges, the market on the Treasure Coast remains mostly balanced between buyers and sellers, with a sale-to-list price ratio that is quite high. This means that homes are generally selling for nearly their asking prices. The median days on the market are running well over thirty days. However, the market is in a state of flux, as the high prices and limited supply of new homes may be causing some buyers to hold off on purchasing.

To recap, the residential real estate market on the Treasure Coast is showing strong demand for housing, with a good selection of homes available and a mostly balanced market. However, buyers should be aware of the factors that may be impacting the market, such as costly interest rates, continuous inflation, and less new construction in the area, to plan accordingly when purchasing a home.

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