Year-End 2024 Florida Luxury Market Report by Engel & Völkers Florida

Luxury is Not Just a Price Point— It's Our Promise.

Welcome to the Engel & Völkers Florida 2024-year end Luxury Real Estate Market Report, your guide to real estate market trends throughout Florida and our analysis of what trends are happening in each metro area. The data compiled includes prior year comparisons of the total number of sales, average sales price median days to sale and active listings for single family homes and condominiums for each market analyzed.

The year began with high hopes of interest rate declines and more robust sales activity. Across the country, residential real estate sales declined to 30-year lows and Florida also saw a continued decline in total transactions closed. However, not all segments of the market are the same, and the $1 million and up market had almost an 8% increase in year over year sales with over 22,000 single family homes sold in this category. Sales prices went up to a record average sales price of $599,785 and a median price of $420,000.

While the number of single homes listed for sale in 2024 increased, it is still below the number of homes listed for sale in 2019 and this occurred while the population of the state has grown by over 2 million residents. Pent-up demand is the key trend that will continue into 2025. Because of this pent-up demand and continued influx of wealthy individuals relocating to Florida, the price of single-family homes statewide will continue to rise.

The condominium market has had a different narrative. Changes in state laws have provided uncertainty in how much the monthly HOA fees may go up. This has shifted this part of the real estate market to a buyer’s market as the state has 8 months’ worth of condominium inventory for sale. Luxury condos continue to attract high end buyers, and this property type is dominated by all cash buyers.

The Florida luxury real estate market, through three hurricanes affecting the state and higher interest rates proved to be not only resilient but also growing. For wealthy individuals, purchasing property in a tax-friendly state known for its warm weather, unique destinations and excellent amenities will remain strong. We are confident that 2025 will continue to see sales growth and price growth in the luxury segment and if interest rates decline the market will see exponential growth.

At Engel & Völkers luxury is not just a price point but a different level of service for all our clients. On behalf of all our franchise owners and real estate advisors we look forward to the opportunity to service all of your real estate needs.

Sincerely,

Peter Giese

Peter Giese — CEO of Engel & Völkers Florida

Florida State

Florida, known as the Sunshine State, offers a diverse blend of vibrant cities, picturesque beaches, and rich cultural heritage. From the bustling metropolis of Miami and the historic charm of St. Augustine to the serene beauty of the Gulf Coast and the thrilling attractions of Orlando, Florida presents a lifestyle for every preference. The state boasts a robust economy, no state income tax, and a year-round warm climate, making it a desirable destination for both residents and investors. Whether it's waterfront living, golf course communities, or urban luxury, Florida's real estate market continues to thrive, attracting those seeking both primary residences and vacation getaways.

From Frenzy to Balance

Over the past four years, Florida’s housing market has experienced a remarkable transformation, evolving from a red-hot seller’s market to a more balanced landscape. Between 2021 and 2022, a combination of historically low interest rates, strong in-migration, and a robust economy fueled intense demand across all market segments, including single-family homes, condominiums, and luxury properties. Limited inventory and fierce competition drove rapid price appreciation, with homes spending an average of just 40 days on the market.

Shifting Dynamics

The market began to shift in 2023 and continued into 2024, as inventory levels rose and provided buyers with more options. This increase in supply helped slow the pace of price growth and extended the average days on the market to 76—nearly double the duration seen in the earlier period. Higher borrowing costs, driven by rising interest rates, significantly impacted affordability, reducing buyer urgency and contributing to a more measured demand.

From Boom to Stability

Single-family homes, which experienced the most significant appreciation during the initial housing boom, followed a similar path to the broader market. While rapid price growth defined 2021 and 2022, 2023 and 2024 brought about stabilization. Increased inventory contributed to this balance, offering buyers a wider selection of properties and a more predictable market experience.

Condominiums Mirror Market Trends

The condominium market closely mirrored the trends seen in single-family homes. Early gains during the seller’s market phase were followed by a period of stabilization as inventory levels increased and the pace of sales normalized. This shift allowed condo buyers more time to make decisions and created a healthier, more sustainable market dynamic.

Resilience in the Luxury Market

Despite these changes, the luxury market—defined as properties priced at $1 million and above—demonstrated remarkable resilience. While this segment remained competitive, signs of moderation began to surface. Increased inventory and longer time-to-contract pointed to a transition toward a more balanced market environment, offering luxury buyers greater opportunities and negotiating power.

Population Growth and Economy

Several key factors continue to shape Florida’s housing market. Ongoing population growth, driven by domestic migration, maintains a steady demand for housing. Additionally, Florida’s thriving economy—supported by robust tourism, job creation, and a favorable business climate—provides strong market fundamentals. However, fluctuating interest rates remain a critical influence, as they directly impact affordability and buyer behavior across all price points.

Outlook for Florida's Luxury Real Estate

Looking ahead, Florida’s luxury real estate market is expected to remain active, albeit at a more measured pace than in previous years. While the rapid acceleration of 20212022 has cooled, demand for luxury properties remains strong, particularly in highly sought-after regions that benefit from continued in-migration and economic stability. Regional differences will play a pivotal role, with factors such as job growth and population trends shaping local market conditions.

Cautious Optimism with Market Stability

While a major market correction is not anticipated, the potential for price adjustments in select areas remains. Buyers and sellers alike are encouraged to approach the market with careful consideration of local trends and economic indicators. This analysis reflects general market trends and should not be considered financial or investment advice, but rather as a guide to understanding the evolving dynamics of Florida's real estate landscape.

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BAY AND GULF COUNTIES

30A Beaches

The 30A Beaches, stretching through Bay and Gulf counties, are a collection of charming coastal communities along Florida’s scenic Highway 30A. Known for their sugar-white sands, emerald waters, and laid-back luxury, towns like Rosemary Beach, Seaside, and Grayton Beach offer a blend of upscale beach homes, boutique shops, and local dining. This area is a haven for those seeking a relaxed coastal lifestyle with an emphasis on outdoor activities, from paddleboarding and kayaking to biking along scenic trails. With its unique charm and natural beauty, the 30A Beaches continue to attract buyers looking for vacation homes, investment properties, and a slice of paradise on Florida’s Gulf Coast.

Seller's Surge to Balanced Dynamics

The Bay and Gulf counties housing market experienced a remarkable transformation, evolving from a strong seller’s market to a more balanced and stable environment between 2021 and 2024. For single-family homes, the 2021 and 2022 period was defined by constrained inventory, rapid price appreciation, and moderate sales velocity, creating a competitive marketplace heavily weighted in favor of sellers. Buyers were often met with intense competition, with properties frequently selling above asking prices and within days of being listed.

Slowing Appreciation and Expanding Inventory

From 2023 to 2024, the single-family home market began to shift noticeably toward a more balanced state, bringing relief to prospective buyers. While home prices continued to appreciate, the pace of growth slowed significantly. Inventory levels steadily increased, offering a broader selection of homes to choose from, which enhanced buyer confidence. The median days to sale rose considerably, reflecting a market where buyers could take their time and make informed decisions without the pressure of rapid transactions.

Condominium Market Eases into Stability

The condominium market in Bay and Gulf counties mirrored the broader market trends. From 2021 to 2022, this segment experienced a robust seller’s market characterized by limited inventory, fast price gains, and moderate sales velocity. Buyers often found themselves in competitive bidding situations, with condos selling quickly and often with little room for negotiation.

More Inventory, Slower Sales

From 2023 to 2024, the condominium market transitioned into a more balanced state. Although prices continued their upward trajectory, the rate of appreciation moderated, reducing market volatility. Inventory levels expanded, offering prospective buyers more choices and opportunities. The median days to sale increased significantly, signaling a shift from a rushed market to one where buyers could engage more thoughtfully in the purchasing process.

Evolving Market Dynamics

From 2021 to 2022, this high-end segment displayed a strong seller’s market, with limited inventory and moderate sales velocity that encouraged quick sales and strong offers. The luxury market’s unique appeal often drew competitive interest, pushing prices higher and reducing the negotiation window for buyers.

Luxury Buyers Gain Leverage

Between 2023 and 2024, a more balanced market dynamic emerged, offering a fresh perspective for both buyers and sellers in the luxury segment. While prices continued to appreciate, the rate of increase slowed, promoting a more strategic and less reactionary approach to transactions. The significant rise in inventory provided luxury buyers with a wider array of high-end properties, while the extended median time to contract suggested a market where negotiations could unfold at a more measured pace, aligning with the expectations of luxury clientele.

Stability and Increased Options

The luxury condominium market closely followed the patterns seen in the single-family home and broader condominium markets. During 2021 and 2022, the market was firmly in the seller’s favor, with limited inventory and moderate sales velocity driving swift transactions and competitive pricing. The demand for luxury condos often outpaced supply, leading to quick sales and fewer opportunities for negotiation.

Slower Pace and Broader Selection

From 2023 to 2024, the luxury condominium market evolved into a more balanced environment. Although prices continued to appreciate, the pace of growth decelerated, contributing to a more measured market environment. Inventory levels increased significantly, providing luxury buyers with more options and enhancing their ability to find properties that meet their specific needs. The substantial increase in the median time to contract indicated a reduction in buyer urgency.

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KEY TRENDS AND CHALLENGES

• Shift from a strong seller’s market (2021-2022) to a balanced market (2023-2024) across all market segments.

• Single-family homes and condominiums saw moderated price increases and longer days on market.

• Increased inventory, particularly in the luxury segments, offering buyers more choices.

• Reduced buyer urgency in both luxury single-family and condominium markets.

• Navigating the transition to a balanced market with increased inventory.

• Encouraging strategic decision-making among buyers.

• Promoting the coastal lifestyle and investment opportunities while managing market expectations.

Brevard County

Brevard County, known as Florida’s Space Coast, offers a unique blend of innovation and coastal living. Home to the Kennedy Space Center, the area is rich in aerospace history and continues to inspire with rocket launches visible from miles away. Beyond its space heritage, Brevard features picturesque beaches along the Atlantic, vibrant communities like Melbourne and Cocoa Beach, and abundant outdoor activities along the Indian River Lagoon.

PALM BAY | MELBOURNE | TITUSVILLE

Market Balances After Seller Surge

The Brevard County housing market experienced a marked transition from a strong seller’s market to a more balanced environment between 2021 and 2024. During 2021 and 2022, the single-family home market was defined by tight inventory, rapid price gains, and steady sales momentum, all contributing to a strong seller’s advantage.

Easing Appreciation and Growing Inventory

From 2023 to 2024, the market moved toward equilibrium. Although prices continued to rise, the appreciation rate became more measured. The increase in inventory expanded options for buyers, and the significant jump in median days to sale underscored a less hectic market compared to the fastpaced 2021-2022 period.

Condominium Market Cools to a Balanced State

The condominium sector in Brevard County followed a similar trend. The strong seller’s market of 2021 and 2022 was driven by limited stock, rising prices, and healthy sales activity.

More Choices for Condo Buyers

As the market evolved between 2023 and 2024, this segment also reached a more balanced state. While prices maintained upward momentum, the pace of growth slowed. Buyers benefitted from increased inventory and a longer median time to sale, reflecting a shift away from the urgency of previous years.

From Seller's Market to Stability

The luxury single-family home market mirrored the broader market’s transition. During 2021 and 2022, limited inventory and relatively swift sales characterized this high-end sector, solidifying a strong seller’s market.

Market Gains Breathing Room

From 2023 to 2024, a more balanced market took hold. Price appreciation continued, albeit at a slower pace, while inventory levels expanded significantly. This shift offered buyers a broader selection of properties, and the extended time to contract indicated a more patient market approach.

Evolving to Meet Buyer Demand

The luxury condominium market experienced comparable shifts. In 2021 and 2022, this segment saw minimal inventory and quick sales, sustaining a seller-friendly market.

Increased Inventory and Slowed Pace

From 2023 to 2024, the market steadied, with slower price growth and a significant rise in available listings. Buyers had more options, and the longer median time to contract pointed to decreased buyer urgency, aligning this segment with the broader market’s balanced state.

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KEY TRENDS AND CHALLENGES

• The single-family home market transitioned from a strong seller’s market in 2021–2022 to a more balanced state in 2023–2024, with increased inventory and a slower pace of price growth.

• The condominium market followed a similar path, showing a shift toward balance with more choices for buyers and longer median days to sale.

• The luxury single-family home segment also moved to a more balanced market, with increased inventory providing buyers with greater options and reduced urgency in sales.

• The luxury condominium market mirrored these trends, with slowing price appreciation and increased time to contract indicating a more relaxed market atmosphere.

• Balancing strategic pricing and seller expectations as market conditions shift towards a balanced environment.

• Crafting marketing strategies that differentiate listings in a more competitive landscape, focusing on lifestyle, luxury, and investment potential.

Broward County

Broward County, encompassing vibrant cities like Fort Lauderdale, Hollywood, and Pompano Beach, is celebrated for its dynamic lifestyle, waterfront living, and robust cultural scene. Known as the "Venice of America" for its extensive canal system, the area offers everything from luxurious oceanfront estates and high-rise condominiums to charming suburban neighborhoods. Broward’s thriving economy, top-rated schools, and proximity to Miami make it a prime choice for both families and professionals. With its mix of urban excitement, beachside relaxation, and strong real estate market, Broward County stands out as a hub for luxury living in South Florida.

Unveiling Market Trends

Broward County's real estate market has undergone a significant transformation from 2021 to 2024. Initially, the market was characterized by intense seller activity, with rapid sales and skyrocketing prices. This surge was fueled by historically low interest rates and a high influx of buyers seeking the Florida lifestyle. However, this period of intense competition has given way to a more balanced market.

Price Appreciation and Inventory Expansion

For single-family homes, the period saw a steady climb in median sale prices, a trend that persisted, albeit at a moderated pace. Specifically, the median sale price rose from $470,000 in 2021 to $616,250 in 2024. Simultaneously, a substantial increase in inventory levels has provided buyers with more options, with inventory climbing from 1,731 to 4,719. Notably, the median days to sale fluctuated, reflecting the market’s adjustment to these new dynamics.

Fluctuations and Inventory Surge

The condominium market presented a similar pattern, with strong demand and significant price appreciation initially. However, from 2023 onward, a notable shift occurred, marked by a dramatic increase in inventory. This surge, from 3,010 units in 2021 to 10,239 in 2024, reflects a combination of increased construction and potentially a slowdown in buyer demand. The impact of this increased inventory has resulted in a significant increase in the median days to sale, demonstrating a cooling of the market.

Gradual Evolution

The luxury single-family home market has experienced a period of evolution between 2021 and 2024. While demand remained strong initially, there has been a noticeable shift in buyer behavior. The median time to contract has seen significant increases, which highlights that high value buyers are taking more time to consider their purchase. Though, new listings, and inventory of luxury single family homes has grown steadily.

Market Rebalancing

The Luxury condominium market has also made a clear change. From an initial sellers market, to a much more balanced one. Increasing inventory, and medians time to contract, allow for buyers to assess many more options than they could have previously.

Factors Shaping the Luxury Market

These shifts in the luxury market can be attributed to several factors. Rising interest rates have undoubtedly impacted buyer affordability and investment decisions. Additionally, shifting economic conditions and changing preferences among affluent buyers have also played a role. The impact from the large amount of new construction condos, have also directly impacted the luxury condo section of the market.

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KEY TRENDS AND CHALLENGES

• Shift from a competitive seller’s market (2021) to a more balanced market (2022–2024).

• Slowing price appreciation with increased inventory in both single-family and condominium markets.

• Stronger resilience in the luxury segment due to high-net-worth buyers less impacted by interest rates.

• Surge in condominium inventory, transitioning to a buyer’s market by 2024.

• Rising interest rates impacting buyer affordability and urgency.

• Increased construction leading to higher inventory but also more competition for sellers.

• Balancing buyer expectations with shifting market conditions, particularly in the condominium sector.

NAPLES | IMMOKALEE | MARCO ISLAND

Collier County

Collier County, home to the upscale city of Naples and the tranquil Everglades City, is synonymous with luxury living along Florida’s Paradise Coast. Renowned for its pristine beaches, world-class golf courses, and vibrant arts and dining scene, Naples offers a sophisticated yet relaxed coastal lifestyle. Beyond the opulence, Collier County boasts natural beauty with access to the Everglades, providing endless opportunities for outdoor adventures. Whether exploring the chic shops of Fifth Avenue South or enjoying the serene Gulf waters, Collier County delivers a blend of elegance and natural splendor.

Single-Family Market Balances

The Collier County housing market has transitioned from a strong seller's market to a more balanced market between 2021 and 2024. For single-family homes, 2021 and 2022 were characterized by limited inventory, rapid price appreciation, and moderate sales velocity, creating a classic seller's market.

Slower Price Appreciation

From 2023 to 2024, the market gradually shifted towards a more balanced state. While prices continued to appreciate, the pace of appreciation slowed. Inventory steadily increased, providing buyers with more options. The median days to sale increased significantly, indicating a less frenzied market compared to the 2021-2022 period.

Condo Market Cools Down

The condominium market followed a similar trajectory. From 2021 to 2022, this segment also experienced a strong seller's market, marked by limited inventory, rapid price appreciation, and moderate sales velocity.

Buyers Gain More Options

From 2023 to 2024, the market gradually shifted towards a more balanced state. While prices continued to appreciate, the pace slowed. Inventory steadily increased, offering buyers more choices. The median days to sale increased significantly, reflecting a less hurried market compared to the previous period.

Luxury Homes Stabilize

The luxury single-family home market also transitioned from a strong seller's market to a more balanced one. From 2021 to 2022, this segment experienced limited inventory and relatively swift sales.

Increased Inventory Benefits Buyers

Between 2023 and 2024, a more balanced market emerged. While prices continued to appreciate, the rate of increase slowed. Inventory levels increased significantly, providing buyers with more options. The median time to contract increased, suggesting a decrease in buyer urgency.

Luxury Condo Market Shifts

The luxury condominium market mirrored the trends seen in the other market segments. From 2021 to 2022, this segment was a strong seller's market with limited inventory and relatively swift sales.

Less Buyer Urgency Evident

From 2023 to 2024, a more balanced market emerged. While prices continued to appreciate, the pace slowed. Inventory levels increased significantly, providing buyers with more options. The median time to contract increased, suggesting a decrease in buyer urgency.

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KEY TRENDS AND CHALLENGES

• The single-family home market transitioned from a strong seller’s market in 2021–2022 to a more balanced state in 2023–2024, with increased inventory and slower price appreciation.

• The condominium market followed a similar trend, moving towards a balanced market with longer median days to sale, reflecting a more deliberate buyer approach.

• The luxury single-family home segment showed increased inventory and a moderate pace of price appreciation, leading to a more balanced market environment.

• The luxury condominium market mirrored this shift, with more available listings, slower appreciation, and reduced buyer urgency.

• Adapting sales strategies to align with a more balanced market, focusing on differentiation and value presentation.

• Maintaining luxury market appeal amid increased inventory, requiring strategic marketing and staging to capture buyer interest.

• Balancing pricing strategies to remain competitive while managing seller expectations in a slower market.

Flagler & Volusia Counties

Flagler and Volusia counties, located along Florida’s Atlantic coast, offer a unique blend of natural beauty, historic charm, and vibrant coastal living. The area is home to picturesque beaches, including the famous sands of Daytona Beach, and scenic coastal towns like Palm Coast and Ormond Beach. With a mix of historic sites, outdoor recreation, and a laidback lifestyle, Flagler and Volusia counties attract both tourists and residents seeking a relaxed yet dynamic environment. The region's real estate market is diverse, featuring everything from waterfront estates to charming bungalows, appealing to a wide range of buyers.

DELTONA | DAYTONA BEACH | ORMOND BEACH

Market Balances as Inventory Grows

The Flagler and Volusia counties single-family home market has transitioned from a strong seller's market to a more balanced one. From 2021 to 2022, robust demand, fueled by limited inventory, drove rapid price appreciation and quick sales. However, from 2023 to 2024, the market cooled significantly as inventory levels rose.

More Negotiating Power

While prices continued to appreciate, the pace slowed considerably. The increased inventory, coupled with rising interest rates, likely contributed to a slowdown in sales activity, reflected in the longer median days to sale. This shift indicates a more balanced market, potentially empowering buyers with greater negotiating leverage.

Condo Market Shifts

The condominium market mirrored the trends observed in the single-family home market, albeit with some nuances. From 2021 to 2022, this segment also experienced a strong seller's market, characterized by limited inventory and rapid price appreciation.

Increased Inventory Extends Days on Market

The period from 2023 to 2024 brought a substantial cooling of the market. Inventory levels increased dramatically, likely impacting buyer urgency and contributing to a significant increase in the median days to sale. This data suggests a clear shift towards a more buyer-favored market within the condominium segment.

Market Cools After Strong Growth

The luxury single-family home market experienced a period of growth followed by a noticeable slowdown. From 2021 to 2022, this segment enjoyed a strong seller's market with limited inventory and relatively swift sales. However, from 2023 to 2024, the market cooled.

More Options for Buyers

Inventory levels increased significantly, providing buyers with more options. The median time to contract increased, suggesting a decrease in buyer urgency. This luxury segment likely felt similar pressures from rising interest rates and broader economic factors influencing overall demand.

Market Moves to Balanced Conditions

The luxury condominium market exhibited a trend similar to the overall condominium market. From 2021 to 2022, this segment experienced a strong seller's market with limited inventory and swift sales. The period from 2023 to 2024 brought a significant cooling of the market. Inventory levels increased dramatically, providing buyers with significantly more choices.

New Developments Shape Luxury Trends

The median time to contract increased significantly, suggesting a decrease in buyer urgency. Factors such as interest rates, economic conditions, and the availability of new luxury condominium developments likely played a significant role in shaping the dynamics of this segment.

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KEY TRENDS AND CHALLENGES

• Transition from a robust seller’s market (2021–2022) to a more balanced market (2023–2024) across all segments.

• Increased inventory in both single-family and condominium markets, providing buyers with more choices.

• Slower price appreciation, indicating a market stabilization.

• The luxury market followed similar trends, with increased median days to sale and reduced buyer urgency.

• Rising interest rates impacting buyer affordability and demand.

• Managing increased inventory while maintaining property values, particularly in the luxury condominium segment.

• Adapting to broader economic conditions influencing buyer sentiment and market dynamics.

ALACHUA & GILCHRIST COUNTIES

Gainesville

Gainesville, nestled in Alachua and Gilchrist counties, is best known as the home of the University of Florida, bringing a vibrant college-town atmosphere and a steady influx of students, faculty, and sports enthusiasts. The area blends academic prestige with natural beauty, offering access to scenic springs, trails, and parks. Gainesville’s thriving healthcare and education sectors drive its economy, while its historic downtown, lively arts scene, and community events create a welcoming environment. With a mix of youthful energy and Southern charm, Gainesville offers a balanced lifestyle that appeals to both residents and visitors.

From Seller’s to Balanced Market

The Gainesville housing market has transitioned from a seller's market to a more balanced one between 2021 and 2024. For single-family homes, the period from 2021 to 2022 was characterized by a strong seller's market, fueled by robust demand, limited inventory, and rapid price appreciation.

Increased Inventory, Slower Sales

From 2023 to 2024, the market cooled. Inventory levels increased, offering buyers more choices. While prices continued to appreciate, the rate of increase slowed, and the median days to sale increased, suggesting a decrease in buyer urgency.

Buyer Urgency Declines

The condominium market followed a similar trend. From 2021 to 2022, it was a seller's market with limited inventory and price appreciation. The period from 2023 to 2024 saw a shift towards a more balanced market. Inventory levels increased, giving buyers more options. The median days to sale also increased, indicating a decrease in buyer urgency.

Market Cools, More Choices for Buyers

The luxury single-family home market also experienced a period of growth followed by a cooling. From 2021 to 2022, this segment was a strong seller's market with limited inventory and swift sales. From 2023 to 2024, the market cooled. Inventory levels increased, providing buyers with more choices. The median time to contract increased, suggesting a decrease in buyer urgency.

Quiet with Minimal Activity

The luxury condominium market presented a different picture. From 2021 to 2022, activity in this segment was limited. This trend continued from 2023 to 2024, with only a single new listing recorded in 2024, indicating a consistently low level of activity in this particular market segment.

KEY TRENDS AND CHALLENGES

• Market shift from a strong seller’s market (2021–2022) to a more balanced landscape (2023–2024).

• Increased inventory across single-family and condominium markets, providing buyers with more choices.

• Slower pace of price appreciation and extended median days to sale, indicating decreased buyer urgency.

• Limited activity in the luxury condominium market, with only one new listing in 2024, highlighting niche demand.

• Navigating the impact of rising interest rates on buyer affordability and market activity.

• Balancing increased inventory with maintaining property values, particularly in the luxury single-family segment.

• Addressing the persistently low activity in the luxury condominium market, potentially requiring targeted marketing strategies.

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BAKER | CLAY | DUVAL | NASSAU | ST. JOHNS COUNTIES

Jacksonville

Jacksonville, spanning Baker, Clay, Duval, Nassau, and St. Johns counties, is Florida’s largest city by land area and a dynamic gateway to the Southeast. With a bustling urban core, historic neighborhoods, and miles of pristine beaches, Jacksonville offers a diverse lifestyle for its residents. The city is known for its thriving business environment, vibrant arts and culture scene, and outdoor adventures along the St. Johns River and Atlantic coastline. Nearby St. Augustine, the nation’s oldest city, adds a historic charm, while the region's strong job market and affordability continue to attract new residents.

Shifts from Seller's Market to Balance

The Jacksonville witnessed a dynamic shift in its housing market between 2021 and 2024. During the early part of this period the single-family home market was defined by a robust seller’s market. Limited inventory, rapid price appreciation, and quick sales created a competitive environment where buyers had to act swiftly to secure properties, often encountering bidding wars and elevated price points.

Frenzied Sales to Strategic Transactions

From 2023 to 2024, the single-family home market began to show signs of cooling. Inventory levels rose steadily, which provided prospective buyers with a wider array of choices and helped temper the rapid price increases of previous years. Although home prices continued to appreciate, the pace of growth slowed to a more sustainable rate, allowing buyers to navigate the market with greater confidence. The median days to sale increased, signaling a reduction in buyer urgency and a shift towards a market where thoughtful decisions could replace the hurried transactions of the past.

Condominium Market Shifts Towards Balance

The condominium market in Jacksonville mirrored the trends seen in the single-family home sector. From 2021 to 2022, condos were in high demand, with a strong seller’s market driven by limited inventory and steady price appreciation. Quick sales were the norm, with many buyers seizing opportunities to purchase condos in this vibrant metropolitan area.

More Inventory and Less Urgency

From 2023 to 2024, the condominium market transitioned to a more balanced state. The increase in inventory expanded options for buyers, promoting a healthier market dynamic. While prices continued to rise, the rate of appreciation slowed, contributing to a more predictable and less volatile market atmosphere. Additionally, the median days to sale increased, offering buyers more time to consider their options and negotiate favorable terms without the intense pressure of a seller’s market.

Slower Contracts

The luxury single-family home market presented a slightly different picture. While 2021 and 2022 were strong seller's markets with limited inventory and swift sales, the market remained competitive from 2023 to 2024, with continued strong demand. Although inventory levels increased, demand remained high, resulting in a relatively short median time to contract.

Seller's Market to Market Cooling

The luxury condominium market mirrored the trend seen in the high-end single-family home market. From 2021 to 2022, it was a seller's market with limited inventory and strong demand. From 2023 to 2024, the market remained competitive. Inventory levels increased, but demand remained high, resulting in a relatively short median time to contract.

KEY TRENDS AND CHALLENGES

• Transition from a strong seller’s market (2021–2022) to a more balanced market (2023–2024) in the single-family and general condominium segments.

• Increased inventory across all segments, offering buyers more choices and slowing the pace of price appreciation.

• The luxury single-family and condominium markets remained competitive even as inventory rose, demonstrating sustained demand for high-end properties.

• Adapting to rising interest rates, which may influence buyer affordability and overall sales activity.

• Balancing increased inventory with maintaining property values, particularly in the broader single-family and condominium markets.

• Leveraging strong demand in the luxury segments to drive quick sales while navigating broader economic factors.

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MONROE COUNTY

Key West

Key West, located in Monroe County, is the southernmost point of the continental United States, known for its vibrant island culture, historic charm, and breathtaking sunsets. With its colorful architecture, lively Duval Street, and storied history—including the former home of Ernest Hemingway— Key West offers a unique blend of art, culture, and tropical living. The island’s crystal-clear waters invite snorkeling, diving, and boating adventures, while its laid-back vibe and welcoming community make it a true paradise at the end of the Florida Keys.

„The Florida Keys real estate market in 2025 is seeing significant shifts driven by both statewide trends and local dynamics. Sellers are achieving around 90% of their original listing prices, even with an average price reduction of 4.4%. The unique blend of limited buildable land, strict development regulations, and demand for primary and vacation homes continues to bolster market stability. However, affordability challenges and environmental risks like rising insurance costs and storm threats remain key considerations for buyers and investors.“

Stephany Duvall License Partner & Broker of Engel & Völkers Florida Keys

Seller’s Stronghold to Balanced Stability

During 2021 and 2022, Monroe County’s single-family home market was defined by limited inventory, rapid price appreciation, and moderate sales velocity. These conditions created a robust seller’s market, where properties moved quickly, and sellers often received competitive offers. The scarcity of available homes, combined with the allure of the Keys' lifestyle, contributed to heightened buyer urgency and swift transactions.

From Rapid Gains to Measured Growth

From 2023 to 2024, however, the market began to cool. While home prices continued to appreciate, the rate of growth moderated, signaling a shift towards market stability. Inventory levels steadily increased, offering buyers a broader selection of properties. This rise in available listings helped temper buyer competition and fostered a more deliberate approach to purchasing. The median days to sale increased significantly, reflecting a less frenzied market atmosphere. Buyers gained more time to explore their options and negotiate, marking a move towards a healthier balance between supply and demand.

Transitioning to a Buyer-Friendlier Phase

The Monroe County condominium market followed a similar trajectory to the single-family home segment. Between 2021 and 2022, limited inventory, rapid price appreciation, and moderate sales velocity underscored a strong seller’s market. The appeal of low-maintenance living and access to waterfront and resort-style amenities drove robust demand for condominiums.

From Rapid Gains to Measured Growth

From 2023 to 2024, the market dynamics began to shift. Price appreciation continued, albeit at a slower pace, aligning with broader market trends. The increase in inventory levels provided buyers with a greater variety of options, easing the intense competition seen in prior years. The median days to sale grew significantly, indicating a deceleration in market activity. This shift offered buyers more negotiating power and opportunities to thoroughly evaluate their investments, contributing to a more balanced and sustainable market environment.

High Demand to Balanced Opportunities

The luxury single-family home market in Monroe County also experienced a notable shift during this period. From 2021 to 2022, the market operated under strong seller-friendly conditions, with limited inventory and relatively swift sales. The Florida Keys' unique lifestyle, coupled with high-networth buyers' demand for exclusive properties, sustained a brisk market pace.

Strategic Opportunities

As the market evolved between 2023 and 2024, a more balanced landscape emerged. While prices in this luxury segment continued to appreciate, the rate of increase became more measured. Inventory levels saw a significant boost, offering luxury buyers an expanded selection of high-end properties. The median time to contract increased, signaling a reduction in buyer urgency. This shift allowed affluent buyers to explore the market more strategically, taking advantage of the broader inventory and negotiating opportunities.

Strong Demand for Condominiums

The luxury condominium market mirrored the trends seen in other segments of Monroe County’s real estate landscape. During 2021 and 2022, the market was firmly in favor of sellers, with limited inventory and swift sales contributing to competitive conditions. Buyers sought luxury condos as a gateway to the Keys' relaxed yet upscale lifestyle, fueling strong demand.

Balancing Supply with Demand

By 2023 to 2024, the market moved towards a more balanced state. Although prices continued to appreciate, the pace of growth slowed, reflecting a broader market stabilization. Significant increases in inventory provided buyers with a wider array of luxury condominiums to choose from. The median time to contract also increased, suggesting a cooling of buyer urgency and a shift towards a more contemplative purchasing process.

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KEY TRENDS AND CHALLENGES

• The single-family home market moved from a strong seller’s market (2021–2022) to a more balanced state (2023–2024) with increased inventory and slower price appreciation.

• The condominium market followed a similar pattern, transitioning to a balanced market with more options for buyers and a longer median days to sale.

• The luxury single-family home segment also saw a shift to a balanced market, with inventory growth contributing to a more deliberate pace in buyer decision-making.

• The luxury condominium market mirrored this transition, showing increased inventory and reduced buyer urgency as

indicated by a longer median time to contract.

• Adapting to a less competitive market dynamic with increased inventory across all market segments, which may influence pricing and marketing strategies.

• Maintaining momentum in the luxury market amid a shift from rapid sales to a more balanced pace, requiring targeted strategies to attract high-end buyers.

• Navigating pricing strategies to remain competitive while ensuring value propositions resonate with buyers in a more deliberate purchasing environment.

Lee County

Lee County, home to Fort Myers, Cape Coral, and Sanibel Island, offers a blend of coastal charm, vibrant communities, and rich history. Known for its pristine beaches, boating lifestyle, and abundant wildlife, Lee County attracts residents and visitors seeking both relaxation and adventure. The area’s real estate market features diverse options, from waterfront estates and island retreats to family-friendly neighborhoods and golf communities. With its strong sense of community, excellent amenities, and access to the Gulf of Mexico, Lee County continues to be a desirable destination for luxury living and investment opportunities.

CAPE CORAL | FORT MYERS

Seller's Paradise to Market Cooling

The Lee County single-family home market experienced a dramatic shift between 2021 and 2024. From 2021 to 2022, the market was highly competitive, favoring sellers due to strong demand, limited inventory, and rapid price appreciation. For example, the median sale price rose from $360,000 to $430,000, while inventory remained low.

Inventory Surge and Slower Sales

However, from 2023 to 2024, the market cooled significantly. Inventory levels surged, dramatically increasing from 1,586 to 8,204. This increased supply, coupled with rising interest rates, likely contributed to a slowdown in price appreciation and a substantial increase in the median days to sale, which rose from 59 to 109. This data points to a shift towards a more balanced market, giving buyers increased leverage.

Condominiums

The condominium market mirrored the trends seen in the single-family market. From 2021 to 2022, condominiums enjoyed a strong seller's market, characterized by limited inventory and rapid price appreciation. The median sale price increased from $250,000 to $325,000

Market Cooldown

The period from 2023 to 2024 saw a significant cooling of the market. Inventory levels increased dramatically, from 1,179 to 4,154, likely impacting buyer urgency and contributing to a substantial increase in the median days to sale, which rose from 57 to 112. This suggests a clear shift towards a more buyer-favored market within the condominium segment.

Navigating Market Changes

The luxury single-family home market experienced a period of growth followed by a notable slowdown. From 2021 to 2022, this segment enjoyed a strong seller's market with limited inventory and relatively swift sales. The median time to contract was 42 days in 2021.

Slower Contracts

However, from 2023 to 2024, the market cooled. Inventory levels increased significantly, from 479 to 1,241, providing buyers with more options. The median time to contract increased to 67 days, suggesting a decrease in buyer urgency. This luxury segment likely experienced similar pressures from rising interest rates and broader economic factors affecting overall demand.

Seller's Market to Market Cooling

The luxury condominium market followed a similar pattern of growth followed by a significant slowdown. From 2021 to 2022, this segment experienced a strong seller's market with limited inventory and swift sales. The median time to contract was 37 days in 2021.

Inventory Increase and Extended Decision Time

The period from 2023 to 2024 brought a significant cooling of the market. Inventory levels increased dramatically, from 252 to 324, providing buyers with significantly more choices. The median time to contract increased significantly to 68 days, suggesting a decrease in buyer urgency. This segment, like the others, likely felt the impact of rising interest rates and broader economic factors influencing overall demand.

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KEY TRENDS AND CHALLENGES

• Transition from a strong seller’s market (2021–2022) to a more balanced market (2023–2024).

• Increased inventory across all segments, leading to a slowdown in price appreciation.

• Buyers gaining leverage as median days to sale increased significantly.

• The luxury market showed resilience initially but eventually mirrored the broader market's cooling trend.

• Rising interest rates impacting buyer affordability and reducing urgency.

• Increased supply putting downward pressure on seller leverage.

• Adapting to broader economic factors influencing buyer demand, particularly in the luxury condominium segment.

Martin County

Martin County, nestled along Florida’s Treasure Coast, is celebrated for its charming coastal communities, unspoiled natural beauty, and laid-back lifestyle. With Stuart, the “Sailfish Capital of the World,” at its heart, the county offers a mix of historic downtown charm, waterfront dining, and abundant recreational opportunities on the St. Lucie River and Atlantic Ocean.

Market Shifts

The Martin County single-family home market experienced a significant shift between 2021 and 2024. From 2021 to 2022, the market was strongly in favor of sellers, characterized by limited inventory, rapid price appreciation, and swift sales.

Balanced Market Emerges

From 2023 to 2024, the market gradually shifted towards a more balanced state. While prices continued to appreciate, the rate of appreciation slowed. Inventory steadily increased, offering buyers more choices. Fluctuations in the median days to sale reflected a less frenzied market compared to the peak of 2021.

Condo Market Transitions

The condominium market mirrored some of the trends seen in the single-family market, but with some key distinctions. From 2021 to 2022, the condominium market experienced strong demand, with prices appreciating significantly and a relatively competitive seller's market.

Buyer Market for Condos

A notable shift towards a buyer-favored market occurred between 2023 and 2024. Inventory levels surged, likely due to a combination of increased construction and a slowdown in demand. This increased inventory put downward pressure on buyer urgency, leading to a significant increase in the median days to sale in 2024.

Home Demand Holds

The luxury single-family home market experienced a period of sustained growth, albeit with some fluctuations. From 2021 to 2022, this segment saw strong demand, coupled with limited inventory and relatively swift sales.

Market Cools

A more balanced market emerged between 2023 and 2024. While prices continued their upward trend, the pace of appreciation slowed. Increased inventory levels provided buyers with more choices, potentially reducing the leverage held by sellers.

More Choices for Buyers

The luxury condominium market followed a trend similar to the overall condominium market. From 2021 to 2022, this segment experienced a strong seller's market, characterized by limited inventory and swift sales.

Condos Gain Balance

A shift towards a more balanced market took place between 2023 and 2024. Inventory levels rose, giving buyers more options. Fluctuations in the median time to contract suggested a market experiencing varying degrees of buyer competition.

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KEY TRENDS AND CHALLENGES

• Shift from a strong seller’s market (2021–2022) to a more balanced market (2023–2024) in both single-family and condominium segments.

• Slowed pace of price appreciation despite continued price growth across market segments.

• Increased inventory provided buyers with more choices, influencing a shift in market dynamics.

• The luxury market transitioned towards balance, reducing seller leverage while offering opportunities for strategic buys.

• Adapting to a less competitive market environment, with longer median days to sale indicating reduced buyer urgency.

• Navigating inventory surges, particularly in the condominium market, while maintaining property values.

• Balancing opportunities for buyers with the need to sustain seller confidence in the evolving market conditions.

• Managing market expectations amidst fluctuating buyer competition and increased housing options.

Miami-Dade County

Miami-Dade County is a dynamic and culturally rich region known as the gateway to Latin America, offering a vibrant blend of international influences, world-class dining, and iconic art scenes. Home to Miami’s bustling neighborhoods, from the glamorous shores of Miami Beach to the artistic streets of Wynwood and the historic charm of Coral Gables, the county offers diverse lifestyles and experiences. With its thriving real estate market, luxury waterfront properties, and ongoing development projects, Miami-Dade continues to attract global attention as a premier destination for living, investment, and business.

Single-Family Market Balances

The Miami-Dade County housing market underwent a significant transformation between 2021 and 2024, transitioning from a robust seller's market to a more balanced landscape. During 2021 and 2022, single-family homes experienced soaring demand, marked by limited inventory, rapid price appreciation, and swift sales. This period was characterized by intense buyer competition, with many properties receiving multiple offers and selling quickly, often above the asking price.

Slower Price Appreciation

While home prices continued their upward trajectory, the rate of appreciation slowed. Inventory levels steadily increased, providing buyers with more choices and helping to ease the competitive pressure seen in prior years. Fluctuations in the median days to sale reflected a cooling market, with buyers able to take a more deliberate approach in their purchasing decisions. This transition to a more measured pace was a relief for many buyers who had previously struggled to compete in the fast-paced market of 2021-2022.

From Strong Sales to Buyer-Favorable Conditions

The Miami-Dade condominium market exhibited a slightly different pattern compared to single-family homes. The 2021 to 2022 period saw robust sales activity initially, followed by a slight decline as the market began to stabilize. Despite this fluctuation in sales volume, both median and average sale prices consistently increased, underscoring the enduring appeal of Miami’s condominium offerings. The market’s resilience during this phase was driven by strong demand for urban living, waterfront views, and the lifestyle amenities synonymous with Miami’s condo developments.

Longer Sales Cycles

The condominium market continued its shift towards a buyerfavored environment. The median days to sell increased significantly, indicating a slower sales cycle and offering buyers more time to evaluate their options. Substantial growth in inventory levels contributed to a broader selection of available properties, reducing buyer competition and fostering a more balanced marketplace. This shift was beneficial for those seeking entry into Miami’s dynamic condo market, as it allowed for greater negotiating power and more strategic purchasing opportunities.

Consistent Performance Amid Market Changes

The luxury single-family home market in Miami-Dade County showcased robust growth from 2021 to 2022. The combination of limited inventory and high demand, particularly from international buyers and those seeking secondary residences, helped maintain a strong seller’s market. Despite the broader market trends, the luxury sector's unique appeal kept it relatively insulated from volatility.

Increased Options for Buyers

From 2023 to 2024, the luxury single-family home market maintained its consistency, with closed sales showing relative stability despite broader market fluctuations. The median time to contract increased slightly, suggesting a shift toward a more balanced market. This moderation allowed buyers to explore a wider array of luxury properties and negotiate with greater confidence. The steady increase in new listings and inventory levels provided more opportunities for discerning buyers to find homes that met their specific lifestyle and investment needs.

Transitioning to Greater Market Balance

The luxury condominium market also experienced strong growth from 2021 to 2022. However, the period from 2023 to 2024 saw a decline in closed sales as the market recalibrated. The fluctuating median time to contract highlighted varying levels of buyer competition, with some properties continuing to attract strong interest while others took longer to sell.

Rising Inventory and Evolving Buyer Dynamics

Steady growth in new listings contributed to increased inventory, offering luxury condo buyers a broader selection of properties. This uptick in available units signaled a shift away from the intense competition of the previous years. Buyers found themselves in a more advantageous position, with more time to consider their options and potentially negotiate better terms. This evolving dynamic underscored a more balanced market, where both buyers and sellers could engage in transactions with greater clarity and confidence.

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KEY TRENDS AND CHALLENGES

• The single-family home market transitioned from a strong seller’s market (2021–2022) to a more balanced state (2023–2024), with increased inventory and slower price appreciation.

• The general condominium market showed resilience in pricing despite a shift to a more buyer-favored environment from 2023 to 2024.

• The luxury single-family home segment remained relatively stable, with consistent closed sales and a slight increase in the median time to contract, indicating balanced market dynamics.

• The luxury condominium market saw a decline in closed sales from 2023 to 2024, but inventory growth provided buyers with more choices.

• Adapting to a less competitive market for single-family homes and general condominiums, where increased inventory could affect pricing strategies.

• Maintaining luxury market appeal amid fluctuations in closed sales and varying buyer competition, especially within the luxury condominium segment.

• Balancing new inventory with existing demand to avoid oversaturation, particularly in the evolving condominium market.

MARION COUNTY

Ocala

Ocala, located in Marion County, is known as the "Horse Capital of the World," boasting a rich equestrian culture with world-class horse farms and training facilities. Beyond its rolling pastures, Ocala offers natural beauty through the Ocala National Forest, Silver Springs State Park, and countless outdoor activities. The city's historic downtown features charming shops, dining, and cultural events, while its affordable housing and relaxed lifestyle attract families, retirees, and nature enthusiasts.

„The grand opening of our Engel & Völkers shop in downtown Ocala this March marked a significant milestone for our market. Establishing a permanent presence in the community, building brand momentum, and welcoming 10 new advisors have strengthened our position. We’re excited about the opportunities ahead, particularly in development, as we continue to grow and serve the Ocala market.“

TaMara York License Partner & Broker of Engel & Völkers Ocala

Shifts Toward Stability

The Marion County housing market evolved from a seller's market to a more balanced environment between 2021 and 2024. In the single-family home sector, 2021 and 2022 were marked by tight inventory, rising prices, and moderate sales velocity, signaling strong seller advantages.

Slower Price Growth, Expanded Inventory

From 2023 to 2024, conditions shifted toward greater stability. While home values continued to climb, the pace of appreciation eased. Inventory growth expanded buyer options, and the median days on the market increased notably, pointing to a calmer market compared to the frenzied activity of 2021-2022.

Condominium Market Mirrors Housing Trends

The condominium market mirrored the same trend. During 2021 and 2022, condos also saw limited supply, price gains, and moderate sales speed, reinforcing the seller’s market dynamics.

Market Balance

As the market adjusted from 2023 to 2024, the condominium segment achieved a more balanced state. Although prices maintained an upward trajectory, growth became more measured. Expanding inventory offered buyers greater selection, and the median days to sale lengthened, indicating a more deliberate market pace.

Market Equilibrium

The luxury single-family home segment transitioned similarly, moving from a seller's market to a more equitable position. Early in the period, constrained supply and moderate sales velocity prevailed, while the latter years introduced increased stability.

Buyers Gain Options as Market Cools

While home prices remained on the rise, the rate of growth moderated. A considerable boost in available listings broadened buyer choices, and extended times to contract reflected reduced buyer urgency.

Quiet and Limited

The luxury condominium market remained largely inactive. From 2021 through 2024, this segment exhibited minimal activity, with scarce sales and limited inventory maintaining a quiet market presence.

KEY TRENDS AND CHALLENGES

• The single-family home market transitioned from a seller’s market in 2021–2022 to a more balanced state in 2023–2024, marked by increased inventory and slower price appreciation.

• The condominium market in Ocala followed a similar path, with a shift towards balance, longer median days to sale, and more options for buyers.

• The luxury single-family home segment showed signs of moderation, with inventory growth and reduced buyer urgency, indicating a balanced market.

• The luxury condominium market remained largely stagnant, with minimal activity and limited inventory, highlighting a niche segment with lower demand.

• Navigating the slower pace of sales and adapting to a balanced market by emphasizing property value and strategic pricing.

• Identifying opportunities within the luxury condominium market to boost activity or strategically focus efforts on more dynamic market segments.

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achieving their goals.“

TaMara York

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CRESTVIEW | FORT WALTON BEACH | DESTIN

Okaloosa & Walton Counties

Okaloosa and Walton counties, nestled along Florida’s Emerald Coast, are renowned for their sugar-white sands, emerald-green waters, and laid-back coastal lifestyle. The area includes vibrant communities like Crestview, Fort Walton Beach, and Destin—each offering a unique blend of small-town charm and upscale amenities. Known for worldclass fishing, luxury resorts, and the scenic beauty of 30A, these counties attract both tourists and residents seeking a slice of paradise. The real estate market features a mix of beachfront condos, luxury homes, and family-friendly neighborhoods, making it a sought-after destination for both primary and vacation homes.

Market Balances as Inventory Rises

The Okaloosa and Walton counties single-family home market has transitioned from a seller's market to a more balanced one. From 2021 to 2022, strong demand, driven by limited inventory, resulted in rapid price increases and quick sales. However, from 2023 to 2024, the market cooled as inventory levels rose significantly.

Buyers Gain More Negotiating Power

While prices remained relatively stable, the increase in inventory and rising interest rates likely contributed to a slowdown in sales activity, as evidenced by the longer median days to sell. This shift suggests a more balanced market, potentially giving buyers more negotiating power.

Condo Market Cools

The condominium market followed a similar trend to the single-family market, though with some distinctions. From 2021 to 2022, this segment experienced a strong seller's market with limited inventory and rapid price appreciation. The period from 2023 to 2024 brought a significant cooling of the market. Inventory levels increased, likely impacting buyer urgency and contributing to a substantial increase in the median days to sale.

Beachfront Properties Hold Strong

Interestingly, the median sale price for condominiums remained relatively strong, possibly reflecting the ongoing desirability of beachfront and waterfront properties in this region. This suggests a shift towards a more buyer-favored market within the condominium segment, although highdemand properties may still command strong prices.

Growth to Slowdown

More Options to Luxury Buyers

The median time to contract increased, suggesting a decrease in buyer urgency. This segment likely experienced similar pressures from rising interest rates and broader economic factors affecting overall demand.

Condo Market Moves Toward Balance

The luxury condominium market showed a trend similar to the overall condominium market. From 2021 to 2022, this segment experienced a strong seller's market with limited inventory and swift sales. A shift towards a more balanced market occurred from 2023 to 2024. Inventory levels increased, providing buyers with more choices.

Economic Factors Influence

The median time to contract increased significantly, indicating a decrease in buyer urgency. Factors such as interest rates, economic conditions, and the availability of new luxury condominium developments likely played a significant role in shaping the dynamics of this market segment.

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KEY TRENDS AND CHALLENGES

• Shift from a strong seller’s market (2021–2022) to a balanced market (2023–2024) in both single-family and condominium segments.

• Increased inventory providing buyers with more options and leverage in negotiations.

• Stable median sale prices for condominiums, particularly for high-demand beachfront and waterfront properties.

• The luxury market mirrored broader trends, with increased inventory and slower sales.

• Rising interest rates impacting buyer affordability and urgency.

• Balancing supply growth with maintaining strong price points, especially in the luxury condominium market.

• Adapting to broader economic factors influencing overall demand, particularly for high-end properties.

LAKE | ORANGE | OSCEOLA | SEMINOLE COUNTIES

Orlando

Orlando, spanning Lake, Orange, Osceola, and Seminole counties, is a dynamic hub blending world-renowned entertainment with vibrant local culture. Famous as the theme park capital of the world, Orlando attracts visitors to Walt Disney World, Universal Studios, and beyond. Beyond the magic, the region boasts thriving neighborhoods, a robust economy driven by tourism, tech, and healthcare, and a flourishing arts scene.

Market Finds Greater Balance

The Central Florida housing market experienced a notable transition from a strong seller’s market to a more balanced environment between 2021 and 2024. The single-family home sector in 2021 and 2022 was characterized by tight inventory, steep price increases, and quick sales, all indicative of robust seller advantages.

Slower Growth and Expanded Choices

Between 2023 and 2024, the market began to stabilize. While home values continued to climb, the pace of appreciation eased. An increase in inventory broadened buyer options, and the median days on the market rose significantly, reflecting a calmer and more deliberate market compared to the bustling conditions of 2021-2022.

Condominium Market Follows Suit

The condominium market displayed a similar trajectory. During 2021 and 2022, condos were in high demand, with limited supply, accelerating prices, and swift sales fueling a strong seller’s market.

More Opportunities for Buyers

As the market evolved from 2023 to 2024, the condominium segment also moved toward a more balanced state. While prices maintained an upward trend, the pace of growth slowed. Buyers gained more choices with the increase in available units, and a longer median time to sale highlighted a more measured market environment.

From Frenzy to Stability

The luxury single-family home market also transitioned from a seller-dominated phase to a more balanced marketplace. In 2021 and 2022, limited inventory and relatively fast transactions defined this high-end segment.

Buyers Gain Time and Options

From 2023 to 2024, the market achieved greater stability. While luxury home prices continued to appreciate, the rate of growth moderated. A boost in available listings provided more options for buyers, and the extended time to contract signaled reduced urgency in buyer behavior.

Condominium Market Levels Out

The luxury condominium market mirrored these broader trends. The 2021-2022 period saw a competitive seller’s market with scarce inventory and swift sales. However, by 2023, the market had steadied, showing slower price appreciation and a considerable increase in inventory. Buyers benefitted from expanded opportunities, as indicated by the lengthened median time to contract.

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KEY TRENDS AND CHALLENGES

• The single-family home market shifted from a strong seller’s market in 2021–2022 to a more balanced market in 2023–2024, with increased inventory and a slower pace of price appreciation.

• The condominium market mirrored this trend, transitioning to a balanced state with more options for buyers and extended median days to sale.

• The luxury single-family home segment also saw a moderation, with inventory growth and reduced buyer urgency contributing to a more balanced market.

• The luxury condominium market followed suit, showing a decrease in the pace of sales and an increase in inventory, signaling more opportunities for buyers.

• Managing seller expectations amidst longer sales timelines and promoting strategic pricing approaches to attract serious buyers.

• Addressing the shift in buyer behavior, focusing on tailored service and deeper market insights to guide informed decisions.

• Positioning luxury properties attractively in a market where urgency has decreased, emphasizing lifestyle, exclusivity, and long-term value.

Palm Beach County

Palm Beach County is synonymous with luxury, elegance, and coastal charm. This area boasts world-renowned resorts, upscale shopping along Worth Avenue, and pristine beaches. Beyond its glamorous reputation, Palm Beach County offers a diverse lifestyle with vibrant arts and culture in West Palm Beach, equestrian excellence in Wellington, and serene waterfront living in Jupiter and Boca Raton. With top-rated golf courses, lush parks, and year-round sunshine, Palm Beach County seamlessly blends sophistication with the natural beauty of Florida’s Gold Coast.

Paradise to Balanced Haven

The Palm Beach County housing market has experienced a notable transition from a robust seller’s market to a more balanced landscape between 2021 and 2024. For singlefamily homes, the 2021-2022 period was characterized by tight inventory and rapid price growth, creating an environment that heavily favored sellers.

Slowing the Frenzy

From 2023 to 2024, the market transitioned to a more balanced state. While home prices continued their upward trajectory, the pace of appreciation moderated. An increase in inventory provided buyers with more choices, and the significant rise in median days to sale indicated a cooler, less competitive market compared to the intensity of 2021-2022.

From Heat to Harmony

The condominium segment in Palm Beach County followed a similar path. The 2021-2022 period showcased a strong seller’s market, driven by constrained inventory, swift sales, and significant price gains.

Market Cools as Inventory Grows

Between 2023 and 2024, this market reached a more balanced state. Price growth continued, but at a gentler pace. Inventory levels rose, offering buyers a broader range of options. The increase in median days to sale suggested a more measured pace, with reduced urgency among buyers.

A New Market Tempo

The luxury condominium market followed suit, shifting from a brisk seller’s market to a balanced environment, highlighted by rising inventory and extended sales timelines.During the seller’s market of 2021-2022, limited inventory and quick sales characterized this upscale segment, maintaining strong seller advantages.

Expanded Opportunities

Between 2023 and 2024, all market segments experienced steady inventory growth, enhancing buyer choice and contributing to a more stable market atmosphere. Buyers gained access to a broader selection of properties, and the longer median time to contract underscored a shift towards a more considered and less urgent approach to luxury condo purchases.

Market Gains Breathing Room

While prices continued to appreciate, the pace slowed significantly from 2023 to 2024, promoting greater market stability and affordability. An increase in available inventory provided luxury buyers with more opportunities, and the extended time to contract indicated a more strategic, less hurried market environment.

Slower Pace, More Choices

The luxury condominium market in Palm Beach County exhibited parallel trends. The 2021-2022 phase was defined by a strong seller’s market, with limited inventory and relatively swift sales contributing to high demand. With increased inventory and a balanced market, 2023 to 2024 gave buyers more leverage, creating a strategic and less

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KEY TRENDS AND CHALLENGES

• The single-family home market has moved from a strong seller’s market in 2021–2022 to a more balanced market in 2023–2024, with inventory growth providing more options for buyers.

• The condominium market followed this shift, showcasing increased inventory and slower price appreciation, contributing to a more balanced environment.

• The luxury single-family home segment transitioned towards a balanced market, with increased days to contract.

• The luxury condominium market mirrored broader market trends, moving from a high-demand seller’s market to a state of balance with greater inventory and more buyer choice.

• Effectively communicating market shifts to sellers who may still anticipate rapid sales and high price appreciation.

ESCAMBIA & SANTA ROSA COUNTIES

Pensacola

Pensacola, spanning Escambia and Santa Rosa counties in Florida’s Panhandle, offers a rich blend of history, coastal beauty, and vibrant culture. Known as “The City of Five Flags” due to its diverse colonial history, Pensacola features historic architecture, a charming downtown, and the dynamic Palafox Street. The area's stunning white-sand beaches along the Gulf of Mexico, particularly Pensacola Beach and Navarre Beach, draw visitors and residents alike. Pensacola is also home to the National Naval Aviation Museum and the Blue Angels, adding to its unique appeal.

From Seller’s Stronghold to Balanced Market

The Escambia and Santa Rosa counties housing market evolved from a strong seller’s market to a more balanced state between 2021 and 2024, showcasing a dynamic shift in market conditions. Limited inventory, rapid price growth, and quick sales characterized the early years, but by 2024, increased inventory and slower appreciation contributed to a steadier market environment.

Market Heat to Stability

From 2021 to 2022, single-family homes saw a robust seller’s market driven by limited choices, accelerating prices, and moderate sales velocity. As the market moved into 2023 and 2024, increased inventory offered buyers more opportunities, price growth decelerated, and homes took longer to sell, indicating a more strategic market approach.

Opportunities for Condo Buyers

In 2023 and 2024, the condominium sector found stability. While prices still appreciated, the acceleration slowed. With growing inventory, buyers enjoyed expanded options, and the significant increase in median days to sale pointed to a more thoughtful buying process. The growing inventory and slower sales pace provided buyers with increased flexibility and negotiating power.

Market Cools as Inventory Rises

The condominium market mirrored the single-family home trend, shifting from a strong seller’s market in 2021-2022 to a more balanced scenario by 2024. The strong seller’s market of 2021 and 2022 featured scarce listings, rapid price gains, and solid sales momentum.

Market Momentum Shifts

The luxury single-family home market also transitioned from a high-demand seller’s market to a more balanced environment by 2024. While home prices in Escambia and Santa Rosa counties continued to rise, the pace of appreciation moderated in recent years. This deceleration fostered a more sustainable market, helping align seller expectations with buyer capacity.

Buyers Gain Leverage

As the market steadied, price increases became more moderate. Rising inventory levels enhanced buyer choice, and longer times to contract indicated reduced urgency and more strategic buying behavior. Across all segments, the 2023-2024 period brought a notable increase in inventory, creating a healthier market balance. This surge in availability not only stabilized prices but also provided a wider selection for potential buyers.

Slower Sales, More Options

The 2023-2024 luxury condo market benefited from greater inventory and a tempered pace of price growth. With a balanced market taking hold, buyers found themselves with greater leverage from 2023 to 2024. Increased inventory and longer sales cycles contributed to a less pressured purchasing process, promoting thoughtful and strategic decisions.

A Return to Balance

Luxury condominiums experienced a similar evolution, with the 2021-2022 period defined by swift sales and scarcity, shifting to a more balanced market by 2024, where increased choices and extended sales timelines benefited discerning buyers.

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KEY TRENDS AND CHALLENGES

• The single-family home market has evolved from a strong seller’s market in 2021–2022 to a balanced market in 2023–2024, with increased inventory offering more opportunities for buyers.

• The condominium market experienced a similar transition, with inventory growth and slower price appreciation contributing to a less competitive landscape.

• The luxury single-family home market also balanced out, with increased days to contract indicating a more measured buyer approach.

• The luxury condominium market followed suit, moving from high demand and swift sales to a more stable and buyerfriendly environment.

• Leveraging the appeal of the Gulf Coast lifestyle to attract potential buyers while emphasizing the brand’s global reach and local expertise.

LAKELAND | WINTER HAVEN

Polk County

Polk County, centrally located between Tampa and Orlando, is known for its charming cities like Lakeland and Winter Haven, as well as its rich history and vibrant arts scene. Lakeland boasts beautiful lakes, the largest collection of Frank Lloyd Wright architecture at Florida Southern College, and a bustling downtown. Winter Haven, home to the famous Chain of Lakes and LEGOLAND Florida Resort, offers endless opportunities for water sports and family-friendly activities.

Seller's Market to Balanced State

The Polk County housing market experienced a notable shift between 2021 and 2024. For single-family homes, the years 2021 and 2022 were characterized by a strong seller's market, marked by limited inventory, rapid price appreciation, and quick sales.

Increased Inventory Slows Price Appreciation

From 2023 to 2024, the market cooled significantly. Inventory levels increased substantially, providing buyers with significantly more options. While prices continued to appreciate, the pace of appreciation slowed, and the median days to sale increased, suggesting a decrease in buyer urgency.

Buyers Gain More Choices

The condominium market followed a similar trajectory. From 2021 to 2022, it was a seller's market with limited inventory and price appreciation. The period from 2023 to 2024 saw a shift towards a more balanced market. Inventory levels increased significantly, giving buyers more choices. The median days to sale also increased, suggesting a decrease in buyer urgency.

Homes Maintain Competitive Edge

The luxury single-family home market presented a somewhat different picture. While 2021 and 2022 were a seller's market with limited inventory and relatively swift sales, the market remained competitive from 2023 to 2024, with a slight increase in closed sales in 2024. Inventory levels increased, but demand remained relatively strong, resulting in a moderate median time to contract.

Minimal Activitywith Limited Sales

The luxury condominium market experienced very limited activity. From 2021 to 2023, there was very little activity in this segment. In 2024, activity remained minimal, with only one closed sale and two new listings.

KEY TRENDS AND CHALLENGES

• Shift from a strong seller’s market (2021–2022) to a more balanced market (2023–2024) in single-family and general condominium segments.

• Significant increase in inventory, offering buyers more options and slowing the pace of price appreciation.

• The luxury single-family market remained competitive, with a slight increase in closed sales in 2024 despite rising inventory.

• Limited activity in the luxury condominium market, with minimal transactions through 2024.

• Navigating a more balanced market while maintaining property values amidst rising inventory.

• Addressing decreased buyer urgency, as reflected in the longer median days to sale.

• Capitalizing on strong demand in the luxury single-family market while managing broader economic influences.

• Developing strategies to invigorate the luxury condominium market, which continues to show minimal activity.

joinevflorida.com

CHARLOTTE COUNTY

Punta Gorda

Punta Gorda, located in Charlotte County along Florida’s Gulf Coast, is a charming waterfront community celebrated for its historic downtown, scenic harbor views, and laid-back lifestyle. With its picturesque streets, vibrant dining scene, and bustling marinas, Punta Gorda offers a blend of old Florida charm and modern amenities. The city is known for its waterfront parks, walking and biking trails, and easy access to Charlotte Harbor, one of the nation’s top destinations for sailing, fishing, and boating.

Market Finds Its Equilibrium

The Charlotte County housing market has evolved from a strong seller’s market to a more balanced state between 2021 and 2024. In 2021 and 2022, the single-family home market thrived amid limited inventory, rapid price appreciation, and healthy sales velocity, creating an environment that heavily favored sellers.

Rapid Gains to Steady Growth

From 2023 to 2024, the market transitioned into a balanced phase. While prices continued their upward trend, the pace of appreciation slowed. Inventory gains provided buyers with broader choices, and the increase in median days to sale reflected a calmer, more deliberate market compared to the earlier seller-driven period.

A Market in Transition

The condominium market mirrored this shift. The strong seller’s market of 2021 and 2022 was marked by tight inventory, fast price gains, and solid sales momentum.

Condo Market Opens Doors for Buyers

During 2023 and 2024, the market moved toward balance. While appreciation persisted, it did so at a slower pace. Buyers benefited from a growing inventory, and the median days to sale rose, highlighting a more measured buying process.

More Choices, Less Rush

The luxury single-family home market also adjusted, moving away from the high-demand, low-inventory landscape of 2021-2022. Initially, the market saw swift sales and limited listings, but by 2023 and 2024, conditions became more balanced.

Luxury Buyers Gain Ground

Seller's Market to Market Cooling

The luxury condominium segment aligned with broader market trends. From 2021 to 2022, it operated as a strong seller’s market, with limited inventory and fast-moving sales.

Inventory Increase and Extended Decision Time

By 2023 and 2024, the market achieved greater balance. Inventory growth, a slower rate of price appreciation, and a notable increase in time to contract signaled a shift toward a more strategic and less urgent luxury market.

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KEY TRENDS AND CHALLENGES

• The single-family home market has evolved from a strong seller’s market in 2021–2022 to a more balanced market in 2023–2024, with increasing inventory offering buyers greater choice.

• The condominium market mirrored this shift, transitioning to a balanced market as price appreciation slowed and median days to sale increased.

• The luxury single-family home segment also became more balanced, with a notable rise in inventory and a slower pace of sales.

• The luxury condominium market experienced similar changes, showcasing increased buyer options and extended time to contract.

• Helping sellers adjust to the new market conditions, particularly in setting realistic price expectations and preparing for longer listing periods.

• Effectively marketing the lifestyle appeal of Charlotte County while demonstrating the brand’s strong negotiation skills and international network.

St. Lucie County

St. Lucie County, located along Florida’s picturesque Treasure Coast, is known for its laid-back coastal vibe, rich history, and natural beauty. The county includes the vibrant city of Port St. Lucie, one of the fastest-growing cities in the nation, offering a blend of suburban comfort and emerging urban amenities. St. Lucie is home to pristine beaches, the scenic Indian River Lagoon, and abundant recreational opportunities, including boating, fishing, and golfing.

Balance After Seller's Market Surge

The St. Lucie County housing market has evolved from a strong seller’s market to a more balanced and stable environment between 2021 and 2024. During 2021 and 2022, the single-family home market was defined by constrained inventory, rapid price appreciation, and moderate sales velocity, all contributing to a highly competitive market that favored sellers. Buyers often found themselves in bidding wars, with quick sales and elevated prices setting the tone for the market.

Slower Appreciation and Increased Inventory

From 2023 to 2024, the market began to shift towards a more balanced state, offering a healthier equilibrium between buyers and sellers. While home prices continued to appreciate, the rate of increase moderated, signaling a transition to more sustainable growth. Inventory steadily increased, providing prospective buyers with a broader range of options. Additionally, the median days to sale rose significantly, highlighting a shift to a more thoughtful and less rushed buying process compared to the urgency seen in 2021 and 2022.

Condominium Market Embraces Stability

The condominium market in St. Lucie County followed a similar trajectory to the single-family home segment. Between 2021 and 2022, the condo market exhibited the classic signs of a strong seller’s market, with limited inventory, brisk price gains, and moderate sales velocity. The competition among buyers led to quick sales, often with little room for negotiation.

More Choices and Longer Decision Windows

From 2023 to 2024, the condominium market transitioned to a more balanced state. While prices continued their upward trend, the pace of appreciation slowed, providing a more predictable and less volatile market atmosphere. Inventory levels rose, expanding the choices available to buyers, and the median days to sale increased, reflecting a market where strategic decisions could be made without the pressure of rapid transactions.

From Rapid Sales to Measured Transactions

The luxury single-family home market in St. Lucie County also experienced a notable shift. From 2021 to 2022, this high-end segment showcased a strong seller’s market with limited inventory and relatively swift sales, often requiring quick action from potential buyers.

Strategic Opportunitiesfor Buyers

Between 2023 and 2024, a more balanced market dynamic emerged in the luxury single-family segment. Although prices continued to appreciate, the growth rate slowed, allowing for more thoughtful investments. The increase in inventory provided luxury buyers with a wider selection, while the extended median time to contract suggested a market where decisions could be made more deliberately, aligning with the expectations of discerning buyers.

Market Settles into Stability

The luxury condominium market mirrored the broader trends within St. Lucie County’s real estate landscape. During 2021 and 2022, limited inventory, fast-paced sales, and escalating prices characterized this market as a strong seller’s domain. Buyers needed to act swiftly to secure desirable properties, often contending with competitive offers.

Buyers Gain Flexibility

From 2023 to 2024, the luxury condo market transitioned into a balanced state, offering a more stable and strategic environment. The pace of price appreciation eased, while inventory levels increased significantly, broadening the selection for prospective buyers. The median time to contract extended, indicating a market with less urgency and more opportunity for thoughtful negotiation and investment.

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KEY TRENDS AND CHALLENGES

• Shift from a strong seller's market (2021-2022) to a balanced market (2023-2024) across all segments.

• Single-family homes saw slowed price appreciation and increased inventory, offering buyers more choices.

• Condominium market mirrored this trend, with a more balanced state and a rise in median days to sale.

• Luxury single-family and condominium markets experienced higher inventory and reduced buyer urgency.

• Educating sellers on strategic pricing in a balanced market.

• Maintaining buyer interest amid increased inventory and slower sales pace.

• Adapting marketing strategies to emphasize St. Lucie County’s lifestyle appeal while navigating the new market dynamics.

BRADENTON | SARASOTA | VENICE

Suncoast

Bradenton, Sarasota, and Venice, located in Manatee and Sarasota counties along Florida’s picturesque Suncoast, offer a vibrant mix of culture, coastal charm, and relaxed luxury. Sarasota is renowned for its thriving arts scene, including the Ringling Museum and a variety of theaters and galleries, while Bradenton features a scenic riverfront and a historic downtown.

Venice, known as the "Shark Tooth Capital of the World," enchants visitors with its Mediterranean-style architecture and stunning Gulf beaches.

„We've seen a clear shift in demand toward luxury properties, especially in our coastal markets, as buyers prioritize high-end finishes, hurricane-resistant construction, and lifestyle amenities. Looking ahead to 2025, I anticipate continued growth in luxury sales, particularly in waterfront and gated communities, as well as a surge in international buyers seeking unique opportunities in Florida.“

Victoria Stultz License Partner & Broker of Engel & Völkers Suncoast

Shifts Toward Balance

During 2021 and 2022, the single-family home market in Manatee and Sarasota counties was characterized by limited inventory, rapid price appreciation, and swift sales. These conditions created a strong seller’s market where competition among buyers was fierce, and properties often received multiple offers.

More Measured Market Emerges

From 2023 to 2024, the market dynamics shifted. Although home prices continued to appreciate, the rate of growth moderated significantly. Inventory levels increased, providing buyers with a broader range of options. The median days to sale extended, signaling a cooling market where buyers had more time to make decisions and negotiate, resulting in a healthier balance between supply and demand.

Balanced Market Trend

The condominium market in Manatee and Sarasota counties followed a similar path. From 2021 to 2022, this segment also experienced a strong seller’s market marked by limited inventory, rapid price appreciation, and swift sales. The region’s attractive lifestyle, combined with the appeal of lowmaintenance living, drove strong demand for condominiums.

More Choices and Stability

Between 2023 and 2024, the market began to stabilize. Although prices continued to appreciate, the pace slowed considerably. Increased inventory provided buyers with more choices, leading to less competition and a more deliberate market environment. The median days to sale rose, reflecting reduced urgency among buyers and a shift towards more strategic purchasing.

Market Equilibrium

The luxury single-family home market in Manatee and Sarasota counties transitioned from a strong seller’s market in 2021 and 2022 to a more balanced market by 2024. Initially, this segment was characterized by limited inventory and relatively quick sales, driven by affluent buyers seeking exclusive properties in the region.

Broader Inventory and Slower Price Growth

During 2023 and 2024, the market evolved. While prices continued to rise, the rate of appreciation slowed. Inventory levels increased significantly, offering buyers a wider selection of high-end properties. The median time to contract also extended, suggesting a decrease in buyer urgency and a more thoughtful approach to luxury purchases.

Calmer, Balanced State

The luxury condominium market mirrored the broader trends seen in Manatee and Sarasota counties' real estate landscape. Between 2021 and 2022, this market operated firmly in favor of sellers, characterized by limited inventory and swift sales. The region's upscale coastal lifestyle and resort-like amenities contributed to high demand for luxury condominiums.

Aligning Supply with Demand

From 2023 to 2024, a more balanced market emerged. Although prices continued to appreciate, the growth rate slowed, reflecting broader market stability. Inventory levels rose significantly, providing luxury buyers with a greater array of choices. The median time to contract increased, highlighting reduced buyer urgency and a shift towards a more balanced market environment.

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KEY TRENDS AND CHALLENGES

• The single-family home market transitioned from a strong seller’s market in 2021–2022 to a more balanced state in 2023–2024, with increased inventory and slower price appreciation.

• The condominium market followed a similar trajectory, with rising inventory levels and longer median days to sale, indicating a shift towards a more deliberate buyer approach.

• The luxury single-family home segment showed signs of a balanced market with increased inventory and moderated price appreciation, reducing buyer urgency.

• The luxury condominium market mirrored this shift, presenting more choices for buyers and a slower pace of price growth.

• Adapting sales strategies to align with a balanced market, emphasizing property value and differentiation.

• Attracting qualified buyers amid a less competitive market environment, requiring enhanced marketing and presentation strategies.

• Managing seller expectations regarding pricing and market timelines in a slower market.

COUNTIES

Tallahassee

Tallahassee, nestled in North Florida and encompassing Gadsden, Jefferson, Leon, and Wakulla counties, blends Southern charm with a vibrant cultural and educational scene. As the state capital, Tallahassee is home to Florida State University and Florida A&M University, contributing to a youthful energy and robust economy driven by education, government, and research. The region offers a mix of historic neighborhoods, beautiful natural landscapes, and outdoor recreation opportunities, from the canopy roads of Leon County to the coastal beauty of Wakulla.

GADSDEN | JEFFERSON | LEON | WAKULLA

Market Shifts to Stability

This housing market has evolved from a strong seller’s market to a more balanced and sustainable market between 2021 and 2024. During the peak seller’s market of 2021 and 2022, single-family homes were in high demand, with limited inventory driving up prices and moderate sales velocity contributing to competitive conditions. Buyers often found themselves navigating quick sales and limited negotiating power, creating a challenging environment for those looking to purchase.

Greater Flexibility

From 2023 to 2024, the condominium market began to show signs of stabilization. Although prices continued to rise, the pace of appreciation slowed. Inventory levels increased, broadening the range of available options for buyers. The median days to sale rose significantly, reflecting a shift to a market where prospective buyers could evaluate opportunities more thoroughly and negotiate with greater confidence.

Slowing Price Gains and Stable Inventory

From 2023 to 2024, the market experienced a gradual shift towards a more balanced state. While home prices continued to appreciate, the rate of growth moderated, signaling a transition to a steadier and more predictable market. Inventory levels remained relatively stable, offering consistent choices for buyers without the sharp fluctuations seen in previous years. Additionally, the median days to sale increased significantly, underscoring a market where buyers had more time to make thoughtful decisions.

Condominium Market Finds Its Footing

The condominium market in Gadsden, Jefferson, Leon, and Wakulla counties followed a similar trend to the single-family home segment. Between 2021 and 2022, the condo market exhibited classic seller’s market characteristics, including limited inventory, steady price appreciation, and moderate sales velocity. The competitive landscape required quick decisions from buyers, often leading to swift sales and heightened market activity.

A Move to Market Stability

The luxury single-family home market also underwent a transition from a seller’s market to a more balanced dynamic. During 2021 and 2022, this high-end segment experienced limited inventory and relatively swift sales, often appealing to affluent buyers seeking unique and upscale properties.

Buyers Gain Time and Negotiating Power

Between 2023 and 2024, the luxury single-family market reached a more balanced state. While prices maintained an upward trajectory, the rate of increase slowed, promoting a healthier investment environment. Inventory levels remained stable, offering a consistent selection of high-end properties to discerning buyers. The increased median time to contract indicated a market where urgency decreased, allowing buyers to take a more strategic approach to their luxury purchases, with opportunities for negotiation and thoughtful decision-making.

Condominium Market Sees Minimal Activity

Throughout this period, the luxury condominium market remained relatively quiet, with minimal sales and inventory reflecting subdued demand. From 2021 to 2024, this segment exhibited a consistently low level of activity, suggesting that while the broader market found balance, the luxury condominium market may still be navigating challenges related to buyer interest and inventory availability.

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KEY TRENDS AND CHALLENGES

• Shift from a seller’s market (2021-2022) to a more balanced market (2023-2024) for single-family homes.

• Stable inventory levels and slower price appreciation created a balanced market environment.

• Increased median days to sale indicated reduced buyer urgency.

• Luxury single-family homes mirrored this trend, showing more balanced conditions and steady inventory.

• Minimal luxury condominium activity with limited sales and inventory throughout the period.

• Educating sellers on the changing market conditions and setting realistic expectations.

• Adapting to slower sales velocity and increased time on market.

• Developing strategies to attract buyers in a market with stable inventory and subdued luxury condominium demand.

The Tampa Bay region, encompassing Hernando, Hillsborough, Pasco, and Pinellas counties, offers a dynamic mix of coastal charm, urban energy, and natural beauty. Home to vibrant cities like Tampa, St. Petersburg, and Clearwater, the area is known for its beautiful beaches, thriving cultural scene, and robust economy driven by industries such as finance, healthcare, and technology. From the nature trails of Hernando County to the bustling downtown of Tampa and the coastal appeal of Pinellas, Tampa Bay delivers a balanced lifestyle with something for everyone.

HERNANDO | HILLSBOROUGH | PASCO | PINELLAS COUNTIES

Market Evolves to Stability

The single-family housing market has experienced a notable shift from a robust seller’s market to a more balanced market between 2021 and 2024. During the peak of 2021 and 2022, single-family homes were in high demand, with limited inventory fueling rapid price appreciation and swift sales. The competitive landscape often resulted in bidding wars and heightened urgency among buyers, contributing to a market that heavily favored sellers.

More Options, Slower Pace

From 2023 to 2024, the market began to transition into a more balanced state. While prices continued their upward trend, the pace of appreciation moderated, allowing for a healthier and more sustainable market environment. Inventory levels steadily increased, expanding choices for buyers and reducing the intensity of competition. Additionally, the median days to sale rose significantly, signaling a less frenzied and more deliberate market compared to the previous period.

Condominium Market Catches Up

The condominium market in these counties mirrored the trends seen in the single-family home sector. From 2021 to 2022, the condo market exhibited classic seller’s market traits, including limited inventory, rapid price growth, and quick sales. Buyers often had to act fast to secure properties, leading to a bustling and competitive market environment.

More Equitable Market Dynamics

Between 2023 and 2024, the condominium market shifted towards a more balanced state. While prices continued to rise, the rate of appreciation slowed, offering a more controlled and predictable market environment. The inventory of available units steadily increased, giving buyers more options and reducing the pressure to make immediate decisions. The median days to sale also increased, reflecting a more measured pace of transactions and a decrease in buyer urgency.

A Shift to Balance and Opportunity

The luxury single-family home market, known for its high-end offerings and discerning clientele, also transitioned from a strong seller’s market to a more balanced state. During 2021 and 2022, this segment experienced limited inventory and relatively swift sales, catering to affluent buyers seeking upscale properties in these desirable counties.

Buyers Gain Greater Leverage

From 2023 to 2024, a more balanced market emerged within the luxury single-family home sector. While prices continued to appreciate, the rate of increase slowed, promoting a more stable investment landscape. Inventory levels rose significantly, broadening the range of luxury options available to buyers. The increase in the median time to contract indicated a market where buyer urgency had diminished, providing potential buyers with the luxury of time and the ability to negotiate more favorable terms.

A Steady Shift Towards Balance

The luxury condominium market mirrored the broader market trends. From 2021 to 2022, this segment operated within a strong seller’s market framework, characterized by limited inventory and relatively swift sales. The appeal of luxury condos, coupled with high demand, contributed to quick transactions and competitive bidding.

New Opportunities for Luxury Condo Buyers

Between 2023 and 2024, the luxury condominium market evolved into a more balanced state. Although prices maintained their upward trajectory, the pace of appreciation moderated, leading to a more sustainable and buyer-friendly market. Inventory levels increased significantly, offering a diverse selection of high-end condominiums. The rise in the median time to contract suggested a decrease in buyer urgency, allowing for more thoughtful decision-making and a more strategic approach to luxury purchases.

UNMATCHED SUPPORT AND SUCCESS

Global Reach, Local Expertise

KEY TRENDS AND CHALLENGES

• Market transition from a strong seller's market (2021-2022) to a balanced market (2023-2024) across all segments.

• Single-family homes experienced slowed price appreciation and increased inventory, offering buyers more options.

• Condominium market mirrored this trend with a rise in median days to sale.

• Luxury single-family and condominium markets showed higher inventory and reduced buyer urgency.

• Educating sellers on strategic pricing and market patience.

• Navigating increased inventory and slower sales pace.

• Crafting marketing strategies that emphasize the region’s lifestyle appeal while adapting to the new market dynamics.

INDIAN RIVER COUNTY

Vero Beach

Vero Beach, nestled in Indian River County along Florida’s Treasure Coast, is renowned for its small-town charm, upscale coastal lifestyle, and unspoiled natural beauty. The area boasts pristine beaches, the serene Indian River Lagoon, and a vibrant cultural scene with attractions like the Vero Beach Museum of Art and Riverside Theatre. Known for its luxurious waterfront properties and historic neighborhoods, Vero Beach offers a relaxed yet refined lifestyle.

Market Shifts to Stability

The Indian River County housing market has evolved from a strong seller’s market to a more balanced landscape between 2021 and 2024. During 2021 and 2022, the single-family home segment thrived amid tight inventory, rapid price appreciation, and moderate sales velocity, firmly establishing a market that favored sellers. These conditions led to competitive bidding and swift transactions, putting pressure on buyers to act quickly.

Slowing Pace Brings More Opportunities

Between 2023 and 2024, the market transitioned into a more balanced state, offering a healthier dynamic between buyers and sellers. While home prices continued to appreciate, the pace of growth slowed, allowing buyers more time to explore their options. Inventory levels rose significantly, broadening choices for potential homeowners, while the increase in median days to sale indicated a shift towards a more measured and less hectic market compared to the previous years.

Condominium Market Finds Its Equilibrium

The condominium market in Indian River County reflected a similar evolution. From 2021 to 2022, the condo segment was marked by limited inventory, brisk price gains, and moderate sales velocity, all hallmarks of a robust seller’s market. Buyers faced high competition and quick turnarounds, making decisive action crucial.

Buyers Gain More Flexibility

From 2023 to 2024, the condominium market began to find its footing with a gradual shift towards balance. Although price appreciation persisted, the rate of increase moderated, providing a more predictable and less volatile market environment. The steady rise in inventory offered prospective buyers greater selection, while the longer median days to sale highlighted a cooling pace that promoted strategic purchasing decisions.

Easing into a Balanced Market

The luxury single-family home market also transitioned away from a high-demand, low-supply scenario that defined 2021 and 2022. Initially, limited inventory and swift sales created a fast-moving market, often favoring sellers and prompting quick decisions from buyers.

Expanded Choices and Deliberate Decisions

By 2023 and 2024, a more balanced luxury market emerged, characterized by slower price appreciation and increased inventory. The median time to contract extended, signaling reduced buyer urgency and allowing for more thoughtful and strategic acquisitions within this high-end segment.

Broader Horizons for Buyers

The luxury condominium market mirrored the broader market trends across Indian River County. The seller's market of 2021 to 2022 featured limited inventory, quick sales, and rising prices, creating an atmosphere where speed and decisiveness were vital for success.

Stability to Luxury Condominiums

From 2023 to 2024, the market reached a more balanced state. A slowdown in the pace of price appreciation, combined with significantly increased inventory levels, provided buyers with more options and time. The increased median time to contract emphasized a relaxed approach to luxury purchases, offering a more stable and less urgent market experience.

UNMATCHED SUPPORT AND SUCCESS

Global Reach, Local Expertise

verobeach.evrealestate.com

KEY TRENDS AND CHALLENGES

• The single-family home market shifted from a strong seller’s market in 2021–2022 to a more balanced state in 2023–2024, with increased inventory offering buyers more options.

• The condominium market followed a similar trajectory, moving towards a balanced market as price growth slowed and median days to sale rose.

• The luxury single-family home segment saw a transition to a balanced market, characterized by higher inventory levels and reduced buyer urgency.

• The luxury condominium market mirrored these trends, highlighting a more measured pace of sales and greater choice for buyers.

• Navigating the shift to a balanced market by educating sellers on the need for strategic pricing and patience in a less competitive environment.

• Positioning the brand as a trusted advisor in the luxury market, providing insights and support in a marketplace offering more opportunities for discerning buyers.

This is Us

Like every client and every real estate advisor, we too have a unique story. It's one steeped in iconic heritage that drives our resolve to change the way consumers experience the properties, neighborhoods and the overall process of buying and selling a home. The world of Engel & Völkers was created and continues to grow around the mission to possess the highest levels of competency and client service. Through unrivaled brand consistency, sophisticated systems and innovations, we've done what no other European luxury real estate franchise has been able to do—successfully establish itself in the Americas.

Engel & Völkers Florida

At Engel & Völkers Florida, we are dedicated to delivering a fresh, bespoke approach to luxury real estate. We focus on creating a white-glove concierge client experience, tailored to meet the discerning needs of today’s homeowners. What sets Engel & Völkers apart is our commitment to personalized

service. We cater to both private individuals and institutional clients, offering a meticulously tailored range of luxury services. From residential, commercial, and developments to yachting, we redefine opulence at every step. Each of our brokerages operates independently, ensuring a unique and localized touch to our services.

Buying and Selling with Us

Engel & Völkers offers a personalized buying and selling experience, understanding that luxury is a personal and priceless connection to our homes. With trusted advisors, we guide you to find the perfect home, whether around the corner or across the globe. From search to sale, we provide transparency, insider insights, skillful negotiation, and distinguished care. Choose Engel & Völkers for an unforgettable real estate experience.

Become a Luxury Real Estate Advisor

Every individual who is part of Engel & Völkers, at every level and in every location, embodies an ethos of leadership. It's this mindset that upholds the highest standards expected by our clients and our communities. At Engel & Völkers, success is achieved and decisions are made with one key factor in mind: our people. We are a force of many, not simply a few.

More than real estate agents, our advisors take full advantage of a brand built and refined for real estate professionals looking to elevate their business. With enhanced marketing reach, global connections, and the ability to learn from the best, Engel & Völkers is unlike any other. In fact, the average commission income at Engel & Völkers Florida is X% (or $X) higher than the average percentage/dollar amount provided by all FAR members, reflecting the added value and opportunity our brand offers.

At Engel & Völkers, we strive to create a world that promotes acceptance, inclusion, and understanding, as these values are essential to achieving progress and fostering unity. We encourage collaboration and respect amongst individuals from different backgrounds, experiences, and perspectives and advocate for fair housing for all.

Engel & Völkers Development Services stands as a dedicated division tailored to meet the unique needs of builders, developers, and investor partners globally. With expert teams spanning five continents and over 400 projects, ranging from townhome communities to mixed-use high-rise buildings, our services are finely tuned to each project's specifications.

Engel & Völkers Private Office caters to high-value real estate portfolios globally, including leaders in various fields. Private Office advisors, recognized for exemplary service and market leadership, represent premium real estate in exclusive locations. With access to top-tier marketing, they handle exclusive properties with the utmost discretion and professionalism.

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ENGEL & VÖLKERS

Franchise Opportunities in Florida

Engel & Völkers isn't just a brand; it's a transformative haven for brokers, redefining the benchmarks of success in the ever-evolving luxury real estate market. Choosing Engel & Völkers propels you into a realm of unparalleled opportunities, seamlessly integrating you into an esteemed global referral network. It doesn't just offer access; it bestows upon you the distinguished honor of exclusive brand affiliation within your local market, presenting the enticing prospect of securing coveted top-tier listings. Whether you're a seasoned broker looking to expand your influence or a newcomer stepping into the dynamic realm of real estate, Engel & Völkers remains steadfast in its commitment to fostering continual growth.

This unwavering commitment takes tangible form through personalized coaching, unyielding leadership support, and the seamless integration

Successfully Independent

The exclusive affiliation with the Engel & Völkers name not only distinguishes you within your market but also positions you to attract top listings. Beyond the local scope, enjoy the benefits of a collaborative and global referral network, working seamlessly to amplify your success. With a commitment to excellence, the brand ensures you have access to hands-on coaching and guidance at every step of your journey, backed by renowned leadership and support from the corporate team to collaborative network leaders.

of cutting-edge technology, ensuring that your journey with Engel & Völkers not only meets but consistently exceeds conventional expectations.

Embarking on a transformative odyssey into the realm of luxury real estate with Engel & Völkers is an invitation to be part of the quintessence of a global network deeply rooted in European heritage. Beyond being a mere brand, Engel & Völkers encapsulates a vision that transcends the conventional boundaries of real estate transactions. In the Engel & Völkers perspective, luxury is an art—an experience that seamlessly weaves together beauty, knowledge, and the meticulous fusion of context, comfort, and craftsmanship.

Recognizing the inherent uniqueness of each market and individual, Engel & Völkers not only tailors but intricately weaves its approach to harmonize with your distinctive preferences. Whether navigating the landscape of starter homes or delving into the exquisite realm of dream residences, Engel & Völkers ensures that luxury becomes more than a concept—it evolves into a personal statement. This commitment isn't just a promise; it manifests in meticulous attention to detail, expert knowledge, and the consistent delivery of discreet white-glove service—all meticulously customized exclusively for you.

In the dynamic world of buying or selling, Engel & Völkers guarantees not just an experience but an extraordinary journey, characterized by a global network that extends far beyond conventional coverage. It's more than resources; it provides a sense of peace, assurance, and empowerment—whether you're navigating the intricacies of the local market or stretching your ambitions across international borders. Collaborate with us, share ideas, and harness the transformative power of

ICONIC

adjective | icon·ic | \ ī-’kä-nik \ widely recognized and wellestablished; an iconic brand name

referrals, connecting to an everexpanding community of discerning global homebuyers.

Within the vibrant tapestry of real estate, where listings abound and houses vary, Engel & Völkers doesn't just embrace a narrative; it crafts an epic tale that transcends the ordinary. It's about more than facilitating the acquisition of a new home; it's about unveiling the life that awaits.

Franchise with us

Distinguish yourself from your competition.

We are where you are

Our shops in Florida

Amelia Island (904) 372-4711

firstcoast@evrealestate.com

5185 South Fletcher Avenue, Suite 3 Fernandina Beach, FL

Belleair (727) 461-1000

belleair@evrealestate.com

2510 West Bay Drive Belleair Bluffs, FL 33770

Boca Raton (561) 235-3900

bocaraton@evrealestate.com

5030 Champion Boulevard, Suite G-2 Boca Raton, FL

Cape Coral (239) 541-1333

capecoral@evrealestate.com

1031 Cape Coral Parkway East Cape Coral, FL

Clermont (352) 242-3939

clermont@evrealestate.com

17301 Pagonia Road, Suite 300 Clermont, FL

Coconut Grove (786) 200-8857

coconutgrove@evrealestate.com

3162 Commodore Plaza, Suite 1A Miami, FL

Delray Beach (561) 362-2888

delraybeach@evrealestate.com

900 East Atlantic Avenue, Suite 14 Delray Beach, FL

Fort Lauderdale (754) 206-3900

fortlauderdale@evrealestate.com

3301 North Ocean Boulevard Ft. Lauderdale, FL

Fort Myers Downtown (239) 898-1194

fortmyersdowntown@evrealestate.com

2283 Main Street Fort Myers, FL

Gainesville (386) 623-2806

gainesville@evrealestate.com

13085 Southwest 1st Lane, Suite 40 Newberry, FL

Hutchinson Island (772) 480-1467

hutchinsonisland@evrealestate.com

4007 North Highway A1A Hutchinson Island, FL

Islamorada (305) 587-3663

islamorada@evrealestate.com 90773 Old Highway, Suite 5 Tavernier, FL

Jacksonville (904) 372-4711

jacksonville@evrealestate.com

160 Shops Boulevard, Suite 10 St. Johns, FL

Jacksonville Beach (904) 372-4711

jacksonvillebeach@evrealestate.com 758 3rd Street South Jacksonville Beach, FL

Jupiter (561) 744-8488

jupiter@evrealestate.com

400 South US Highway One, Suite 3 Jupiter, FL

Madeira Beach (727) 394-7365

madeirabeach@evrealestate.com 14225 Gulf Boulevard Madeira Beach, FL

Marathon (407) 256-9614

marathon@evrealestate.com 1477 Overseas Highway Marathon, FL

Marco Island (239) 963-4223

marcoisland@evrealestate.com 599 South Collier Boulevard, Suite 111 Marco Island, FL

Melbourne Beachside (321) 254-5275

melbourne@evrealestate.com

1165 North Highway A1A Indialantic, FL

Melbourne Downtown (321) 254-5275

melbourne@evrealestate.com

524 North Harbor City Boulevard Melbourne, FL

Miami (305) 913-5499

miami@evrealestate.com

1717 North Bayshore Drive, Suite #111 Miami, FL

Naples (941) 388-9800

naples@evrealestate.com 633 Tamiami Trail North, Suite 201 Naples, FL

Neptune Beach (904) 372-4711

neptunebeach@evrealestate.com

214 Orange Street Neptune Beach, FL

New Smyrna Beach (386) 213-6899

newsmyrnabeach@evrealestate.com

101 Canal Street New Smyrna Beach, FL

Ocala (352) 820-4770

ocala@evrealestate.com

112 South Magnolia Avenue Ocala, FL

Orlando Dr. Phillips (407) 704-7340

orlandodrphillips@evrealestate.com

7600 Dr. Phillips Boulevard #42 Orlando, FL

Palm Coast (386) 338-0326

palmcoast@evrealestate.com

213 South Second Street, Unit 6 Flagler Beach, FL

Pensacola (850) 712-2874

pensacola@evrealestate.com 1388 Country Club Road Gulf Breeze, FL

Pompano Beach (754) 206-3900

pompanobeach@evrealestate.com 3301 North Ocean Boulevard Ft Lauderdale, FL

Ponte Vedra Beach (904) 372-4711

pontevedrabeach@evrealestate.com

190 A1A North

Ponte Vedra Beach, FL

San Marco (904) 372-4711

sanmarco@evrealestate.com 1611 Atlantic Boulevard Jacksonville, FL

Sarasota (941) 388-9800

sarasota@evrealestate.com

22 South Links Avenue, Suite 201 Sarasota, FL

South Beach (305) 913-5499

miami@evrealestate.com

101 Ocean Drive Miami Beach, FL

South Tampa (813) 448-2876

southtampa@evrealestate.com

724 South Dale Mabry Highway Tampa, FL

St. Augustine (904) 770-5770

staugustine@evrealestate.com

6401 A1A South St. Augustine, FL

St. Augustine Beach (904) 770-5770

staugustinebeach@evrealestate.com

11 14th Lane

St. Augustine, FL

St. Pete (727) 295-0000

stpete@evrealestate.com

102 2nd Avenue Northeast #101B St. Petersburg, FL

St. Pete Beach (727) 295-0000

stpetebeach@evrealestate.com

6680 Gulf Boulevard

St. Pete Beach, FL

Stuart (772) 494-6999

stuart@evrealestate.com

600 Southeast Ocean Boulevard Stuart, FL

Tallahassee (850) 807-4473

tallahassee@evrealestate.com

1400 Village Square Blvd, Suite 3, Box 111 Tallahassee, FL

Tampa Downtown (813) 352-2933

tampadowntown@evrealestate.com

501 East Kennedy Boulevard, Suite 1400 Tampa, FL

The Ocean Resort Residences (561) 222-3053

niliana.garcia@evrealestate.com

551 North Fort Lauderdale Beach Boulevard Fort Lauderdale, FL

Trinity (775) 842-0104

trinity@evrealestate.com

3047 Alachua Way, Suite 103 New Port Richey, FL

Upper Tampa Bay (775) 842-0104

uppertampabay@evrealestate.com

737 Main Street, Suite 100 Safety Harbor, FL

Venice Downtown (941) 388-9800

venicedowntown@evrealestate.com

201 Miami Avenue West Venice, FL

Vero Beach (772) 480-1467

verobeach@evrealestate.com

821A Beachland Boulevard Vero Beach, FL

Wellington (561) 791-2220

wellington@evrealestate.com

10620 West Forst Hill Boulevard, Suite 40 Wellington, FL

Coming soon

Bonita Springs Estero

Key West

Lakewood Ranch

South Beach

Naples Third Street

MLP FLORIDA

Timo Khammash Co-Owner

Craig Anderson SVP Growth

Rebecca Schmidgall SVP, Operations

Linzee Werkmeister VP, Business Development & Performance

Karen McLead Director of Legal Affairs

Kaitlin Weigelt Marketing & Brand Manager

ABOUT US

Our exclusive business model has earned us recognition for our ability to recruit, train, and equip some of the finest professionals in the real estate industry. Engel & Völkers Florida empowers its franchisees to seize the premium market, facilitating market share growth and enhancing their bottom line. Committed to excellence, we offer unwavering support to our advisors. From premium business services and cutting-edge marketing programs to a global network of real estate professionals, property listings, and market insights, we provide the tools to succeed.

Oliver Tonn Co-Owner

Vincent Varallo Talent Attraction Coordinator

Peter Giese CEO

Details

Publisher

Engel & Völkers MLP FLorida 633 N Tamiami Trail Unit 201, Naples, FL 34102

VP, Business Development & Performance

Linzee Werkmeister

Marketing & Brand Manager

Kaitlin Weigelt

Photo Credits

Florida, March 2025.

Engel & Völkers. All rights reserved. Each brokerage is independently owned and operated. All information provided is deemed reliable but is not guaranteeed and should be independently varified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your lisiting. Engel & Völkers and its independent Franchisees are Equal Opportunity Employers and fully support the prinicples of the Fair Housing Act.

Peter Giese CEO (239) 348-9000 florida@evrealestate.com

Craig Anderson SVP Growth (954) 805-0052 craig.anderson@evrealestate.com