Heading into 2024, Sarasota’s real estate market stands at an important juncture, influenced by several key factors. Interest rate trends, demographic changes, and regional economic developments are expected to shape the market in various ways.
Last year, even though interest rates dramatically increased, real estate prices still went up and the housing demand in the area remained strong. As of November, inventory of active listings was at its highest for the year, approaching the level that was present leading up to the pandemic. There is a possibility that prices might start to stabilize and there could be a slight decrease in home prices as the market finds a balance between the number of available homes and buyer interest.
Even though Florida’s housing inventory is increasing, it’s still not happening fast enough to have a major impact on price or to keep up with the state’s crazy population influx. The latest census reports an average of 15 new residents move to Sarasota County PER DAY – and that census was done in 2020. How can we not agree that number has certainly increased.
In conclusion, we’ve looked at a lot of statistics and you probably have one important question on your mind: Should I buy or sell this year? Just remember, no matter outside influences, historically Sarasota real estate has proved to be an excellent investment.