In the past week, several updates have surfaced regarding the real estate market in Maryland and Florida:
Here are a few of the latest home-buying updates to come out in Maryland and Florida from last week!!
1. South Florida Market Trends: South Florida is continuing to see fresh construction projects on the local real estate market, with Miami coming out as ninth in the U.S. for new apartment buildings over 2024 following a report from Yardi Matrix predicting 14,177 units will come online. Demand remains buoyed by an influx of wealthy younger buyers, though inventory is starting to rise, and the tide might soon turn in favor of existing homeowners as 30 year mortgage rates inch up.【6†source】【7†source】
2. Shifting Prices and Buyer Interest: Although prices are still up relative to history in Florida, looking at individual metro level home price indices suggest a bit of softening from the peak. Mortgage rates above 7 percent have led to affordability problems, causing buyer demand to slip and pulling sales activity down nearly 8 percent from a year ago. Nonetheless, inventory levels have obviously started to recover which should help these buyers find some options【9†source】【8†source】.
3. Forecast for 2024: Looking even further ahead, analysts believe that the Florida market will normalize and housing-price trends will return to historic norms with forecasted increases of only about 3% – 4% in homes’ prices projected. Watchdog analysts suggest home prices could fall between 5% and 10%, causing a significant loss in revenue for residential real estate agents as inventory opens up but buyer demand weakens【9†source】【10†source】.
4. Maryland Housing Market – In Maryland, the real estate market is softening with a decrease in units sold year over year. Prices have risen, however; the average sales price is up 6% year-on-year【6†source】.
Together, these trends are indications of a continued movement toward a more equitable market #with+more listings and buyers markets in general for both Maryland and Florida.
