Local Navarre Florida Housing Market Update
November 2024
Navarre Housing Market Update
We are now in a balanced market!!
The real estate market in Navarre is showing signs of change as we move into the final stretch of 2024. If you’re curious about what’s going on in the local housing market, you’re in the right place. Whether you’re a potential buyer or seller, this update will give you a clear picture of what’s happening in our area, and what it means for you.
A Balanced Market is defined as having between 3 and 6 months worth of inventory.
We Now Have 5 Months of Inventory !
The Technical Stuff: (For Those Who Want the Details)
Here’s a breakdown of some of the key metrics that define the current market:
- Inventory: 359 active listings as of October, continuing to rise each month.
- Absorption Rate (Months of Inventory): Just over 5 months. This is the amount of time it would take for all current homes to sell based on the current rate of sales. A balanced market typically has between 4 and 6 months of inventory.
- Median Days on Market: 85 days. This is the average amount of time a home stays listed before selling.
- Homes Sold Within 30 Days: Homes that sold in under 30 days averaged 99% of the asking price.
- Homes on the Market Over 120 Days: Homes that stayed on the market for more than 120 days saw offers at just about 89% of their list price.
- Median Sold Price: $419,000, with an average price per square foot of $212. These numbers have seen slight adjustments, but they are in line with the trend of market stabilization.
What This Means for Buyers & Sellers
For buyers, this shift is great news. With more inventory to choose from and less intense competition, now could be the perfect time to get into the market. The more balanced environment allows buyers to negotiate better terms, ask for contingencies, and perhaps even secure a home at a lower price than just a few months ago.
For sellers, the message is clear: price smartly and act fast. While homes are still selling, they are staying on the market longer compared to earlier in 2024. If you price your home correctly from the start, you could see your property move quickly and for top dollar. Remember, homes that sold in under 30 days were able to secure almost 99% of the asking price—so pricing is key.
If you are considering buying a home this year then please take a minute to download the
Ultimate Homebuyer’s Guidebook
How This Affects Your Real Estate Goals
Whether you’re looking to buy or sell, the current market dynamics offer opportunities for both. Buyers, you have a little more breathing room, and sellers, with the right pricing strategy, your home can still sell quickly and for a strong price.
If you’re curious how these trends might affect your personal real estate goals, don’t hesitate to reach out. I’m here to help you navigate the Navarre market with confidence. Whether you’re buying or selling, I can provide tailored advice to help you make the best decisions.
Poll:
Are you planning to buy a home in Navarre in the next six to eight months? We’d love to hear from you!
What’s most important to you as you search for your dream home? Is it finding the perfect location, staying within your budget, or scoring those must-have features like a pool or a big backyard?
And what concerns are on your mind? Are interest rates or affordability a challenge, or are you focused on choosing the right neighborhood for your lifestyle?
Share your thoughts below—your input is completely anonymous and helps us understand what matters most to Navarre buyers like you.
Navarre By The Numbers
359 Active Listings
98 New Listings in February
63 Homes Under Contract
59 Homes Sold
Median Sold Price: $419,000
Average Days on Market: 85
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