Fla.'s Housing Market: New Listings, Inventory Rise in March, 1Q

ORLANDO, Fla., April 24, 2025 /PRNewswire/ -- Florida's housing market in March and the first quarter (1Q) of 2025 reported more new listings, increased for-sale inventory (active listings) and easing median prices compared to a year ago, according to Florida Realtors^®' latest housing data.

"After years of incredibly low inventory and ever-increasing home prices across Florida, we are experiencing a normalization of the real estate market in our state," said 2025 Florida Realtors^® President Tim Weisheyer, broker-owner, Dream Builders Realty and  dbrCommercial Real Estate Services in Central Florida. "This is great news for homebuyers that have been sitting on the sidelines as increased for-sale inventory and the easing of median prices brings more opportunities in Florida's housing market.

"Buying a home is always a long-term decision that requires expert guidance to navigate the process and understand the nuances of local market dynamics; a Realtor^® will put their knowledge of local market conditions and expertise to work to help consumers find the best opportunities to achieve their version of the American dream."

Last month, closed sales of existing single-family homes statewide totaled 23,128, down 1.3% year-over-year, while existing condo-townhouse sales totaled 8,414, down 9.8% over March 2024. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

Florida Realtors Chief Economist Dr. Brad O'Connor said "While closed sales of Florida single-family homes were down year-over-year for the second consecutive month in March, it was only by 1.3%. That's a big improvement over February's more than 7% decline. What's more, the number of single-family homes that went under contract in March was actually up year-over-year by over a half of a percent."

He cited mortgage rates as an influencing factor: "One reason for this is likely that we had the average 30-year fixed mortgage rate hovering at around 6.75% for most of March, in stark contrast to January and February when it was largely north of 7%. That bodes well for closed sales in April, but this boost is going to be short-lived, as mortgage rates have since returned to those 7% levels.

"Demand remains relatively weaker over in the condo and townhouse property type category," O'Connor said. "Closed sales in this category were down 9.8% compared to a year ago in March."

For 1Q 2025, statewide existing single-family home sales totaled 56,209, down 1.9% from 1Q 2024, while statewide existing condo-townhouse sales totaled 20,704, down 9.2% from the same quarter a year ago.

The statewide median sales price for single-family existing homes in March was $412,500, down 1.9% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month's statewide median price for condo-townhouse units was $315,000, down 4.5% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less.

For 1Q 2025, the statewide median price for single-family homes was $414,555, only slightly down (0.1%) year-over-year; the statewide median price for condo-townhouse properties was $315,000, down 3.2% from the same quarter a year earlier.

On the supply side of the market, new listings for existing single-family homes were up 10.8% last month compared to March 2024 and up 9.6% for 1Q 2025 compared to a year earlier. New listings for condo-townhouse units in March were up 5.8% year-over-year, and up 4.1% in the 1Q compared to 1Q 2024.

Inventory (active listings) for both property categories rose in March as well as for 1Q 2025. Single-family existing homes were at a 5.5-months' supply while condo-townhouse properties were at a 10.1-months' supply for both timeframes.

To see the full statewide housing activity reports, go to the Florida Realtors Newsroom and  look under Latest Releases or download the March 2025 and 1Q 2025 data report PDFs under Market Data.

Florida Realtors^® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to 238,000 members in 51 boards/associations. Florida Realtors^® Newsroom website is available at http://floridarealtors.org/newsroom.

SOURCE Florida Realtors