Homes for Sale Under $800K in New Smyrna Beach FL | Zillow (2025)

FAQs

What's the most overpriced housing market in Florida? ›

Florida Housing Market Conditions

The current real estate market conditions in Florida are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.01%, marking a decline from approximately 8% in the preceding year of 2023.

Miami ranks no. 1 in annual home price appreciation in the U.S., according to the Miami Association of Realtors, citing real estate data. Sales of condominiums worth $1 million and up, total home transactions and single-family home sales in Miami-Dade County increased year-over-year in July 2024.

There are 198K homes for sale in Florida, with an average supply of 5 months. Average Home Prices: The median home price in Florida is $419,200. But, it is expected to decrease due to a rise in inventory in the latter half of 2024. The sale-to-list price ratio is 96.90%, dropping by 0.53 pt YoY.

The 5.7% increase in the national median price of existing homes to $384,500 from February 2023 to April 2024 signals a continuing upward trend in home prices. This steady rise in prices suggests that buying sooner rather than later could be advantageous, as waiting might lead to higher costs as the trend continues.

Buy in November for a better price

The window between late fall and early winter is the best time for buyers on a budget. Keep in mind, fewer homes are for sale in the cold winter months and around the busy holiday season, so the selection of for-sale homes will be limited.

You'll find the best inventory of houses in spring. If you're after a bargain, consider searching for a house in late autumn or winter. Inventory is lower, but you have a higher likelihood of getting a house below the asking price.

What is the hottest housing market in Florida? ›

Quick answer: The newest fast-growing real estate markets in Florida are Haines City, Leesburg, Lakeland, and Tampa. Orlando, Sarasota, Cape Coral, Port St. Lucie, and Ocala continue their strong growth.

Is it a buyer's or seller's market in Florida? It is considered a seller's market right now. Housing inventory is up since last year, which means supply is less constrained. Mortgage rates are 6.4%, making the average house payment $2,943, which is $107 higher than a year before.

After more than a year of Atlanta dominating the list of most overvalued housing markets, Detroit is now the most overpriced market in the United States, according to researchers at Florida Atlantic University and Florida International University.

The most overvalued markets to rent a home are led by MSAs in Hawaii, California, New York, South Carolina and Florida. You'll pay the most to buy a median-priced home versus renting in the San Francisco Bay Area and on the Hawaiian island of Maui as well as elsewhere in California, Washington, Utah and Oregon.

Florida's Limited Land Availability

One of the main reasons the Florida housing market is so expensive is due to limited land available for development, particularly in urban areas. This means that there is less space for new houses to be built, which drives up the price of existing houses.