Homes Prices Are Down in Our Area – Will We See A Housing Price Crash?

In Brief:

•In Niceville and Valparaiso, 2024 home sales remain consistent, with an average of 94 days on the market and only a slight price decline of 2%.

•The average home price in Q3 2024 stands at $524,000, significantly higher than the national median of $425,000.

•Real estate broker John Sallman emphasizes that local market conditions should guide decisions for buyers and sellers rather than broad national trends.

The real estate landscape has been a challenging one for both sellers, buyers, and investors.

 

In 2023, many struggled to find homes within their budget or qualify for a mortgage as interest rates steadily climbed.

 

By the third quarter of 2024, sales have continued to dip from the highs we saw in 2021-2022.

 

Niceville and Valparaiso, however, are experiencing relatively similar results this year as we did last year.

 

Last year, year to date, home units sold were in the high 500s, and as of the time of this writing, the number of homes sold is within a handful of the same number.

 

In addition, days on the market are almost identical in quarters one and two of this year as they are in Q3. Obviously, only time will tell what happens in Q4.

 

How long will it take to sell my house?

If you are a homeowner thinking about selling, what can you expect as far as the timeline of selling your house? This expectation can be hyper-local area, neighborhood, and property type specific, but the average days on the market all year has been about three months.

 

Your local real estate professional can provide more detailed information on the expectations of your property. Still, all homes sold in Valparaiso and Niceville this year have been on the market an average of 94 days.

Homes priced above the average sales price may need to expect a four-month market stay – about 116 days.

 

Average Sales Price This Year?

So, what is the average sales price this year?

 

The average sales price in the first half of the year was $533,000.

 

At the end of quarter three, the average sales price dropped only slightly, almost 2%, to $524,000.

 

RELATED: Will The Presidential Elections Sink the Housing Market?

 

Comparing Niceville to the United States

How does our area compare to the rest of the United States?

 

According to Realtor.com the median price of homes for sale in September 2024 was $425,000 (1% down from last year).

 

If you are concerned about, or maybe even waiting for a market crash, you may want to set those thoughts aside for now. While home prices, on average, have decreased in our area by about 2%, but inventory and demand are the determining factors in a potential crash.

 

Inventory has slowly increased but is nowhere near pre-covid stats.

Should you consider entering the market as a buyer or seller and wonder if you should, you’re not alone. The housing market has experienced a lot of unusual trends and seeing that our average sales price is considerably higher than the national average can make the decision even more challenging.

 

Regardless of where you get housing market predictions, remember they can be as reliable as weather forecasts. Professionals make predictions based on available data, and no one can know with 100% accuracy what will happen.

 

Your situation and finances should ultimately dictate whether you sell your home or buy one.

 

The data can supplement the decision-making process but is not the sole reason to jump in.

 

RELATED: We Got An Invite to An Affordable Housing Summit in Niceville. Here’s What We Learned:

 

Bottom Line For Buying or Selling Homes in Niceville:

In sum, inventory is slowly growing in our area, rates are becoming more favorable, home prices have only slightly decreased, with Niceville still priced above the national average, and sales have remained steady.

 

*All 2024 data is provided by Flex/MLS as provided by Emerald Coast Association of Realtors and is deemed reliable as of October 3, 2024, but is not guaranteed and should be independently verified.

 

More About John Sallman

John Sallman is the Broker and Owner of Salt and Light Realty, as well as a frequent contributor to Midbaynews.com. As a realtor serving the Niceville and Valparaiso communities, Sallman brings a wealth of experience in real estate transactions, from sales to property management. Beyond his real estate career, Sallman is also a world-class chef, with over a decade of experience working in some of the finest restaurants along the Emerald Coast.

 

A lifelong Niceville resident, Sallman continues to serve the local community. You can contact him at John@saltandlightrealty.com.

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