If you’ve been waiting for the right moment to buy a home in Florida, the data is finally telling you something worth listening to.
Florida is entering its third straight year of market rebalancing. Inventory is up 23% year over year. Median prices are softening, down 2 to 3% compared to last spring. And perhaps the most striking number: 76% of Florida homes are currently selling below asking price.
That hasn’t been true in years.
What’s Driving the Shift
Mortgage rates are sitting in the 6.49 to 6.64% range right now, which is higher than buyers would like but meaningfully better than the 6.65% peaks of last year. Here in Volusia County, single-family supply has stretched to roughly 5 months, approaching what economists call a balanced market. Statewide, the average home is sitting on the market for 67 days. In 2021, that number was closer to 7.
Sellers know the market has changed. They’re negotiating. They’re covering closing costs. They’re accepting inspection requests they would have laughed at three years ago.
Why Easter Weekend Matters
Spring is traditionally when buyers come out of hibernation, and this Easter weekend is no different. Families are driving through neighborhoods, attending open houses, and picturing what life could look like in a new home. The difference this spring is that those families have more options and more leverage than they’ve had since before the pandemic.
If you’ve been putting off the conversation because rates weren’t where you wanted them, or because you thought sellers wouldn’t budge, it’s worth revisiting that assumption.
What We’re Seeing Locally
Port Orange, Ormond Beach, and the broader Volusia County market are reflecting these statewide trends. February pending sales in key Florida regions were up 15 to 20% year over year, which tells us buyers are starting to move. The buyers who act now are doing so before that window closes.
The Bottom Line
You don’t need a perfect rate to buy a great home. You need the right market conditions, a skilled negotiator in your corner, and a clear picture of what you’re looking for. All three of those are available right now.
If you’re ready to start the conversation, The Hoover Home Team is here.
