Volusia County Housing Market Update

The latest housing market data for Volusia County is in, and October 2024 shows a mix of changes in listings, sales, and prices compared to last year. If you’re a homeowner or prospective buyer, understanding these trends can help you make informed decisions in today’s market.

Listings on the Rise, Sales Slowing Down

One notable trend this October is the increase in the number of listings. With 3,025 homes on the market, inventory is up by 23% compared to October 2023. However, while there are more homes available, the actual number of sales has dropped by 31%. In October 2023, 439 homes sold, while this year’s October saw only 304 sales. This decline in sales volume could be due to various factors, including shifting buyer demand or economic uncertainties.

Prices Show Slight Decline

Average listing prices have decreased by about 4% compared to last October, moving from $528,000 to $508,000. The average sales price has also dropped, down by 6% to $416,000. This drop in sales prices indicates that buyers may have more leverage in negotiations than they did last year, with the market softening slightly.

Homes Staying on the Market Longer

One of the biggest changes is the increase in the average days on market (DOM). Homes are now sitting on the market for an average of 117 days, up from 94 days in October 2023—a 25% increase. This extended timeframe could indicate more cautious buyer behavior and a more competitive market for sellers.

What This Means for Buyers and Sellers

For buyers, this might be an ideal time to explore options, as increased listings provide more choices and more room for negotiation. Sellers, on the other hand, may need to prepare for longer listing periods and adjust pricing expectations.

Stay tuned for more updates as we continue to monitor how Volusia County’s market evolves. For questions about buying or selling in this market, reach out to Chris Hoover at The Hoover Home Team.