Sarasota-Manatee Real Estate Trends 2024

Sarasota-Manatee Real Estate Trends 2024

Sarasota is a picturesque city on the West Coast of Florida nestled within Manatee County. It’s known for its range of gorgeous Sarasota waterfront properties as well as being an extremely popular place to live. If you’re interested in the Sarasota-Manatee housing market, you’ll want to read this guide. We’ve collected the latest info and reports on the current and future real estate trends within the area, highlighting key stats and things to look out for. 

Sarasota-Manatee Key Housing Market Stats

The city of Sarasota isn’t fully within Manatee County, so there are some slight differences in the current housing market trends and stats. For instance, Manatee County home prices are up 0.5% at the beginning of 2024 when compared to last year. By comparison, Sarasota house prices are down 2.7%In terms of the median sale prices, if you’re buying a home in Sarasota, be prepared to spend around $535,000.For Manatee County as a whole, the median sale price is currently $454,562. This provides an intriguing insight as it tells us that purchasing a home in Sarasota in the northern area of the city that’s included in Manatee County could provide you with a better bargain. Sarasota is also seen as a highly competitive housing market that caters more to buyers than sellers. Redfin calculates that the average homes sell for around 3% below the listing price within 20 days. People are eager to buy homes here, which may open the door to future investment opportunities. Moreover, the majority of sales in Sarasota-Manatee are for single-family homes. Reports show there were 487 closed sales for single-family homes in Sarasota this January, up 18.5% from last year. Manatee County also saw a 10.8% increase in the number of single-family home closed sales with 408 in total. Comparatively, only 209 sales in Sarasota were condos while a mere 185 in Manatee were condos. Both sets of data show the growing popularity of family homes in this area and the decline in the popularity of condos. 

Big Sarasota-Manatee Real Estate Forecasts

Looking at the main data points for the Sarasota-Manatee area, we can see a few big things happening within the real estate market. Firstly, we expect Sarasota home prices to continue falling. They are already way above the national average and more expensive than other homes in nearby areas. A small decline is natural as the local housing market aligns with those around it. You should also be aware that single-family homes are the most popular investment option in Sarasota-Manatee. There’s an abundance of properties available for competitive prices, paving the way for big rental investments. Proximity to the sea also means you will find Sarasota waterfront homes for sale to be turned into holiday home properties. We’ll keep you updated with the latest trends and market happenings within Sarasota-Manatee throughout the year. For now, it’s clear that Manatee County is a great place to buy now and sell for a profit in the future with increasing house prices. Conversely, if you want to get a bargain, Sarasota real estate is at it’s lowest price for years. 

 

Post a Comment