Emerald Coast Single-Family Homes: A Market of Opportunities
The search for a home on the Emerald Coast transcends finding a living space; it’s about investing in a lifestyle. The 2023 market trends for Emerald Coast single-family homes demonstrate an environment ripe for investment and personal enjoyment. Many of these trends should continue in 2024. This post will explore the single-family home market on Florida’s Emerald Coast.
Emerald Coast Single-Family Homes: Emerging Opportunities
Increasing Supply
The single-family home market has shown a marked increase in supply. New listings offer significant opportunities to buy into vibrant Emerald Coast communities. Notice how, from February to March, the number of homes for sale in Destin increased by over 15%. Similar trends occurred in nearby Santa Rosa Beach. The supply of homes for sale has increased by 18% during the same period, indicating strong potential for a buyer’s market.
Strategic Investments
Despite fluctuations, average sale prices are on the rise. Investors can purchase properties that have a solid potential to appreciate. Sticking with Destin, median sale prices increased by close to 16% from March 2023 to March 2024. Additionally, 7.4% of homes sold above the list price. Moving to Santa Rosa Beach, median sale prices have increased by over 7%.
Home Sales
As of this writing, home sales are slower than last year. In Destin, the number of homes sold decreased by about 20% from February 2023 to February 2024. Miramar Beach saw a similar decline during the same period. However, sales numbers have increased from February 2024 to March 2024. That means home sales could be recovering, but it is another factor indicating a buyer’s market.
Vacation Rental Homes
With its reputation as a scenic vacation destination, the Emerald Coast is a great place for short-term rentals. This market is ripe with potential. Just looking at Destin, the average daily rate for a short-term rental is almost $400. That is much higher than the national average. The occupancy rate is 62%, which is also higher than the national average. Looking at Santa Rosa Beach, the average daily rate for a vacation rental is just under $450. Even with higher daily rates, demand for short-term rentals remains strong on the Emerald Coast.
Why Choose the Emerald Coast?
The Emerald Coast isn’t just a location; it’s a destination where lifestyle meets investment potential. We help clients navigate this dynamic market to find properties that suit their personal and financial aspirations. Begin your journey by visiting our contact page.
