Santa Rosa Beach Real Estate Market Forecast 2023

Whether you are considering selling your current home or mulling over the idea of buying your first one, it pays to be aware of the real estate market forecast for your city. Though the national forecast can reflect what is happening in a local area, there can be some deviations worth noting. The job market, interest rates, and available housing inventory can greatly impact a local market, and Santa Rosa Beach is no exception. Before you make the decision to buy or sell a home here, read what the experts are saying about the current real estate market forecast for this Florida community.

The historic increases in median home prices that began in the early months of the 2020 Covid-19 pandemic saw buyers engaging in bidding wars, often resulting in homes sold for far more than their list price. With building materials in short supply, the demand for existing dwellings soared to unprecedented heights. High demand and low inventory meant buyers paid top dollar for homes, creating one of the most significant seller’s markets in recent history.

However, the trend began to cool in the middle of 2022. Though median home prices are still much higher than they were pre-2020, sharp increases in interest rates and the fear of the United States entering a recession at the end of this year have many homeowners wanting to stay put. Recent data reports that the real estate market has cooled over the last 15 months, with the first year-over-year price drops recorded in April 2023. But that doesn’t spell doom for anyone looking to sell!

There is still more of a demand for homes than there is available inventory in most local markets. While median home prices are predicted to cool a bit more for the remainder of the year, this trend is expected to level off soon. And until the supply is at least equal to the demand, it’s not likely that the market will drop sharply.

If you are buying or selling property in Santa Rosa Beach, you’re probably wondering how the national forecast will impact your investment. Even though median home values dipped slightly year-over-year in this Walton County community, the demand for inventory is still very high. As a seller, this means you should be able to command top dollar for your property. If you are a buyer, you should employ the skills of a professional realtor before looking for a property.

There are more factors than interest rates and national economic data impacting the Santa Rosa Beach real estate market. Though median home prices in this market sit well above the national average, they are lower than many places elsewhere in the state of Florida. Additionally, there is no individual income tax, making your dollar go further. The tax-friendly policy and the gorgeous beaches have made Santa Rosa Beach an attractive place to relocate to and for others to invest in property in.

With the area’s growth only predicted to grow, now might be the time to consider purchasing property in Santa Rosa Beach. And assuming that the Feds will raise interest rates again before the end of 2023, waiting to buy a home might cost you more money.

If you are a homeowner in this area, current predictions suggesting a dip in median home prices might motivate you to sell now. As a buyer, it might convince you to wait a bit, just in case the forecasters are correct.

If you’ve owned your home in Santa Rosa Beach since before the 2020 pandemic, odds are that you have quite a bit of equity in it already. Though the value of it might be a bit less than what it was in 2022, it will still have substantially more equity than it did a few years ago. If you are in a position where you need to sell, you should be able to get a return on investment for your property.

Potential buyers should weigh interest rate increases over the next several months to determine when to enter the market. However, no matter when you buy a home in Santa Rosa Beach, you will have made a sound investment.

Buying and selling real estate can be a tricky business. There’s lots of legwork involved and a good amount of money on the line. While you can certainly buy and sell on your own, you’re better off letting a real estate professional navigate the process.

When buying Santa Rosa Beach real estate, you’ll want to hire an agent who knows the area inside and out and uses their master negotiating skills to get you the best deal possible. And as a seller, you will want to work with a master marketer to get the most qualified buyers interested in your property. Statistics show that sellers who use an agent earn substantially more from their home sale than those who go about it alone.

The decision to buy or sell real estate in any market is one that should take careful consideration and planning. You’ll likely find that the guidance of a real estate agent will save you both time and money, whether you are buying or selling property. The trusted professionals at Bremer Group Real Estate have years of expertise and are committed to helping buyers, sellers, and investors make solid financial decisions in Santa Rosa Beach. If you want to sell your home, have questions about the local market, or wish to conduct a home search, schedule a consultation with Bremer Group Real Estate today to begin your real estate journey.