Home prices dip, inventory builds for FL homes in April

455 Marion Oaks Drive. $290K [Photo courtesy Realtor.com]

The Florida Realtors Association April 2025 market report shows that statewide the median single-family home sale price rose to $412,734, a decline of 4% compared to April of 2024. Townhouses and condo median sales price were $315,000, a 6% year over year decrease from last April. The statewide active listing inventory for single-family homes was 117,046, a large increase of 33% from last year.

Single-family market
Ocala/Marion County’s April median sale price reported for single-family homes was $289,000, which is a 5% decrease from 2024.

“The median sale price for closed single family home sales in Florida was down 4% in April compared to a year ago, falling to a little under $413,000,” said Brad O’Connor, senior economist for the Florida Realtors, a statewide agents’ reporting and professional trade association. “Looking back a little further, the median price was $410,000 in both April of 2022 and 2023. So we’re still just above that level, and we remain over 50% higher than where we were at this time in 2020. Still, 4% is the largest year over year percentage decline we’ve observed for Florida single family home prices going all the way back to October 2011. So it’s worthy of our attention. The number of single-family homes that were listed for sale in Florida this MLS is in April was a little under 3% higher than a year ago.”

It means homeowners are still waiting to sell until mortgage rates ease down, he said.

“As long as mortgage rates stay at about where they’re at, we should continue to expect some price erosion in most markets around the state, particularly in those markets where there’s still a lot of competition from new construction. That could all change, however, if mortgage rates start trending downward, closer to 6%, which would spur more buyer competition. There is still a lot of latent housing demand out there, with lots of would-be buyers just waiting for affordability to improve enough for them to jump into the market,” O’Connor said.

The association reported that the supply of single-family existing homes statewide increased to a 5.6-months’ supply.
“Months’ supply inventory is a useful indicator of market conditions,” the report stated. “The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory. Anything higher is traditionally a buyers’ market and anything lower is a sellers’ market.”

Statewide, the number of cash sales for single-family homes decreased by10.2%, with a total of 6,674 throughout Florida, which was just over 28% of all sales.

“Cash sales can be a useful indicator,” the report stated, “of the extent to which investors are participating in the market. Investors are far more likely to have the funds to purchase a home available up front, whereas the typical homebuyer requires a mortgage or some other form of financing.”

Ocala/Marion County saw an increase in single-family home closings from last year, 763 total, an 8.9% decrease.

Townhouses and condos
Locally, the Ocala/Marion County townhouses and condos median sales prices came in at $190,000, an 1.1% decrease from last April. A total of 47 closed sales were reported.

“The market for townhouses and condos remained weaker than the single-family market in April,” O’Connor said. “Closed sales fell by nearly 16% year over year. Condos continue to face all of the demand weakening factors that have impacted the single-family home market, like high mortgage and insurance rates. But on top of that, they have been affected by association fees rising to meet the new reserve requirements, and they have been more difficult to secure financing.”

Existing condo-townhouse properties were at a 10.3-months’ supply in April, an increase of 51.5% from April of 2024 and a reported total active listings of 78,183. For the sector, the number of cash sales decreased by 14.8% and represented 54% of the market.