Home prices trend downward statewide

This home is listed at $289,900 on realtor.com. The median sales price for single-family homes in Marion County in May was $295,000. [Photo courtesy realtor.com]

The Florida Realtors Association May 2025 market report shows that statewide the median single-family home sale price was $415,000, a decline of 2.7% compared to May of 2024. Townhouses and condo median sales price were $310,000, a 6.1% year over year decrease from last May. The statewide active listing inventory for single-family homes was 117,202, a large increase of 28.8% from last year.

Single-family market sector

Ocala/Marion County’s May median sale price reported for single-family homes was $295,000, which is a 1.8 % increase from 2024.

“Closed sales of Florida single-family homes were down almost 6% in May compared to a year ago,” said Brad O’Connor, senior economist for the Florida Realtors, a statewide agents’ reporting and professional trade association.

“Florida’s median price for closed sales of single-family homes was down year over year for the third consecutive month in May, falling by close to 3% to $415,000. That’s less than April’s decline of 4%, but there is a clear divergence from last year’s price levels starting to emerge. Still, prices remain in the neighborhood of where they’ve been since early 2022 and are 54% above where they were at this time in 2020,” he noted.

The expansion of inventory has been taking place since 2022, he said. Additionally, the seasonal aspect of the market is affecting sales and inventory.

“Keep in mind that this is a part of the year where, under normal market conditions, inventory tends to fall on a month-over-month basis, so some of this is due to seasonal factors. But considering that inventory has recently been bucking typical seasonal trends, this is a significant development and we’ll want to watch this statistic closely over the next few months to see if it continues,” O’Connor said.

The association reported the supply of single-family existing homes statewide increased to a 5.6-months’ supply, a 30.2% increase.

“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 by 13.3%, with a total of 6,491 throughout Florida, which was just over 26% of all sales.

“Cash sales can be a useful indicator 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,” the report stated.

Ocala/Marion County reported 784 single-family home closings, a 15.4% decrease from last May.

Townhouses and condos

The Ocala/Marion County townhouse and condo median sales prices came in at $181,000, a 19.6% decrease from last May. A total of 40 closed sales were reported.

“Over in the condo and townhouse category, we started to see price erosion all the way back in July of last year. That trend continued in the latest figures, with the statewide median sale price in this category falling a little over 6% to $310,000. That’s still 54% higher than in 2020—the same difference observed for the single-family side of the market—but in this case, there is more uniformity at the local level, with 19 of Florida’s 22 metros seeing a year-over-year price decline in May,” O’Connor said.

Existing condo-townhouse properties were at a 10.3-months’ supply in May, an increase of 49.3% from May of 2024 with reported total active listings of 76,148. For the sector, the number of cash sales decreased by 21.1% and represented 49% of the market.