Prices remain steady for single-family homes

This new 3-bedroom, 2-bath home in Dunnellon recently sold for $284,500.

The Florida Realtors’ Association March 2025 market report shows that statewide the median single-family home sale price rose to $412,500, a decline of 1.9% compared to March of 2024. Townhouses and condo median sales price were $315,000, a 4.5% year-over-year decrease from last March. The statewide active listing inventory for single-family homes was 114,454, an increase of 32.7% from last year.

Single-family market
Ocala/Marion County’s March median sale price reported for single-family homes was $290,000, which is no change from 2024.

“Closed sales of Florida single-family homes were down year-over-year for the second consecutive month in March, but only by 1.3%,” said Brad O’Connor, senior economist for the Florida Realtors’, a statewide reporting and professional trade association. “That’s a big improvement over February’s more than 7% decline. What’s more, the number of single-family homes that went under contract in March was actually up year-over-year by over a half of a percent. One reason for this is likely that we had the average 30-year fixed mortgage rate hovering at around 6.75% for most of March, in stark contrast to January and February when it was largely north of 7%. That bodes well for closed sales in April, but this boost is going to be short-lived, as mortgage rates have since returned to those 7% levels.”

More inventory also affects the market, O’Connor said.

“We’ll want to keep an eye on both inventory and time on market over the next few months, as the higher they rise, the more downward pressure we’ll see on home prices,” he stated.

The association reported that the supply of single-family existing homes statewide increased to a 5.5 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 by 2.0%, with a total of 6,746 throughout Florida, which was just under 29% 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 saw an increase in single-family home closings from last year, 815 total, a 5.2% increase.

Townhouses and condos
The Ocala/Marion County townhouse and condo median sales price came in at $189,000, an 8.9% increase from last March. A total of 61 closed sales were reported.

“Demand remains relatively weaker in the condo and townhouse property type category,” O’Connor said. “Closed sales in this category were down nearly 10% compared to a year ago in March. New pending sales were down as well, by almost 11%.”

“For the past year, Florida condos and townhouses have been taking longer to sell than single-family homes. The median time on market for them selling in March was 62 days, up from 43 days one year ago. In this case, the median time on market is a bit higher than it was in the latter half of the 2010s,” O’Connor added.

Existing condo-townhouse properties were at a 10.1 month’s supply in March, an increase of 53% from March of 2024, with total active listings of 77,300. For the sector, the number of cash sales decreased by 9.5% and represented 54% of the market.