Is Florida’s Real Estate Market Moving Faster Than New York?

Florida and New York homes are always in demand, each for different reasons. Some homeowners even keep a home in each of these states to get the best of both worlds. Others make the choice to settle down in one of these popular states. If you are considering a move, it’s natural to follow the real estate markets where you plan to buy or sell a home. Here’s a look at the markets in Florida and New York.

The Florida Real Estate Market

The market for real estate in Florida is moving extremely fast. As real estate industry expert Ron Wysocarski says, “The current Florida real estate market is exceeding all predictions.” 

As head of Wyse Home Team Realty, Ron understands the Florida housing market well and has extensive experience in helping Florida homeowners get the most from their properties at sale time. He also watches the statistics to remain up-to-date with the current state of the market. Here are some of the statistics related to today’s Florida real estate.

Home Prices

Home prices in Florida have gone up over the last year. In fact, Florida’s median home price has risen 21.8 percent from 2021 to 2022. While you might wonder if higher prices mean fewer buyers, that isn’t the case now. Despite the higher cost of homes, rental prices are even higher. So, buyers are still motivated to buy. The median Florida home sale price was $477,000.

Days on the Market

Real estate professionals always keep an eye on how long it takes to sell a home. That means checking the statistics for the average number of days on the market. In 2022, the average number of days from listing to contract was a mere nine days. The average number of days from listing to closing was 77 days.

List Price Received

Sellers typically work with their agents to arrive at the best listing price. When the market is slower, fewer offers may come in. However, in today’s fast-moving Florida market, buyers compete with each other more. Because of this and other factors, the median percent of the listing price that sellers received their list price was 100% in May of 2022. 

The Real Estate Market in New York

The real estate market in New York is gaining speed in 2022. According to a study reported in the New York Times, real estate in NYC is moving faster than it has in the past six years. While this figure is impressive, it does not catch up to Florida’s fast-paced market.

Home Prices

Home prices in New York always seem high compared to many other states, such as Florida. The average New York home sold for $579,500. This higher average home price will be a factor worth considering for anyone contemplating whether to move to Florida or New York.

Days on the Market

In New York, the average number of days a home was listed came in at 46 days. Since that average was 66 days last April, the statistics show that the market is speeding up in the state. As of August 2022, the total number of days from listing to closing averaged 98 days, which included 63 days from listing to accepting an offer. 

List Price Received

Rocket Homes reports that 52 percent of New York homes that sold in 2022 sold for the listing price. However, the number of homes that sold for under the asking price was 35 percent. That leaves only 13 percent that sold above the original listing price. It shows that, while New York homes are selling, it’s currently a buyer’s market.

Is It the Right Time to Sell?

Are you considering putting your home on the market? If so, your decision won’t be as easy as at other times. Although buyers may have the upper hand right now, it may be better to sell now than to wait. After all, inflation is rising and a recession may be on its way. For some, this is all the incentive needed to sell quickly before things get worse.

Right now, homes in Florida are selling quickly, while the real estate market in New York is becoming stronger than it was before. Whether you have a single-family home or an investor with multiple properties, the current economic climate may influence your decision to sell, buy, or wait until a later date. With the current state of these markets, you may get a much better financial outcome by moving forward today. 

Seek Professional Advice

Gauging the local real estate market is a task best left to the professionals. Speak with a knowledgeable real estate agent before you decide to sell or buy. They can help you understand the potential impact of selling or buying new. Then, you can more easily make a decision that will benefit you now and in the future.