If you’re considering a real estate career in the Sunshine State, you might be wondering, "How long does it take to sell a house in Florida?" On average, it takes about96 days to sell a home in Florida. This includes about 61 days on the market and another 35 days to go from contract to closing.
This timeline can vary based on several factors, including location, economic conditions, and inventory levels. Let’s take a closer look.
Factors that Influence the Time It Takes to Sell a Home in Florida
Understanding how variables impact the speed of home sales can help both sellers and real estate professionals set realistic expectations and develop effective selling strategies. Here are a few of the factors that can accelerate or slow down the home-selling process in Florida.
Location, Location, Location
In 2023, many of the fastest-growing Florida real estate markets were in coastal cities like Tampa, St. Petersburg, Cape Coral, and Pensacola. In 2024, some of the Florida cities with the fast-selling homes include:
Gainesville - 14 days on market
Tampa - 24 days on market
Orlando - 29 days on market
St. Petersburg - 34 days on market
While much of Florida still enjoys a strong housing market, according to a recent Creditnews report, three Florida metro areas are among the 10 slowest-selling metros in the U.S. The median number of days on the market are as follows:
Cape Coral-Fort Myers, FL – 71 days on market
Bradenton – 81 days on market
North Port - 88 days on market
The Strength of the Economy
Florida’s economy continues to outperform the national average, maintaining a lower unemployment rate for44 consecutive months. Recently, CNBC named Florida the top economy in the nation for the second year in a row. As of June 2024, Florida's unemployment rate was a low 3.3%, compared to the national rate of 4.1%.
This robust economic performance attracts more buyers to the state, often increasing demand for homes and reducing the time they spend on the market. As a result, cities like Tampa and Orlando, which benefit from both statewide economic health and strong local job markets, often see homes selling more quickly. Conversely, in areas where the local economy is weaker or unemployment rates are higher, homes may take longer to sell due to reduced buyer demand.
Housing Inventories
Housing inventories play a significant role in how long it takes to sell a home in Florida. When too many sellers list their homes at once, the market can slow down, especially during economic downturns when mortgage defaults increase.
Currently, inventory is tight nationwide, and Florida is no exception. Despite the easing of pandemic-related fears, many markets still face low inventory levels. In June 2024, there were 197,286 homes for sale in Florida, a 39.2% increase year over year. Newly listed homes numbered 43,723, up 2.8% year over year. The average months of supply now stands at five months, up two months from the previous year.
Generally, a supply of less than six months is considered low inventory. This can be a double-edged sword. While it increases demand, it doesn't always mean homes sell faster. Higher listing prices can make homes unaffordable for many buyers, causing them to linger on the market longer.
7 Ways to Sell a Home in Florida Faster
While you can’t control the economy or housing inventories, there are things you can do to sell a Florida home faster. Start with these quick tips:
Price it right: Set a competitive price based on comparable homes in the area to attract more potential buyers.
Improve curb appeal: Invest in landscaping, fresh paint, and other exterior enhancements to make a strong first impression.
Make quick repairs and updates: Address any minor repairs or updates that could detract from the home's appeal.
Consider professional staging: Stage the home to highlight its best features and make it more appealing to buyers.
Use high-quality photography: Use professional photography to showcase the home in the best light and attract more interest online.
Market effectively: Leverage multiple platforms, including social media, real estate websites, and local listings, to reach a broader audience.
Highlight unique features: Emphasize any unique or desirable features of the home, such as a pool, updated kitchen, or proximity to amenities.
It’s a Great Time for Real Estate in Florida
Florida has all the elements needed to generate quick real estate sales right now. Inventories are relatively low statewide, and the economy is rebounding faster than the national average. Florida's attractive lifestyle, with its white beaches and popular tourist attractions, continues to draw buyers looking to escape harsher climates.
However, the housing market varies across different regions. While some areas like Tampa and Orlando see homes selling rapidly due to high demand, other regions may experience longer selling times due to higher prices or local economic conditions. Understanding these nuances is key to successfully navigating Florida’s real estate market.
If you’re ready to start your real estate career in Florida, Aceable's Online Florida Real Estate School is the ideal way to get started. Explore your options today and choose the perfect package for your needs.
Update 8/9/24