As of October 3, 2024, the Pensacola real estate market is experiencing noticeable shifts, reflecting broader trends in the housing sector. Below are some key highlights and trends in the current market:

🏡 Housing Prices

• The median home price in Pensacola now stands at $335,000, reflecting a 6.9% decrease from the previous year.
• Despite this drop, the average home value has edged up 1.2% over the past year, indicating varied performance across different segments.
• Prices are not uniform, with some neighborhoods experiencing increases while others have seen declines.
• The median price per square foot is $211, a slight 0.47% decline compared to last year.

📉 Sales Activity

• 86 homes were sold in August 2024, down from 107 sales during the same period in 2023.
• Homes are staying on the market longer, with the average number of days to sell increasing to 73 days, compared to 59 days last year.
• Sales transactions dropped 11.5% month-over-month in August, signaling a slowdown in market activity.

🏘️ Market Competitiveness

• The Pensacola housing market is currently not highly competitive.
• On average, homes receive just 1 offer, and 59.5% of homes sold in August closed below asking price.
• Homes that do sell quickly tend to stay on the market for around 37 days before going under contract.

📊 Inventory and Supply

• The supply of homes has increased, with 3,240 units available in July 2024.
• There is now 3.8 months of inventory, pointing to a weak seller’s market, meaning buyers have more options, and sellers may need to adjust expectations.

🏠 Rental Market

• The rental market has also cooled, with rental values dropping by 1.5%, signaling changes in demand.

🚚 Migration Trends

• Pensacola continues to attract buyers from other metro areas, with 0.26% of homebuyers searching from out-of-state, particularly from Atlanta, Washington D.C., and Chicago.
• Interestingly, 57% of homebuyers in Pensacola prefer to stay within the area, highlighting local demand for housing.

🔮 Market Forecast

• The Pensacola real estate market appears to be transitioning from a seller’s market to more balanced conditions. While prices may stabilize or dip slightly, neighborhood-specific factors and property types will likely play a major role in future trends.

For those looking to buy or sell in Pensacola, staying updated with local real estate experts is crucial for making informed decisions in this evolving market.

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