St. Cloud, Florida Real Estate Market Report – November 2024
The November 2024 real estate market in St. Cloud, Florida, paints a picture of balance. Some areas lean towards favoring sellers, while others are more advantageous for buyers. Across the board, the months to contract and close have increased, signaling a slower market pace.
One notable trend is the growing supply of homes in several areas. This shift has created more opportunities for buyers but also heightened competition for sellers.
The November 2024 real estate market in St. Cloud, Florida, paints a picture of balance. Some areas lean towards favoring sellers, while others are more advantageous for buyers. Across the board, the months to contract and close have increased, signaling a slower market pace.
One notable trend is the growing supply of homes in several areas. This shift has created more opportunities for buyers but also heightened competition for sellers.
The Influence of New Construction
New construction homes are shaking up the market, particularly in the middle price range. Builders are offering incentives that make it hard for resale properties to compete. This trend is especially evident in neighborhoods like Harmony, where townhomes and single-family homes face direct competition from newly built properties.
Rising Interest Rates and Affordability
Interest rates remain a key concern, hovering above 4%. For many first-time homebuyers, affordability is a significant hurdle. Higher rates are pushing buyers to reconsider their budgets or explore alternative options like smaller homes or townhomes.
Market Breakdown by Zip Code
34769 – Compact and Competitive
In this area, single-story homes outperformed their two-story counterparts, fetching higher prices per square foot. However, the median days to contract increased, and the supply of homes sits at 2.5 months.
34771 – High Activity but Slowing Down
The busiest zip code in St. Cloud saw a decline in the average price per square foot. Median days to close are over three months, and the supply has grown to six months.
34772 – A Slower Pace
This zip code mirrors 34771 in pricing trends. However, the median days to close exceed three months, with a five-month supply of homes creating a more balanced market.
34773 – A Market with Fluctuations
Due to lower activity, 34773 experiences the most significant data fluctuations. Median days to contract and close are over three and four months, respectively, with a 5.1-month supply of homes.
Spotlight on Harmony
Harmony offers a mix of townhomes, condos, and single-family homes. The newer Harmony West townhomes are commanding higher prices per square foot compared to Harmony Isle. However, resale properties, particularly in the middle price range, are struggling to compete with the incentives offered by builders.
Adding to the intrigue, some areas in Harmony are nearing the end of available lots, potentially impacting future inventory levels.
Predictions for 2025
The St. Cloud real estate market is expected to maintain its current trajectory without drastic changes. Interest rates are likely to remain above 4%, and affordability will stay top of mind for buyers. January could bring an influx of new inventory, creating fresh opportunities for both buyers and sellers.
Key Takeaways
November 2024 highlighted a balanced market with unique trends across zip codes. Whether you're navigating rising interest rates, new construction challenges, or inventory changes, understanding these dynamics is key to making informed decisions.
Contact Corcoran Connect
For a deeper dive into the St. Cloud market, visit the Corcoran Connect website at corcoranconnect.com. You can also reach the Discover St. Cloud team via email at discoverstcloud@gmail.com or by phone at 1-844-STCLOUD or 407-953-9118.
FAQs
What’s the current market trend in St. Cloud, Florida?
The market is balanced, with increasing days to contract and close and a growing supply of homes.
How are interest rates affecting buyers?
Higher rates are impacting affordability, particularly for first-time buyers.
Which zip code has the most activity?
Zip code 34771 is the busiest, although it’s seeing slower sales trends.
Is new construction impacting resale homes?
Yes, incentives from builders make it challenging for resale properties to compete, especially in Harmony.
What’s expected for the St. Cloud market in 2025?
Interest rates are predicted to remain steady, with more inventory expected early in the year.