Will 2024 or 2025 be a good time to buy a house in Ocala, Florida? Many home buyers aren’t sure if they should buy sometime this year or wait until next year to see if market conditions improve.
In this post, our realtors at Your Home Sold Guaranteed Realty - Coldwell Real Estate Services will discuss what to expect when buying a house in 2024 and 2025. We’ll also cover what the housing market conditions are like in Ocala.
Key Takeaways:
- Many home buyers are hesitant to enter the housing market in 2024 due to high interest rates, inflation, fears of a housing market crash, and other economic difficulties.
- The Florida housing market has remained relatively strong over the past few years and is expected to stay that way throughout 2024.
- In 2025, home prices are expected to rise gradually, remaining above the rate of inflation. Buyer demand is expected to increase as well.
Will 2024 or 2025 Be a Good Time to Buy an Ocala House?
Buying an Ocala House in 2024
Many home buyers are hesitant to enter the housing market in 2024 due to high interest rates, inflation, fears of a housing market crash, and other economic difficulties.
Many housing markets across the U.S. are still feeling the impacts of these conditions. But the good news for Florida home buyers is that the Florida housing market has remained relatively strong over the past few years and is expected to stay that way throughout 2024.
One reason for Florida’s market strength is that inflation is predicted to slow down, which means interest rates might stabilize or potentially decrease. This would make mortgages more affordable for buyers.
While this prediction could always change as the year progresses, the housing market in Florida is still going strong so far into 2024.
In addition, there is plenty of inventory available for buyers to choose from, while demand from buyers continues to be high. In large part, this demand is because of the high job growth rates in the state, high housing demand, and population growth.
These strong market conditions include Ocala as well, which has a high inventory, relatively affordable home prices compared to the rest of the state, and a neutral market that doesn’t favor buyers or sellers.
Buying an Ocala House in 2025
In 2025, home prices nationwide are expected to rise gradually, remaining above the rate of inflation. Buyer demand is expected to increase as well, especially if mortgage interest rates continue to stabilize or decrease.
Overall, the housing market is expected to regain some of its strength, and market experts predict the demand for new housing will still be high.
Economic growth is also expected to increase, though at a slower rate than usual. This slow growth has caused some buyers to fear a recession, though it’s impossible to predict if one could occur.
So far as market experts can predict at the moment, the housing market in 2025 is expected to grow stronger. Depending on your situation, budget, and home preferences, this could make it a good time to buy an Ocala house.
What is the Housing Market Like in Ocala Right Now?
The Ocala housing market is considered a neutral market, so neither buyers nor sellers have the upper hand in a transaction. In recent months, the median home price was $280,000, which is a 3.4% decrease from the same point last year.
In addition, most homes spent 74 days on the market before selling, while the hottest homes sold in as fast as two weeks. Most homes sold for four percent below their asking price, while the hottest homes sold for exactly their original price.
The Ocala market has a sale-to-list price ratio of 95.8% and only 6.8% of homes sell above their asking price.
Buy Your Dream Home in Ocala in 2024 with Scott Coldwell
At Your Home Sold Guaranteed Realty - Coldwell Real Estate Services, Scott Coldwell and our team have worked with thousands of home buyers in Ocala and North Central Florida. Our experience, high-quality customer service, and in-depth knowledge of the local housing market are only some of the reasons we’re ranked as the top realtor in Ocala.
In addition, we offer unique buyer guarantees that make the buying process risk-free, like our Buy it Back Guarantee.
To learn more about working with Your Home Sold Guaranteed Realty - Coldwell Real Estate Services to buy a house in Ocala or the surrounding areas, call 352-290-3512, or fill out the form on this page.
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