As most everyone knows, interest rates have been steadily increasing in 2022. The question is: what effect will this have on Treasure Coast real estate prices? Year over year, the cost of a mortgage has nearly doubled, but median Treasure Coast home prices are still increasing even with residential sales decreasing. Inventory has also been on the rise, with sellers aiming to take profits during the seller's market we are still experiencing.
Let's take a closer look at the Treasure Coast real estate market and what the newest statistics in Martin & St. Lucie counties are telling us about prices, inventory, and listings. Using this information, we hope you can make the best decision possible when you're buying or selling a home on the Treasure Coast.
Are Martin County Home Prices Falling?
As of the latest data for Martin County real estate, which covers June 2022, the median sales price is up over 20% from the same time in 2021 to $590,000. This comes as a surprise for many interested in Martin County homes, as the inventory has increased 41.1% and the number of closed sales has decreased by 32.7%. While many are wondering if Martin County real estate values are dropping, there seems to be no evidence of this happening. Keep a close eye on these figures as the Federal Reserve increases interest rates and inventory potentially increases.
Treasure Coast Real Estate: Ocean Cove
Is St. Lucie County Real Estate Value Decreasing?
St. Lucie county real estate values are not decreasing. As of the latest date from June, the median sale price of St. Lucie County real estate was almost $400,000. This number is up over 30% from the same time last year, and sellers are averaging receiving 100% of their listed price. Similar to most areas on the Treasure Coast, St. Lucie County homes have experienced closed sales decrease by 13.8% and inventory more than double from the same period in 2021. If you're interested in St. Lucie county real estate, make sure you're searching properly, getting pre-approved for a mortgage, and making smart offers that put you in the best position to get a fantastic home.
The Treasure Coast real estate market has historically remained consistent, with lower volatility than other areas across the nation. Even with many sellers looking to cash out of the hot Treasure Coast real estate market while it lasts, demand is keeping up and all indications still point to a seller's market in both Martin & St. Lucie counties. Treasure Coast sold homes detail what is happening in the neighborhoods and cities you are interested or live in. Keeping up with current and closed home listings is a great way to keep tabs on the real estate values and what they're doing now so you can plan your next move for buying or selling.