The Real Story Behind What’s Happening with Home Prices | The Listing Team at RESF
South Florida Market Insight Updated for 2024
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The Real Story Behind What’s Happening with Home Prices

By Scott Lehr, PA • The Listing Team at RESF • Published September 11, 2024
Market Update • South Florida

If you’re trying to make sense of home prices right now, you’re not alone. The news cycles are noisy, and a lot of the “market takes” you hear are either too broad or flat-out wrong for South Florida. The truth is simpler: home prices move based on a handful of forces, and when you understand those forces, you can make better decisions fast—without panic, hype, or guessing.

Bottom line: South Florida is a market of micro-markets. Some neighborhoods cool. Others hold. The best moves come from local data, not national headlines.

What’s actually driving home prices

1) Inventory is still the biggest lever

When there aren’t enough homes for sale, prices don’t need hype to stay firm. Tight supply creates competition. Even with higher rates, buyers still show up for homes that are priced right and present well.

2) Mortgage rates change monthly payments more than values

Rates can reduce affordability, which can slow demand. But that doesn’t automatically force price collapses. In fact, many homeowners are sitting on low-rate mortgages, and that can reduce the number of sellers willing to move—keeping supply limited.

3) Demand didn’t vanish—buyers got pickier

Buyers are value-hunting: better location, better condition, better long-term livability. Homes that feel “turnkey” and priced appropriately still sell. Homes that feel overpriced or neglected sit.

What this means if you’re selling

  • Pricing has to be tight. Not “wishful.” Tight.
  • Condition matters more. Clean, bright, repaired, staged (or at least de-cluttered).
  • The first 14 days are critical. That’s when you get the strongest buyer attention.

If you miss that early window, you usually end up chasing the market with reductions. A smart pricing plan is still your best marketing tool.

What this means if you’re buying

  • Be lender-ready. The best deals go to buyers who can move.
  • Know your must-haves. Be realistic about trade-offs.
  • Look for negotiable situations. Overpriced listings, poor marketing, cosmetic fixes.

Want a street-level read on pricing (not an online estimate)? I’ll tell you what the market will actually pay based on comps and current buyer behavior.

Work with Scott Lehr, PA

See Current Listings

Local market links (quick jump)

Use these to compare what’s happening city-by-city—then we narrow it down to your neighborhood.

FAQ

Are home prices dropping in Florida?

It varies by city and neighborhood. In many South Florida areas, prices have stayed more resilient than the headlines suggest because inventory is limited and well-priced homes still attract demand.

What drives home price changes the most?

Mortgage rates, available inventory, and buyer demand are the biggest drivers. Local job growth and migration trends matter too—especially in South Florida.

What should I do next if I’m thinking about buying or selling?

Get neighborhood-level data: new listings, days on market, price cuts, and sold comps. That’s what tells you what buyers will actually pay right now.

© 2024 The Listing Team at RESF • RealListingAgent.com
This content is informational and not legal, tax, or financial advice.

The Real Story Behind What’s Happening with Home Prices





If you’re wondering what’s going on with home prices lately, you’re definitely not the only one. With so much information out there, it can be hard to figure out your next move.

As a buyer, you might be worried about paying more than you should. And if you're thinking of selling, you might be concerned about not getting the price you're aiming for. 

So, here's a quick breakdown to help clear things up and show you what’s really happening with prices—whether you're thinking about buying or selling

Home Price Growth Is Slowing, but Prices Aren’t Falling Nationally

Throughout the country, home price appreciation is moderating. What that means is, prices are still going up, but they're not rising as quickly as they were in recent years. The graph below uses data from Case-Shiller to make the shift from 2023 to 2024 clear:

But rest assured, this doesn't mean home prices are falling. In fact, all the bars in this graph show price growth. So, while you might hear talk of prices cooling, what that really means is they're not climbing as fast as they were when they skyrocketed just a few years ago.

What’s Next for Home Prices? It’s All About Supply and Demand 

You might be curious where prices will go from here. The answer depends on supply and demand, and it’s going to vary by local market.

Nationally, the number of homes for sale is going up, but there still aren’t enough of them to meet today’s buyer demand. That’s keeping upward pressure on prices – even though recent inventory growth has caused that home price appreciation to slow. Danielle Hale, Chief Economist at Realtor.com, said:

“. . . today’s low but quickly improving for-sale inventory has ushered in more market balance than would otherwise be expected . . . This should help home prices maintain a slower pace of growth.” 

And here’s one other thing you may not have considered that could play a role in where prices go from here. Since experts say mortgage rates should continue to decline, it’s likely more buyers will re-enter the market in the months ahead. If demand picks back up, that could make prices climb a bit further.

Why You Should Work with a Local Real Estate Agent 

While national trends give a big-picture view, real estate is always local – especially when it comes to prices. What's happening in your neighborhood might be different from the national average based on what supply and demand look like in your market. That’s why it's crucial to get local insights from a knowledgeable real estate agent.

 As your go-to source for everything related to home prices, a local agent can provide the most current data and trends specific to your area.

So, if you’re planning to sell, they can help you price your house accurately. And when you’re ready to buy, they can find the right home that fits your budget and your needs.

Bottom Line

Home prices are still rising, just not as quickly as before. Whether you’re thinking about buying, selling, or just curious about what your house is worth, let’s connect so you have the personalized guidance you need.



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