Zillow believes they are about to be. In its most recent home price forecast update, Zillow anticipates a 6.5% increase in U.S. home prices from July 2023 to July 2024, marking a slight upward revision from their previous estimate of 6.3% made last month. To provide some context, historical data from Case-Shiller reveals that U.S. home prices have typically seen an average annual increase of 5.5% since 1975.
This 3-bedroom, 2.5-bath home features over 2,300 square feet of living space and an extended 3-car garage. Listed at $799,500, it is a great opportunity in Eagle Trace. Eagle Trace is a maintenance free, gated community, located near the north end of Lakewood Ranch. This master planned community of 272 homes sits on 104 acres, much of which is dedicated to preserving nature. Neighborhood amenities include a community center with a swimming pool, spa, tennis courts, playground and outdoor entertainment area with gas grill and covered seating area and NO CDD FEES in this neighborhood.
The infographic below contains packing tips to help your next move go smoother from Dwellsy via Florida Realtors.
It is good to see home inventory trending up in Sarasota County when compared to last year. That said, much of the inventory is showing a little age as new listings were actually down in July. The volume of transactions continues to be a challenge as the relatively tight inventory and moderate demand are both keeping activity low. Prices have largely stabilized after a significant run-up; however, it wouldn’t surprise me to see significant price movement again this winter during our peak transaction season. See the infographic below from Florida Realtors for more details.
The single-family home market in Manatee County hasn’t shown much change in the last few months. We continue to have less inventory than we would like, which is keeping closed sales relatively low. That said, demand isn’t where it was during the peak post-COVID times, so prices have largely stabilized. At this time, I continue to believe that your leverage is reasonable whether you are a buyer or a seller. As we head into our busier season in the next quarter, the market could still take a turn favoring buyers or sellers. See the infographic below from Florida Realtors for more details.
