Newly released data for August indicates a decline in home sale prices in Marion County, Florida. According to an analysis of data from Realtor.com, the median sale price for homes in the county was $252,450, down 3.1% from the previous month’s median of $260,643.
Compared to August 2022, the median sale price saw a decrease of 2.9%, dropping from $260,000 to $252,450. This downward trend suggests a potential shift in the local housing market.
It’s important to note that the data from Realtor.com relies on real estate deeds, resulting in a delay of a few months in obtaining up-to-date information. Additionally, the statistics do not account for homes currently listed for sale and may not be directly comparable to listings data.
When examining single-family homes specifically, the median selling price in Marion County experienced a 4.4% decrease in August, falling from $272,000 in July to $260,000. Since August 2022, the sale price of single-family homes has declined by 5.5%, reaching a median of $275,000.
Conversely, the sale of condominiums and townhomes in Marion County saw a significant downturn in August. The median sale price for these properties dropped by 30.7%, reaching $120,500 compared to $174,000 in July. Compared to August 2022, the sale price of condominiums and townhomes decreased by 18.3%, from $147,500 to $120,500. Notably, no condominiums or townhomes were sold for at least $1 million during this period.
The number of recorded sales in Marion County also experienced a substantial decline, dropping by 72.5% from 784 in August 2022 to 216 in August. The total value of residential home sales in the county amounted to $65.7 million.
In Florida as a whole, the median sale price for homes rose to $400,000 in August, marking a 2.6% increase from $390,000 in July. However, the number of recorded sales across the state decreased by 71.2% compared to August 2022, dropping from 40,036 to 11,530. Furthermore, the total value of residential home sales in Florida plummeted by 92.7% from $175.9 billion in July to $12.8 billion in August.
Q: What is the source of this data?
A: The data in this article is sourced from Realtor.com’s analysis of real estate deeds.
Q: Are the statistics in this article inclusive of homes currently listed for sale?
A: No, the statistics do not consider homes currently listed for sale and may not be directly comparable to listings data.
Q: What does the term “median sale price” mean?
A: The median sale price represents the midpoint of all the houses or units listed over a specific time period. It provides a more accurate view of the market compared to the average sale price, which can be skewed by one particularly low or high sale.