As we delve into the Escambia County real estate market, it becomes evident that property values in Pensacola have experienced remarkable growth year-over-year. Both buyers and sellers have witnessed significant changes in the number of days a property will be on the market.
Understanding these statistics is crucial for both buyers and sellers in the real estate market. Sellers can use this data to price homes to sell quickly. For buyers, having access to the property value trends empowers them to make informed decisions about their purchase.
Median Listing Price Increase
With a median listing price of $365,000, the median home price during July 2023 in Escambia County has surged by 1.42% compared to July 2022. This impressive rise reflects the strong demand for housing in the area.
Median Price Per Square Foot
At $202 price per square foot, the median price per square foot has also seen a remarkable upswing. With a 7.35% increase compared to the same period last year. This indicates a sustained interest in Pensacola properties.
The number of available property has grown substantially, with 1,146 homes on the market in July 2023, showing a 14.83% increase compared to the previous year.
Days on Market
Homes are spending less time on the market, with the average days on market reduced to 53 days, an improvement of 65.63% from the previous year. This signifies a competitive and active market.
Knowing the median home price increase and average days on market gives buyers an idea of the current market conditions and the potential cost of the property they are interested in. Additionally, understanding the current inventory and median price per square foot helps sellers gauge the level of competition.
Big Differences in Escambia County Zip Codes
In this report, we analyze the differences in 4 zip codes in Pensacola during June 2023 to gain insights into the current market trends.
32501 Real Estate Trends
In June 2023, 32501 is a very hot market that is still considered to be at the seller’s advantage.
- 4.7 months of inventory which is down 4.08% compared to May 2023
- 96.3% list to sold price percentage which is up 0.16% compared to May 2023
- $409,250 median sold price which is up 2.34% compared to May 2023
32502 Real Estate Trends
In June 2023, 32502 is a perfectly balanced market in comparison to nearby 32501.
- 5.77 months of inventory which is up 15.17% compared to May 2023
- 96.4% list to sold price percentage which is down 0.35% compared to May 2023
- $350,000 median sold price which is down 19.48% compared to May 2023
32503 Real Estate Trends
In June 2023, 32503 is decidedly a seller’s market.
- 2.56 months of inventory which is down 1.54% compared to May 2023
- 99.1% list to sold price percentage which is up 1.62% compared to May 2023
- $317,500 median sold price which is down 3.64% compared to May 2023
32504 Real Estate Trends
In June 2023, 32504 is truly a seller’s market with the fewest months of inventory across all 4 zip codes in this report.
- 1.65 months of inventory which is down 22.17% compared to May 2023
- 98.3% list to sold price percentage which is up 1.25% compared to May 2023
- $277,750 median sold price which is up 12.95% compared to May 2023
Factors Influencing the Growth
Several factors have contributed to the surge in property values in Pensacola. The current economy coupled with an influx of new residents has fueled demand for housing. Moreover, the appeal of a laidback lifestyle, outdoor attractions, and coastal amenities continues to draw interest from both local and out-of-state buyers, further driving the real estate market growth.
As we move into the second half of 2023, the real estate market in Escambia County is expected to maintain its positive trajectory. With a robust housing demand, property values are likely to continue rising. Whether you are looking to buy or sell a property in Pensacola, now is an opportune time to take advantage of the favorable market conditions. Reach out to the team at aDoor Real Estate to discuss your real estate needs and seize the potential this dynamic market offers.
For both homeowners and real estate investors, understanding the factors that impact property value growth is essential. The real estate market is dynamic and influenced by a myriad of variables. From economic trends to local developments, multiple factors come into play to determine the appreciation of a property over time.
Location, Location, Location
The age-old adage holds true: location is paramount when it comes to property value growth. Desirable neighborhoods with access to good schools, amenities, public transportation, and proximity to employment centers tend to see steady appreciation. A prime location can elevate property values even in challenging market conditions.
The overall health of the economy plays a crucial role in property value growth. Regions with robust economic growth and low unemployment rates generally experience a rise in demand for real estate, leading to increased property values. Conversely, economic downturns can negatively impact property values.
Infrastructure and Development
Investments in infrastructure, such as new roads, public transportation, and community developments, can significantly impact property value growth in an area. Improved infrastructure often attracts businesses, residents, and investors, driving demand and elevating property prices.
Supply and Demand
The principle of supply and demand is a fundamental driver of property value growth. When demand exceeds supply, prices rise. Conversely, an oversupply of properties can lead to price stagnation or decline. Local market conditions and inventory levels influence this delicate balance.
Fluctuations in interest rates can impact property value growth. Lower interest rates can attract more buyers to the market, increasing demand and potentially boosting property prices.
The real estate market is cyclical, with periods of growth and downturns. Understanding market conditions, such as buyer-seller dynamics, absorption rates, and inventory levels, is vital for gauging property value growth potential.
Quality of Construction and Renovations
The quality of construction and any renovations or upgrades done to a property can impact its value. Well-maintained and updated properties tend to command higher prices in the market.
Local Regulations and Zoning
Zoning regulations and local ordinances can influence property value growth. Changes in zoning laws or the approval of new developments nearby can either positively or negatively impact property values.
Navigating the world of real estate requires a keen understanding of the factors that influence property value growth. As buyers, sellers, or investors, being aware of these critical factors empowers you to make informed decisions and capitalize on opportunities in the market. Working with experienced real estate professionals, like aDoor Real Estate agents, who possess in-depth knowledge of local market dynamics, can be invaluable in maximizing your real estate investments and achieving long-term success in this dynamic industry.
Get More Information
The information on property value growth and reduced days on market indicates a seller’s market, suggesting that demand may outweigh supply. Armed with this knowledge, sellers can set competitive listing prices and potentially attract multiple offers. Moreover, being aware of the low inventory levels enables sellers to highlight the scarcity of available properties, giving them an advantage in negotiations.
Overall, these real estate market statistics serve as valuable tools for both buyers and sellers, guiding their decisions and actions in a dynamic and evolving real estate landscape. Partnering with a knowledgeable real estate agent who can interpret and apply this data effectively can significantly enhance the success of their property transactions.
Our team of local market experts stays up-to-date with the latest trends and data, giving you a competitive advantage whether you’re buying or selling. With our in-depth knowledge and commitment to excellence, we’ll guide you through the complexities of the market, ensuring you achieve your real estate goals. Partner with aDoor Real Estate today and experience the power of local expertise!
*ALL DATA AS PER PAR MLS AS OF 08/10/23