The Santa Rosa Beach housing market is characterized by a median home price of $952,905, reflecting a 4.2% increase from the previous year. With 977 homes available for sale and an average of 136 days on market, the area shows a slower market compared to last year. The market exhibits varied trends across different property types, with larger homes seeing significant price increases while smaller properties experience modest growth or slight decreases.
What Are the Current Real Estate Trends in Santa Rosa Beach?
The Santa Rosa Beach housing market is experiencing several notable trends:
- Median home price: $952,905 (4.2% increase year-over-year)
- Median price per square foot: $519
- Average days on market: 136 (64.4% increase from previous year)
- Inventory levels: 977 homes available (5.3% increase month-over-month)
How Do Home Prices Vary by Property Type?
Price fluctuations differ significantly across various property types:
| Bedroom Count | Price Change | Current Median Price |
|---|---|---|
| 1 bedroom | +2.8% | $650,000 |
| 2 bedrooms | -4.8% | $590,000 |
| 3 bedrooms | +8.2% | $752,100 |
| 4 bedrooms | -3.1% | $1.2 million |
| 5+ bedrooms | +19.6% | $2.7 million |
This data suggests a higher demand for larger, more luxurious properties, particularly those with 3 bedrooms and 5+ bedrooms.
What Is the Current Inventory Situation in Santa Rosa Beach?
The inventory in Santa Rosa Beach has seen an overall increase:
- Total homes for sale: 977 (5.3% increase from September to October 2024)
- 1 bedroom homes: 44 units (4.8% increase)
- 2 bedroom homes: 106 units (5% increase)
- 3 bedroom homes: 289 units (4% increase)
- 4 bedroom homes: 302 units (6% increase)
- 5+ bedroom homes: 236 units (6.3% increase)
This increase in inventory across all property types indicates a growing supply in the market.
How Has the Market Changed Over the Past Year?
The Santa Rosa Beach housing market has undergone several changes over the past year:
- Overall median home price increased by 4.2%
- Days on market increased by 64.4%
- Varied price changes across different property types
- Slower market absorption rate with 54 homes sold or pending in October 2024 (14.3% decrease from previous month)
These changes suggest a shift towards a slower, less competitive market compared to the previous year.
What Types of Properties Are in Demand?
The demand for properties in Santa Rosa Beach varies:
- Single-family homes, especially those with 3 bedrooms and 5+ bedrooms, show higher demand
- Larger, more luxurious properties are experiencing significant price increases
- Condos and smaller homes (1-2 bedrooms) have seen price decreases or modest increases
This trend indicates a preference for spacious, high-end properties among buyers in the area.
How Does Santa Rosa Beach Compare to Neighboring Areas?
When compared to neighboring areas like Miramar Beach, Santa Rosa Beach shows some distinct characteristics:
- Higher median home price ($952,905 vs $751,000 in Miramar Beach)
- Slightly longer days on market (136 days vs 127 days in Miramar Beach)
- Less competitive market, with homes selling for about 5% below list price
These comparisons suggest that Santa Rosa Beach is a more premium market with potentially higher-value properties.
What Economic Factors Are Influencing the Housing Market?
Several economic factors are impacting the Santa Rosa Beach housing market:
- Interest rates
- Local employment rates
- Tourism industry performance
- Natural hazards and environmental risks (e.g., floods and wind)
These factors contribute to the current market conditions, including the slower pace of sales and the varying demand across different property types.
What Are the Potential Challenges for Buyers or Investors?
Buyers and investors in the Santa Rosa Beach housing market may face several challenges:
- Higher prices for larger homes
- Slower market leading to longer waiting times for sales
- Potential impact of natural hazards on property values
- Balancing long-term price growth forecasts with current market slowdown
Understanding these challenges is crucial for making informed decisions in the Santa Rosa Beach real estate market.
What Are the Market Absorption Rates and Forecasted Trends?
The market absorption rate in Santa Rosa Beach is currently slow:
- 54 homes sold or pending in October 2024 (14.3% decrease from previous month)
- Indicates a less competitive market
Despite the current slowdown, long-term forecasts suggest potential growth:
- Predictions indicate continued increase in home prices over the next few years
- Investors should consider both short-term market conditions and long-term growth potential
By understanding these trends and forecasts, buyers and investors can better navigate the Santa Rosa Beach housing market.