North Port Florida Real Estate Market Pricing & Outlook in 2023

North Port Florida Real Estate Market Pricing & Outlook in 2023

Entering the housing market in areas like North Port can be daunting for buyers and sellers, especially given the fluctuating conditions in the past year. However, prices in the area are projected to continue increasing into 2023, even as the sellers’ market cools off. Although inventory will rise with new construction, buyers may find it challenging to conduct a home search with increasing mortgage rates. To contextualize the predictions for next year, here’s what you need to know about current market conditions.

North Port in numbers

Review the statistics below for a quick picture of today's real estate market trends. Then, read on for a more detailed description of what these numbers mean for you as a buyer or seller.
  • Homes for sale in Sarasota County averaged about $711,000 in October 2022
  • Homes in the area average 77 days to sale
  • Median time to sale has increased by 67%
  • Closed sales in Sarasota County have decreased by 34%
  • There are 2.8 months of supply, a 250% increase compared to last year

North Port housing market

Buyers searching for North Port Estates homes for sale benefit from decreased closed sales and increasing inventory in the area. A 34% decrease in sales indicates less market competition between buyers, opening more opportunities to search for properties. Increasing months of supply and active listings also imply there are more options for buyers in the area. However, the 2.8 months of inventory is still far from a balanced market, which means buyers today still face some competition in their search.

Sellers in North Port also benefit from many factors. With median sales prices currently on the rise, they can expect reasonable offers on their homes. Low supply tends to raise prices, creating more buyer competition that sellers can take advantage of. However, sellers today likely feel the impact of fewer closed sales and increasing median time to sell in the listing process. The key to a successful sale is patience and guidance with local experts like We Build Realty agents.

North Port predictions for 2023

North Port is projected to remain popular with buyers even as market conditions cool into 2023. Strong demand will continue throughout 2023. Because many buyers in the area don’t obtain financing, mortgage rates will have a relatively low impact on home sales. Mortgage rates will continue to impact home prices, which are projected to increase at a slower pace or plateau going into the new year. This will mark a significant difference compared to the hot market conditions in the past couple of years.

Additionally, increasing inventory will impact the housing market in 2023. Areas like Sarasota County have seen some of the most home construction compared to other regions across the country. Unlike other cities struggling with new construction delays or serious deficiencies, Southwestern Florida cities remained popular destinations throughout the past years, creating a surge in home construction and prices.

The housing surge also makes North Port more susceptible to quicker cooling; however, buyers across Sarasota County will remain interested in new construction of North Port, FL real estate. Look for opportunities in master-planned communities featuring amenities and many different property types and styles. A cooling market is reflected in longer listing times, which will continue going into 2023; these trends will create more balanced market conditions for North Port.

2023 for buyers

Buyers looking for North Port real estate next year can count on several factors working to their advantage. Most importantly, new construction will give searchers more options. This means buyers will have an easier time searching for houses while avoiding extreme competition. As prices and demand continue to cool from increasing interest rates, buyers will have more negotiating power with sellers, resulting in more favorable offers for homes they love.

There are a few things to keep in mind when entering the market. Competition in areas like North Port will continue to be high because of its desirable location next to beaches, parks, and ecotourism opportunities. As inventory today is still relatively low, it may still be difficult finding a property. Buyers who plan on financing with a mortgage should be mindful of average Florida rates.

2023 for sellers

Sellers ready to list their homes in North Port next year can also expect some perks entering the market. For one, appreciation rates in North Port well exceed the national average. High appreciation is very attractive for buyers and investors in the area. Appreciation and projected increasing prices mean sellers can expect reasonable offers on their properties entering the new year. North Port’s location also works in the sellers’ favor, as the city has many amenities and neighborhoods that buyers are interested in.

However, new construction projects will create competition between sellers entering the new year. The impact of mortgage rates will continue slowing home sales and prices, which sellers will feel throughout 2023. Prepare for longer listing times and more negotiations with buyers. Although the area will likely remain skewed in sellers’ favor, sellers should avoid overpricing their properties to prevent a lingering listing.

Ready to buy or sell next year?

Those interested in North Port can expect a mix of positives and negatives entering the new year. Buyers will benefit from new construction projects and moderating prices due to increasing interest rates, although they should look out for buyer competition. Sellers can rest assured their property’s location and appreciation rates will attract buyers. When you’re ready to start planning your 2023 transaction, contact local agent Ebony Jones to help you.

*Header photo courtesy of Shutterstock

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