Welcome to our comprehensive analysis of the real estate market in Bay County and Walton County, Florida. In this article, we will delve into the current trends, pricing, inventory, and other key factors that shape the housing market in these two counties. Whether you are a buyer, seller, or investor, understanding the dynamics of the real estate market is crucial for making informed decisions. So, let's dive in and explore the fascinating world of Bay County and Walton County real estate.
Real Estate Market Analysis
Overview of Bay County, Florida
Bay County, located in the state of Florida, offers a diverse range of properties and a thriving real estate market. With its stunning coastline, vibrant communities, and strong economic prospects, Bay County attracts both locals and those seeking a slice of paradise. Let's take a closer look at the current state of the real estate market in Bay County.
Housing Prices in Bay County, FL
In December 2023, the median sale price of a home in Bay County was $360,000, representing a 3.9% increase compared to the previous year. Additionally, the median sale price per square foot stood at $226, reflecting a 4.4% year-over-year growth. These figures indicate a healthy and appreciating real estate market in Bay County.
Housing Supply in Bay County, FL
Bay County boasts a diverse inventory of homes, catering to various preferences and budgets. As of December 2023, there were 2,833 homes available for sale, representing a 0.4% increase compared to the previous month. The housing inventory by bedroom type revealed interesting insights. While the inventory of 1-bedroom homes increased by 11.4%, 2-bedroom homes experienced a 2.7% increase. On the other hand, there was a slight decrease in the inventory of 3 and 4-bedroom homes, while 5+ bedroom homes recorded a modest 0.4% increase.
Days on Market for Bay County, FL
The average number of days on the market for homes in Bay County was 71 in December 2023, reflecting a 24.4% increase compared to the previous year. This indicates a slightly longer selling time for properties in the current market. Analyzing the breakdown, 40% of homes were sold within 30 days, 31% within 30 to 90 days, and 28% took over 90 days to sell.
Home Values in Bay County, FL
The median listing home price in Bay County, FL was $925,000 in November 2023, showcasing a 2.2% year-over-year increase. The median listing home price per square foot was $561, and the median sold home price stood at $763,000. These figures indicate a positive trend in property values and suggest a healthy return on investment for homeowners in Bay County.
Sale-to-List Price Ratio
The sale-to-list price ratio provides insights into the negotiation dynamics between buyers and sellers. In November 2023, homes in Bay County, FL sold for an average of 3.23% below the asking price. This indicates that buyers had some negotiating power in the market, with properties selling slightly below the initial listing price.
Market Outlook: Buyer's Market
Based on the current supply and demand dynamics, Bay County, FL can be considered a buyer's market. The supply of homes is greater than the demand, providing buyers with more options and potentially favorable pricing. As a buyer, this creates an opportune moment to explore the market and find the perfect property that meets your needs and budget.
Overview of Walton County, Florida
Walton County, situated in the picturesque state of Florida, is renowned for its pristine beaches, charming coastal communities, and thriving real estate market. Let's take a closer look at the current state of the real estate market in Walton County.
Housing Prices in Walton County, FL
In Walton County, the median sale price of a home was $677,000 in the past month, reflecting a 0.3% increase compared to the previous year. The median sale price per square foot in Walton County is $393, indicating a 13.1% decrease since last year. These figures suggest a stable market with moderate price appreciation.
Housing Supply in Walton County, FL
Walton County offers a diverse range of homes, catering to different lifestyles and preferences. Currently, there are 3,212 homes available for sale in Walton County, providing buyers with ample options to explore. The housing inventory includes properties ranging from $3.5K to $62.5M, ensuring that there is something for everyone in this vibrant real estate market.
Days on Market for Walton County, FL
In December 2023, homes in Walton County had an average of 82 days on the market, indicating a slightly longer selling time compared to previous months. However, when analyzing the breakdown, 40% of homes were sold within 30 days, 31% within 30 to 90 days, and 28% took over 90 days to sell. These figures suggest a balanced market where well-priced and desirable properties can still attract buyers relatively quickly.
Home Values in Walton County, FL
The median listing home price in Walton County, FL was $925,000 in November 2023, reflecting a 2.2% year-over-year increase. The median listing home price per square foot was $561, and the median sold home price stood at $763,000. These figures highlight the value appreciation in Walton County and indicate a promising market for homeowners and investors.
Sale-to-List Price Ratio
In November 2023, homes in Walton County, FL sold for an average of 3.23% below the asking price. This suggests that buyers had some room for negotiation and potentially secured properties at favorable prices. As a buyer, this presents an opportunity to explore the market and find a property that aligns with your vision and budget.
Market Outlook: Balanced Market
Walton County, FL can be considered a balanced market, with a relatively equal balance between supply and demand. This equilibrium provides a fair playing field for both buyers and sellers, creating opportunities for successful transactions and mutually beneficial outcomes.
Best Schools in Bay County and Walton County
For families considering a move to Bay County or Walton County, the quality of education plays a significant role. Let's explore some of the best schools in both counties according to Redfin.com, ensuring a well-rounded evaluation of the real estate market.
Best Schools in Bay County
Bay County is home to several highly-rated schools that provide exceptional educational opportunities for students. Some of the top-rated elementary schools in Bay County include Tyndall Elementary School and Southport Elementary School, both receiving a 7/10 rating from GreatSchools. For middle school education, Emerald Coast Middle School stands out as a highly regarded institution. Lastly, South Walton High School offers a high-quality education for high school students in the area.
Best Schools in Walton County
Walton County also boasts a selection of excellent schools that prioritize academic excellence and student development. Seaside Neighborhood School, with its 8/10 GreatSchools rating, is widely recognized for its commitment to providing a top-tier education. Additionally, Emerald Coast Middle School and South Walton High School are esteemed institutions that contribute to the strong educational landscape in Walton County.
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Ultimately, the real estate markets in Bay County and Walton County, Florida, offer diverse opportunities for buyers, sellers, and investors. With stable housing prices, a balanced market, and a range of high-quality schools, both counties present compelling options for those seeking their dream home or a lucrative investment. Whether you are captivated by the stunning beaches of Walton County or the vibrant communities of Bay County, the real estate markets in these areas provide an array of choices to suit your needs. So, embark on your real estate journey with confidence, knowing that Bay County and Walton County have much to offer in terms of quality of life and excellent investment prospects.
Remember, it is always advisable to consult with a Realtor or real estate agent, such as Paradisum Group Brokered by eXp Realty, who can provide personalized guidance and expertise throughout your real estate journey. Call 850-320-8385 or Contact Us today and ensure that your real estate journey is smooth and secure.
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REDFIN: Bay County, FL
REDFIN: Walton County, FL
REALTOR: Walton County, FL
ROCKET HOMES: Bay County, FL
