Manuel Molinos is a respected and well-known real estate expert who has been studying the current situation of the real estate market in the United States and specifically in Marion County in the State of Florida.
The real estate market in the United States is in a challenging situation in the year 2023 due to high-interest rates and an expected economic slowdown.
“Despite these factors, certain real estate sectors are expected to be more resilient than others. These include data centers and the industrial sector, which are considered the most robust. Likewise, the multifamily housing sector will benefit from the housing shortage, while the resurgence of the retail sector attracts investor interest,” Molinos expresses.
As for the U.S. economy, a mixed picture is projected for 2023. Although underlying momentum has slowed, the economy is in a relatively strong position to mitigate negative shocks.
The Federal Reserve has been raising interest rates to control high inflation and fiscal policy is becoming more restrictive. Although economic growth is expected to slow, a recession is not considered inevitable.
Regarding housing prices, they are expected to remain high, posing challenges in terms of affordability for many buyers, especially first-time homebuyers.
“Limited housing supply continues to be a factor in the housing market and this situation is expected to continue in the near term. While home prices vary by region, a substantial decline in prices nationally is not expected in the near term,” says Molinos.
In the state of Florida, there is a favorable outlook for the residential real estate market in 2023. The market is expected to return to normalcy lost during the period of inflation and higher mortgage interest rates. Economists predict an estimated 8% to 12% annual growth in property prices, similar to “traditional” real estate market years in 2018 and 2019.
Florida has experienced steady growth due to several factors, such as its attractive climate, business-friendly environment, and the advantage of lower taxes compared to other states.
In addition, Florida has become the most popular immigration destination, both domestically and internationally, which further drives the demand for property in the state.
Within the state of Florida, the real estate market in Marion County presents interesting indicators. Molinoss notes a 2.0% decrease in home prices compared to the previous year. The median sales price of homes in the county was approximately $270,000.
In addition, the average time to sell homes in Marion County increased from 10 days to 39 days compared to the previous year. During the month of May, a total of 994 homes were sold compared to 915 during the same period last year.
In terms of housing availability in Marion County, there are currently 3,918 homes available for purchase. The number of listings decreased by 3.2% between April 2023 and May 2023. The average list price for available properties was about $273,601, and the average length of time these properties remained on the market was 58 days.
During the same period, changes in prices and inventory were observed for homes of different sizes. Prices for 1-bedroom homes increased by 46.8%, 2-bedroom homes increased by 15.3%, 3-bedroom homes experienced a 10.1% increase, 4-bedroom homes increased by 4%, and 5-bedroom homes experienced a decrease of 8.6%. In terms of inventory, there was a 1.6% decrease in 2-bedroom homes, a 2% decrease in 3-bedroom homes, a 7.3% decrease in 4-bedroom homes, and a 5.9% decrease in 5-bedroom homes.
During May 2023, over 128 properties sold above the asking price, over 485 properties sold below the asking price, and over 273 properties sold at the exact asking price in Marion County, FL.
Don’t miss the opportunity to invest in the thriving Marion County Florida real estate market! Manuel Molinos, a recognized real estate expert, has conducted a thorough analysis of the current situation and has identified exciting opportunities for buyers and sellers.