The real estate market is entering a dynamic phase, fueled by recent shifts in interest rates and changing economic conditions. With the Federal Reserve announcing plans to lower rates through 2026, both buyers and sellers are positioned to benefit—but timing will be key. In this report, we’ll dive into the latest market data, break down what these changes mean for the 30A, Santa Rosa Beach, Destin, Miramar Beach, and Sandestin areas, and explore how the Fed’s rate cuts could impact your next move in real estate.
Skip to the market you are looking for: 30A | Santa Rosa Beach | Miramar Beach | Destin
East and West 30A single-family homes and condos in August 2024:
By the Numbers
- Single-family homes: $2,065,000 (-11.2% change)
- Condos: $1,103,000 (-21.7% change)
- Average days on market: 99 (+41.4% change)
- Months of inventory: 12.5 (+79% change)
- List-to-sales price ratio: 90% (-2.2% change)
- Properties for sale: 1,241 (+41.5% change)
- Properties pending: 89 (-25.2% change)
- Properties sold: 99 (-21.4% change)
Analysis
In August 2024, the East and West 30A real estate market is showing signs of cooling off. Single-family home prices have dropped by 11.2% to $2,065,000, while condo prices saw a more significant dip of 21.7%, landing at $1,103,000. Homes are spending an average of 99 days on the market, reflecting a 41.4% increase, which signals slower sales. Inventory has surged by 79%, with 12.5 months of inventory available—a buyer's market indicator.
For sellers, this means longer waits and likely more negotiation on pricing, with a list-to-sales price ratio down to 90%. Buyers can expect more options and potentially better deals, but competition remains as the number of pending properties has dropped by 25.2%, and overall sales have declined by 21.4%.
Expect a slower-paced market with increased inventory and room for price negotiations.
Santa Rosa Beach in August 2024:
By the Numbers
- Single-family homes: $856,000 (-7.9% change)
- Townhomes: $348,000 (-9.1% change)
- Average days on market: 67 (-35% change)
- Months of inventory: 7.4 (+68.7% change)
- List-to-sales price ratio: 93% (-5.1% change)
- Properties for sale: 253 (+41.3% change)
- Properties pending: 32 (-3% change)
- Properties sold: 34 (-17.1% change)
Analysis
In August 2024, the Santa Rosa Beach real estate market is softening, though not as sharply as some other areas. Single-family home prices have dipped by 7.9% to $856,000, and townhome prices saw a 9.1% drop to $348,000. Homes are selling faster, with average days on the market down by 35% to 67 days. However, inventory has grown by 68.7%, with 7.4 months of available homes, indicating a market leaning more in favor of buyers.
Sellers will face stiffer competition, with a 5.1% drop in the list-to-sales price ratio to 93%, meaning they should be prepared for offers below asking price. For buyers, there are more properties available (+41.3%), offering better opportunities to negotiate. However, fewer homes are going under contract, with pending properties down 3%, and overall sales are also down by 17.1%.
In summary, expect quicker sales but increased competition, more inventory, and potential for price negotiation, favoring buyers.
Destin market report for August 2024:
By the Numbers
- Single-family homes: $839,000 (+4.4% change)
- Condos: $668,000 (+6.9% change)
- Average days on market: 97 (-20.5% change)
- Months of inventory: 13.8 (+86.2% change)
- List-to-sales price ratio: 90% (+2.3% change)
- Properties for sale: 703 (+33.4% change)
- Properties pending: 54 (-22.9% change)
- Properties sold: 51 (-28.2% change)
Analysis
In August 2024, the Destin real estate market is seeing a mix of growth in prices but a slowdown in overall activity. Single-family home prices have risen by 4.4% to $839,000, and condo prices are up 6.9% to $668,000. Homes are selling faster, with the average days on market decreasing by 20.5% to 97 days. Despite this, inventory has surged by 86.2%, with 13.8 months of available properties, signaling a strong buyer’s market.
Sellers are benefiting from slightly better list-to-sales price ratios at 90% (+2.3%), but with more homes available (+33.4%), competition is rising. Pending sales are down by 22.9%, and properties sold have dropped by 28.2%, showing a general cooling in transactions.
In short, sellers can expect higher prices but slower sales due to increased competition, while buyers have a larger selection and more room to negotiate.
Miramar Beach and Sandestin report for August 2024:
By the Numbers
- Single-family homes: $1,111,000 (-32.9% change)
- Condos: $815,000 (+6.8% change)
- Average days on market: 121 (+75.4% change)
- Months of inventory: 11.6 (+59% change)
- List-to-sales price ratio: 90% (-2.2% change)
- Properties for sale: 659 (+45.8% change)
- Properties pending: 55 (-20.3% change)
- Properties sold: 57 (-8.1% change)
Analysis
In August 2024, the Miramar Beach and Sandestin real estate market is experiencing notable shifts. Single-family home prices have taken a steep drop of 32.9%, down to $1,111,000, while condo prices have risen by 6.8% to $815,000. Homes are staying on the market much longer, with the average days on market increasing by 75.4% to 121 days, indicating slower sales. Inventory has grown significantly by 59%, with 11.6 months of available homes, signaling a strong buyer’s market.
For sellers, the list-to-sales price ratio has dipped slightly to 90% (-2.2%), meaning more negotiation on pricing is likely. With a 45.8% increase in properties for sale and pending sales down by 20.3%, sellers face heightened competition. For buyers, there are more options, and they have more bargaining power as properties sold have also dropped by 8.1%.
In summary, expect a slower market with falling single-family home prices, more inventory, and increased negotiation opportunities, favoring buyers.
Takeaway
As we move into a period of lower interest rates, the real estate market is poised for some exciting changes. Whether you're a buyer looking to take advantage of falling mortgage rates or a seller hoping to attract more motivated buyers, the Fed's planned rate cuts through 2026 will play a big role. Buyers should be ready to act soon, while sellers might see increased demand as more buyers enter the market. However, it's important to stay mindful of how an influx of new listings in 2025 could balance out price growth. Stay informed and prepared to make your move in this evolving market!
