4 minute read
- Overall Market Dynamics
- Markets With the Most Listings
- Markets With the Most Closings
- Markets With the Highest Median List Price
- Markets With the Lowest Median List Price
- Markets With the Highest Median Sales Price
- Markets With the Lowest Median Sales Price
- Markets With the Least Inventory
- Markets With the Most Inventory
- 55+ Housing Market Insights
What You’ll Gain From Reading This Article: This article provides real estate data for the 55+ homebuying market for February 2024.
Welcome to the first-ever monthly report on the 55+ active adult community market by 55places.com! The 55+ home market is a vibrant and ever-evolving segment of the real estate industry. It offers unique opportunities as well as challenges for potential homebuyers. Understanding the market’s current state is crucial for making informed decisions, whether you’re looking for a new home or an investment opportunity within these communities. Our monthly insights ensure you always have the latest data at your fingertips. Therefore, be sure to bookmark this page to access future installments.
Overall Market Dynamics
Listings, closings, inventory, pricing, and the speed at which homes sell shape the 55+ active adult community market. Let’s explore these dynamics to gauge the current market conditions:
- Total Listings: In February 2024, there were 23,073 listings, a 6.3% increase over the previous month and a 22% increase over the prior year.
- Closings: February 2024 closings rose to 5,580, a 5% increase over the prior month and a 1% increase over the previous year.
- Months of Inventory: Inventory levels held steady compared to the prior month at 4.1 months of inventory, up 21% from the same time in 2023.
- Median List and Sales Prices: List and sales prices diverged in February, with list prices declining 4%, from $490k in January 2024 to $470k in February. However, sales prices grew substantially. Median sales in February reached $497k, up from $487k in January and $418k in February 2023.
- Days on Market: The reduction in days from 61 in January to 50 in February reflects a faster-paced market where listings sell more quickly.
Markets With the Most Listings
KEY TAKEAWAY: Looking closely at the data, Southeast Florida, Central Florida, and Phoenix account for most monthly listings and sales.
| Southeast Florida | 3,794 |
| Central Florida | 2,429 |
| Phoenix | 1,874 |
| Fort Myers–Naples | 1,815 |
| Tampa | 1,518 |
| Central Gulf Coast | 1,276 |
| Myrtle Beach–Wilmington | 968 |
| Los Angeles–Orange County | 860 |
| Tucson–Green Valley | 738 |
| Palm Beach | 729 |
Markets With the Most Closings
| Phoenix | 566 |
| Southeast Florida | 497 |
| Central Florida | 490 |
| Los Angeles–Orange County | 427 |
| Tampa | 319 |
| Central New Jersey | 276 |
| Fort Myers–Naples | 223 |
| Myrtle Beach–Wilmington | 204 |
| Central Gulf Coast | 200 |
| Tucson–Green Valley | 194 |
Markets With the Highest Median List Price
KEY TAKEAWAY: Pricing in markets generally follows the pricing trends of all homes within markets.
| Central California Coast | $769k |
| Norfolk–Virginia Beach | $704k |
| Seattle-Tacoma | $677k |
| Denver | $659k |
| San Diego | $646k |
| Boston–Providence | $639k |
| Knoxville | $629k |
| Bay Area | $622k |
| Sacramento | $617k |
| Reno | $615k |
Markets With the Lowest Median List Price
| Southern Pines | $270k |
| Yakima | $305k |
| Memphis | $312k |
| Brunswick | $325k |
| Central Florida | $334k |
| Northwest Indiana | $339k |
| Tampa | $340k |
| Southeast Florida | $343k |
| Green Bay | $345k |
| Bullhead City | $353k |
Markets With the Highest Median Sales Price
KEY TAKEAWAY: Sales prices are trending higher compared to list prices.
| Central California Coast | $951k |
| Florida Panhandle | $783k |
| Pittsburgh | $735k |
| Seattle-Tacoma | $730k |
| Prescott | $710k |
| Reno | $708k |
| Mesquite–St. George | $671k |
| Boston–Providence | $655k |
| San Diego | $650k |
| Bay Area | $648k |
Markets With the Lowest Median Sales Price
| Detroit | $260k |
| Southeast Florida | $265k |
| West Connecticut | $323k |
| Chicago | $323k |
| Grand Rapids | $323k |
| Central New Jersey | $327k |
| Bakersfield | $330k |
| Tampa | $331k |
| Central Florida | $336k |
| Bullhead City | $336k |
Markets With the Least Inventory
KEY TAKEAWAY: Several markets continue to sell rapidly. Markets with under ten weeks of inventory include:
Markets With the Most Inventory
| MARKET | WEEKS OF INVENTORY |
| Central Gulf Coast | 28 |
| Pittsburgh | 30 |
| Southeast Florida | 33 |
| Memphis | 35 |
| Fort Myers–Naples | 35 |
| Jacksonville | 38 |
| Central Atlantic Coast | 38 |
| Florida Panhandle | 51 |
In the current market, sales are stable and growing slightly. While list prices have come down, sales are making up for these changes. Compared to nationally reported numbers, sales are up 1% in 55+ YOY. Overall U.S. sales are down 2.7%. Also, prices are up 19% in the segment versus a 5.1% increase overall. This demonstrates the demand for this product and lifestyle.
Stay tuned over the coming days and weeks! We will investigate more 55+ markets and communities to provide additional up-to-date data for your home search.
55+ Housing Market Insights
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ABOUT MARSTON GOULD
Marston Gould started his career off with a bang at NASA where he worked for 10 years. He then switched gears from being an engineer to conquering the world of marketing beginning with his role in building an agency in Boston, MA. Now, with over 25 years of Digital Marketing experience, Marston attributes his success to the collaborative teams he’s had the privilege of being apart of. As the field of marketing continues to evolve, Marston always keeps his eye on the current trends.
