June Marco Island Real Estate Market Report

June stats for our local market fall right in line with the top takeaways from this month’s article from Florida Realtors® on National Home Price Gains.

Median sell price for Marco homes was up 68%, 36% for condos and 17% for lots. Inventory is up 11% from last month and continues to increase.

Top takeaways

U.S. home prices (including distressed sales) increased 20.2% in May 2022, compared to May 2021. On a month-over- month basis, home prices increased by 1.8% compared to April 2022.

In May, annual appreciation of detached properties (20.9%) was 2.9 percentage points higher than that of attached properties (18%).

Annual U.S. home price gains are forecast to slow to 5% by May 2023 as rising mortgage rates and affordability challenges are expected to cool buyer demand.

Tampa, Florida, logged the highest year-over-year home price increase of the country’s 20 largest metro areas in May, at 33.4%, while Phoenix posted the second-largest hike, at 28.7%. These two metros also registered the largest gains in March and April.

Florida posted the highest home price gain, at 33.2% year-over-year, followed by Tennessee with 27.4%. Arizona ranked third with a 27.3% year-over-year increase. Washington, D.C. ranked last for appreciation at 4.3%, but CoreLogic forecasts that the rate of price growth there will rise slightly by May 2023.