The Palm Harbor housing market has experienced notable fluctuations in recent months, revealing both opportunities and challenges for buyers and sellers alike.
In October 2024, the median sale price for homes in Palm Harbor reached $400,000, marking a 3.6% increase compared to the previous year. While the price increase indicates growing demand, homes are taking significantly longer to sell. This year, properties averaged 61 days on the market, a stark contrast to the 16 days observed last year.
Palm Harbor’s market is regarded as somewhat competitive. The area’s Redfin Compete Score stands at 43 out of 100, reflecting a moderate level of competitiveness. Homes typically sell for about 4% below the list price, taking around 56 days to go pending. In comparison, hot homes sell closer to the list price and go pending in approximately 20 days.
Migration patterns indicate that 32% of Palm Harbor homebuyers are looking to relocate outside the area, whereas 68% prefer to stay within the metropolitan region. Interestingly, New York, Washington, and Miami are the top metros contributing to inbound migration, while Sarasota, Homosassa Springs, and Knoxville are popular destinations for those leaving.
Environmental risks also play a crucial role in shaping the housing market. Palm Harbor faces a moderate risk of flooding, with 36% of properties vulnerable to severe flooding over the next 30 years. In terms of fire and wind risks, 10% of properties are at wildfire risk, while all properties are at extreme risk from severe wind events.
Adding to the complexities, Palm Harbor is expected to experience extreme heat conditions. Over the next three decades, the “feels like” temperatures are expected to rise, projecting a 300% increase in the number of days exceeding 108ºF. This aspect could influence both property values and livability in the region.
In summary, Palm Harbor’s housing market is experiencing moderate competitiveness with slight price increases. However, environmental risks and migration trends may impact future market dynamics.
Source: Redfin
