2023 Real Estate Trends

In this article, we will discuss some of the unique home buying trends that we have been seeing in Palm Coast, Florida. These trends have emerged as a result of the challenges buyers face in finding and affording homes in the area. Whether you are considering a move to Palm Coast in the near future or just curious about the current real estate market, this article will provide you with valuable insights.

One of the significant trends we have observed is the increasing popularity of new construction homes in Palm Coast. As buyers struggle to find suitable homes and navigate rising prices, new construction has emerged as a fantastic opportunity. Many new construction homes offer attractive incentives, such as the ability to buy down interest rates or have closing costs covered. Additionally, buyers have the option to customize the home to their preferences.

Furthermore, the current low inventory of homes for sale in Palm Coast has made sellers hesitant to put their homes on the market. With only about three months of inventory available, compared to the balanced market average of six months, buyers are facing a challenging situation. This scarcity of inventory, combined with high interest rates and increasing home prices, has made new construction an even more appealing option. In fact, new construction sales in Palm Coast currently account for about 25% of the market, which is higher than the national average of 16% and last year's local average of 11%.

Another trend that has gained traction in Palm Coast is the concept of multi-generational housing. With buyers struggling to find homes that meet their needs and budget, multi-generational housing offers a unique solution. By living in a multi-generational home, buyers can double their resources, including income, credit, and down payment options. This allows them to afford a larger home with more features. Additionally, living with loved ones provides benefits such as easier care for family members, financial flexibility, and quality time spent together.

Buyers are increasingly interested in homes with in-law suites or considering options like duplexes, where they can have their parents living on one side and the newly married couple on the other. This creativity in the market reflects the growing demand for multi-generational housing as an alternative for buyers who are struggling to find their ideal home in the current market.

The growth and popularity of remote work have been a significant trend in recent years, and it has become even more pronounced since the pandemic. People working remotely, either full-time or part-time, have increased by 47% since pre-pandemic levels. This shift in work dynamics has had a profound impact on the real estate market in Palm Coast.

Traditionally, living close to work was a top priority for many buyers, often resulting in higher prices. However, with the flexibility of remote work, buyers now have a larger geographical circle to consider when looking for a home. This expanded search area opens up more options in terms of affordability and desired features. Buyers are no longer limited to living within a short commute of their workplace, allowing them to explore a wider range of homes.

This trend has not only changed how buyers search for homes but also how real estate agents market and sell properties. The emphasis on proximity to work has shifted, and agents now highlight other features and benefits that appeal to remote workers, such as home office spaces, high-speed internet availability, and access to outdoor recreational areas.

In conclusion, the Palm Coast real estate market is experiencing several notable trends. New construction homes are becoming increasingly popular as buyers seek affordable and customizable options. Multi-generational housing is also on the rise, providing buyers with the opportunity to double their resources and enjoy the benefits of living with loved ones. Additionally, the growth of remote work has expanded the options for buyers, allowing them to consider homes outside of the traditional commuting radius.

If you have any questions about these trends or any other real estate topics, please feel free to leave a comment below or reach out to us via call, text, or email. We are always here to help you navigate the Palm Coast real estate market and make informed decisions. Stay tuned for more informative content about living and moving to Palm Coast, Florida.

Want to know more? Watch this video from our YouTube, Palm Coast Florida Living.