2024 Citrus County Real Estate Market Overview

Citrus County Real Estate Market Update: 2024 Year in Review

As we step into 2025, it’s essential to reflect on the trends that shaped the Citrus County real estate market in 2024. Understanding these shifts helps REALTORS®, buyers, and sellers make informed decisions in the year ahead. Here’s a comprehensive look at the latest market statistics for single-family and manufactured homes in our area.

Single-Family Homes: A Market in Transition

2024 presented a mixed bag for single-family home sales in Citrus County. While there was a decline in overall closed sales, the median sales price showed steady growth. Here are the key highlights:

• Closed Sales: 3,073 homes sold, marking a 4.9% decline from 2023.

• Paid in Cash: 1,280 homes were purchased with cash, a 5.3% decrease from 2023.

• Median Sales Price: The median price rose to $348,309, an increase of 4.4% from the previous year.

• Dollar Volume: Despite fewer sales, the total market value remained strong at $1.1 billion, a slight dip of 0.7%.

• Time to Contract: Homes took an average of 50 days to go under contract, a sharp increase of 51.5% from 2023.

• Time to Close: The closing process lengthened to 88 days, up 22.2%.

• New Listings: Inventory grew, with 4,799 new listings, a 10.6% increase.

• New Pending Sales: 3,296 homes went under contract, reflecting a 4.4% decline.

• Active Inventory: Inventory surged 31.3% to 1,321 active listings, giving buyers more options.

Manufactured Homes: A Stronger Performance

Manufactured homes experienced a more positive trend compared to single-family homes, with increases in both sales and median prices:

• Closed Sales: 635 manufactured homes were sold, an increase of 6%.

• Paid in Cash: 399 transactions were cash purchases, up 4.2%.

• Median Sales Price: Prices rose 3.3% to $167,190.

• Dollar Volume: The market for manufactured homes reached $106.2 million, an 11.3% rise.

• Time to Contract: Homes took 36 days to go under contract, a 71.4% increase.

• Time to Close: Sales closed in 69 days, up 16.9%.

• New Listings: 864 new listings hit the market, a 10.3% increase.

• New Pending Sales: 682 manufactured homes went under contract, a 3.5% increase.

• Active Inventory: Inventory rose 30.8% to 191 homes, providing more choices for buyers.

What This Means for the Market in 2025

The Citrus County housing market in 2024 reflected broader national trends, including increased inventory, rising home prices, and longer transaction timelines. While single-family home sales declined, manufactured homes remained a solid alternative, seeing higher sales volumes and steady appreciation.

For buyers, more inventory means more choices and less competition. However, longer transaction times may require patience and strategic planning. Sellers should be mindful of pricing trends and be prepared for longer marketing times as buyers weigh their options.

As REALTORS®, staying informed about these trends ensures we provide the best guidance to our clients. Whether buying or selling, navigating this evolving market requires expert insight and a strategic approach.

Looking Ahead With a new year upon us, it’s crucial to keep an eye on economic factors such as interest rates and market demand. Citrus County continues to be a desirable place to live, and we anticipate a steady real estate landscape in the coming months.

If you have any questions about these market trends or need guidance on buying or selling in 2025, don’t hesitate to reach out to a local REALTOR®. Let’s make this year a successful one for Citrus County real estate!

Data provided by Florida REALTORS® with statistics compiled from MLS feeds as of January 15, 2025.