ORTEGA FOREST REAL ESTATE MARKET UPDATE 2024
n 2024, we survived two major hurricanes, the presidential election, and extended 7-percent interest rates. 2024 was the first year that control of the market started to shift to home buyers. Buyers had the upper hand in negotiations as home sat on the market and sellers’ desperation grew. The realization that interest rates would not fall caused more potential buyers to stay put and make their current home (and 2.5% mortgage rate) work. As the pool of home buyers decreased, numerous real estate markets grew to 6 months or more of available inventory. These current trends are expected to continue into 2025.
ORTEGA FOREST FAST STATS
34 Days. Properties sold faster in 2024 compared to 81 days in 2023.
$270 Average Price Per Square Foot. The average price per square foot increased from $246 in 2023.
20 Total Sold Properties in 2024. 2023 saw a decrease in inventory sold – 27 properties sold in 2023.
6 Months of Available Inventory. Six months of inventory is considered a balanced market, favoring neither buyer nor seller.
ORTEGA FOREST STATS BY DWELLING TYPE
Single Family Homes Average Sales Price: $620,469
Waterfront Average Sales Price: $1,635,000
Townhomes Average Sales Price: $344,000
Current Listings: 6 Active Listings. 1 Pending Listings.
* All data is based on information from the NEFAR MLS as of 01-09-2024.
How did Ortega Forest fare in previous years?
Check out the 2023 market report here.
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