Clermont, Florida Real Estate Market Report – November 2024

Today, we’re diving into the latest Clermont real estate market insights, offering you valuable data to better understand what’s happening in this dynamic area.

Introduction to the Clermont Real Estate Market

November 2024 brings noteworthy shifts and trends in Clermont, a scenic community known for its rolling hills, stunning lakes, and, of course, the iconic Citrus Tower. Whether you’re a buyer, seller, or investor, these insights will guide your real estate decisions.

1. Median Home Prices

The median listing price for homes in Clermont is around $475,500, while the median sold price stands at $525,000. Interestingly, the price per square foot has experienced a slight decline of 3.1% year-over-year, settling at $221. This trend may indicate a cooling effect in the market, creating a potential advantage for buyers.

2. Market Dynamics

Currently, Clermont is classified as a buyer's market, meaning the inventory of homes surpasses the current demand. Homes typically sell at 3.19% below their asking price, with a sale-to-list price ratio of 96.81%. For buyers, this represents an opportunity to negotiate, while sellers may need to adopt competitive pricing strategies.

3. Inventory and Sales Activity

October 2024 saw a total of 757 homes listed, a decrease of 3.4% from the previous month. With only 126 homes sold in the same period (a 6% drop from September), inventory levels remain relatively high. This abundance of listings further emphasizes the current buyer's market.

4. Time on Market

Homes are now sitting on the market for an average of 51 days, a significant increase of 26.3% from last year. This extended duration may benefit buyers who have more time to explore and consider properties without feeling pressured.

5. Price Trends by Property Type

Breaking down the median sold prices by property type provides a deeper understanding:

• One-Bedroom Homes: Increased 4.3%, now at $122,500.

• Two-Bedroom Homes: Up 1.5%, with a median of $334,000.

• Three-Bedroom Homes: Up 2.5%, reaching $409,800.

• Four-Bedroom Homes: Stable at $489,900.

• Five or More Bedrooms: Down 3.4%, at $616,700.

These fluctuations reflect varying demand across different segments of the market.

6. Comparative Analysis

While Clermont’s median sold price of $446,822 represents a minimal 0.1% increase from last year, neighboring areas like Minneola have seen more significant growth, with a 3.6% increase to $455,100. These comparisons can help prospective buyers and sellers understand how Clermont stacks up against its surroundings.

Why This Matters

Understanding the market landscape is crucial for making informed real estate decisions. Whether you're looking to buy, sell, or invest, staying updated on price trends, market dynamics, and inventory changes can give you a competitive edge.

Conclusion

Clermont, Florida’s real estate market in November 2024 presents opportunities and challenges for both buyers and sellers. With declining prices per square foot and increased time on the market, buyers have a distinct advantage. Sellers, meanwhile, should be strategic and adaptable to navigate this competitive landscape.

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