The Sarasota real estate market in 2024 marked a noticeable shift from the rapid, high-demand environment of the pandemic years to one defined by greater balance. While the frenzy of bidding wars has subsided, Sarasota remains one of Florida’s most desirable markets, known for its coastal charm, cultural richness, and steady long-term growth. Both buyers and sellers now face a landscape that rewards strategy, patience, and informed decision-making.
Inventory and Time on Market
One of the defining characteristics of the 2024 Sarasota market has been the increase in housing inventory and the lengthening of time on market. Throughout the year, more homes became available, giving buyers additional options and reducing the competitive pressure that defined 2021 and 2022.
Single-family home listings rose significantly in 2024, while condo and townhome inventory nearly doubled in some areas. As a result, homes have been spending longer on the market, with the median time to sale reaching over 90 days by the end of the year.
For buyers, this shift means more flexibility and negotiating power. There’s time to compare properties, evaluate value, and avoid making rushed offers. For sellers, it underscores the importance of realistic pricing, professional marketing, and patience. Homes that stand out through strong presentation and thoughtful pricing strategies are still selling successfully, even in a slower-paced environment.
Single-family home listings rose significantly in 2024, while condo and townhome inventory nearly doubled in some areas. As a result, homes have been spending longer on the market, with the median time to sale reaching over 90 days by the end of the year.
For buyers, this shift means more flexibility and negotiating power. There’s time to compare properties, evaluate value, and avoid making rushed offers. For sellers, it underscores the importance of realistic pricing, professional marketing, and patience. Homes that stand out through strong presentation and thoughtful pricing strategies are still selling successfully, even in a slower-paced environment.
Price Trends
Although inventory has expanded and the market pace has cooled, Sarasota’s median home prices remain elevated compared to pre-pandemic levels. The typical single-family home price hovered around $500,000 for much of 2024, showing a modest dip from 2023 but still far above 2019 values.
Condos and townhomes have seen the most noticeable price adjustments. Increased supply, coupled with higher insurance costs and HOA fees, has led to more modest valuations in this segment. Still, properties in desirable locations — particularly those with waterfront access or premium amenities — continue to command strong interest.
Sellers who purchased before the pandemic remain in a favorable equity position, while buyers benefit from a more rational market environment. Instead of runaway appreciation, Sarasota is entering a phase of steady, sustainable growth.
Condos and townhomes have seen the most noticeable price adjustments. Increased supply, coupled with higher insurance costs and HOA fees, has led to more modest valuations in this segment. Still, properties in desirable locations — particularly those with waterfront access or premium amenities — continue to command strong interest.
Sellers who purchased before the pandemic remain in a favorable equity position, while buyers benefit from a more rational market environment. Instead of runaway appreciation, Sarasota is entering a phase of steady, sustainable growth.
Buyer-Friendly Conditions Emerging
2024 was the year the Sarasota market began to tilt back toward balance, offering new advantages for buyers. After years of limited inventory and cash-heavy competition, conditions now allow for more deliberate purchasing decisions.
Mortgage interest rates remain higher than those seen during the pandemic, but they’ve stabilized enough to restore confidence among serious buyers. The result is a more measured market where value, location, and property condition matter more than pure speed.
Key buyer advantages in 2024 include:
Mortgage interest rates remain higher than those seen during the pandemic, but they’ve stabilized enough to restore confidence among serious buyers. The result is a more measured market where value, location, and property condition matter more than pure speed.
Key buyer advantages in 2024 include:
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More inventory across nearly all property types
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Greater opportunity for negotiation on price and contingencies
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Fewer bidding wars, especially in mid-range and condo markets
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Time to conduct due diligence, inspections, and financial comparisons
For buyers who’ve been waiting on the sidelines, 2024 has been an ideal time to explore the Sarasota market with less competition and more choice.
Segment Highlights and Local Nuances
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Single-Family Homes: This segment has remained relatively resilient. While the rate of appreciation slowed, home values have held steady due to strong local demand and limited new construction in prime neighborhoods. Many buyers relocating from higher-cost regions continue to view Sarasota as a strong long-term investment.
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Condos and Townhomes: This category experienced the largest shift in 2024, with rising inventory levels and softening prices. Some of this can be attributed to higher insurance costs and association fees, particularly in waterfront and coastal developments. However, buyers now enjoy greater selection and better pricing opportunities in some of Sarasota’s most desirable condo communities.
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Luxury and Waterfront Properties: The luxury market continues to perform well, albeit at a slower pace than the highs of 2021 and 2022. Demand remains strong from affluent buyers seeking beachfront estates, downtown penthouses, and golf course homes. Yet, with more listings available, even this segment has become more negotiation-friendly.
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Neighborhood Variations: Sarasota’s diversity means that not all areas follow the same trends. Coastal enclaves like Siesta Key and Longboat Key still attract premium buyers, while neighborhoods such as Lakewood Ranch and Palmer Ranch have benefited from continued development and family-focused amenities. Each micro-market tells a slightly different story, making expert local insight essential.
What to Expect Moving Forward
Looking ahead to 2025, Sarasota’s market appears poised for stability rather than sharp swings. Economists and local real estate professionals anticipate moderate price movement, continued demand from out-of-state buyers, and a steady flow of inventory.
Here’s what to watch:
Here’s what to watch:
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Moderate Price Adjustments: Expect modest declines or flat growth, especially in the condo segment.
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Longer Marketing Periods: Sellers should anticipate homes taking 60 to 90 days or more to sell.
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Rising Ownership Costs: Insurance, maintenance, and association fees will remain key considerations.
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Continued Migration: The appeal of Sarasota’s lifestyle — beaches, arts, dining, and community — continues to attract both retirees and remote professionals.
For sellers, strategic pricing and polished presentation will be crucial. For buyers, this balanced phase may represent one of the best opportunities to purchase without intense competition.
Why Working with Trusted Local Professionals Matters
In a market defined by nuance and transition, local expertise is everything. Sarasota’s neighborhoods, property types, and pricing dynamics each follow unique trends. Working with experienced professionals ensures you’re positioned to make smart, informed decisions whether you’re buying or selling.
The team at Pettingell Professionals brings decades of Sarasota market experience, deep local connections, and an unparalleled understanding of how to navigate changing conditions. Their strategic marketing approach, attention to detail, and client-first service make them the ideal partner for anyone looking to move confidently in today’s real estate landscape.
If you’re ready to explore your next move in Sarasota, contact Pettingell Professionals today at pettingell.com to schedule a consultation and experience what expert representation can achieve for you.
The team at Pettingell Professionals brings decades of Sarasota market experience, deep local connections, and an unparalleled understanding of how to navigate changing conditions. Their strategic marketing approach, attention to detail, and client-first service make them the ideal partner for anyone looking to move confidently in today’s real estate landscape.
If you’re ready to explore your next move in Sarasota, contact Pettingell Professionals today at pettingell.com to schedule a consultation and experience what expert representation can achieve for you.
Final Thoughts
Sarasota’s 2024 real estate market has matured into a phase of balance — one where opportunity meets realism. The pace may be slower, but the fundamentals remain strong: desirable location, high quality of life, and enduring demand. Buyers now have more room to explore and negotiate, while sellers who adapt their strategies can still achieve impressive outcomes.
As the market continues to evolve, success will depend on preparation, pricing, and partnering with the right professionals. With thoughtful guidance and a clear strategy, you can take full advantage of this moment in Sarasota real estate. Whether your goal is to buy your dream home, sell a cherished property, or invest in the future of this beautiful coastal city, Pettingell Professionals is ready to help you make your next move with confidence.
As the market continues to evolve, success will depend on preparation, pricing, and partnering with the right professionals. With thoughtful guidance and a clear strategy, you can take full advantage of this moment in Sarasota real estate. Whether your goal is to buy your dream home, sell a cherished property, or invest in the future of this beautiful coastal city, Pettingell Professionals is ready to help you make your next move with confidence.
