Port St. Lucie is a well-known city around an hour north of West Palm Beach and approximately 35 miles northeast of Lake Okeechobee. The community has many desirable features, including natural environments like the Savannas Preserve State Park, McCarty Ranch Preserve, and the Allapattah Flats Wildlife Management Area. The area also has access to the St. Lucie River, the Atlantic Ocean, and various waterways for boating, beaches, and water sports.
Residents love living in Port St. Lucie, and the community is gaining national attention for its desirable lifestyle. Port St. Lucie is a gem on the East Coast with excellent schools, recreation, housing, and dining. If you want to buy or sell property in the area, it is helpful to understand nuances in the local market. Your approach to real estate should be based on updated data and statistics to give you the most advantages and chances at a successful experience.
Port St. Lucie market trends 2023
Port St. Lucie's real estate market has been experiencing growth in recent years. Population and housing market growth are due to increasing demand and a limited supply of real estate. The city's location on the East Coast, in proximity to major cities such as West Palm Beach and Miami, has also contributed to the surge in demand. As a result, property values have risen steadily, making Port St. Lucie an attractive option for homeowners and investors.
Home values are increasing
Having discussed the factors contributing to the growth of Port St. Lucie's real estate market, it is essential to understand what home value means in this context. Home value is the worth of a property based on factors such as location, size, and amenities. In Port St. Lucie, the rise in home values can be attributed to the city's growing population, limited supply of available property, and desirable location near major cities. As demand for homes in the area continues to increase, home values are expected to rise, making now a great time to invest in the Port St. Lucie real estate market. Buyers want to purchase property in an area with increasing home values to profit from their investment if they choose to sell.
Landlords have favorable trends for investments
The Port St. Lucie real estate market favors landlords because of the high demand for housing. With so many people in the area looking for homes (and the city’s robust tourist industry), there is also a high demand for long- and short-term rental properties. As more people move to the area, the need for rental properties also increases, and as home prices rise, rental prices tend to grow. This means landlords can charge higher rent prices and still have a strong tenant pool.
Positive population growth
According to the Office of Economic & Demographic Research, the population in St. Lucie County
in 2020 was 322,265 and is estimated to jump to nearly 385,000 by 2030. The population growth in Port St. Lucie supports the real estate market. The city has experienced a consistent influx in population over the past decade, which is expected to continue. With more people moving to the area, demand for housing will continue to grow, further driving up property values. This population growth is driven by several factors, including the city's beautiful location, thriving economy, and lower cost of living compared to other coastal cities in Florida.
St. Lucie County housing trends in 2023
St. Lucie County encompasses cities from the coast to areas near Lake Okeechobee, like Port St. Lucie, River Park, Fort Pierce, and Hutchinson Island. Housing trends in communities can vary based on amenities like location. While some areas in St. Lucie County are more desirable and have higher home costs, the overall trends are similar — supply does not meet demand. Inventory in the county is increasing but is not keeping up with demand. Active St. Lucie County listings
in March 2023 totaled more than 1,400 single-family homes, up 140% from 2022, with only 594 single-family homes.
COVID-19 impacts on the local market
Much uncertainty during the pandemic, from economic concerns to health and safety, impacted the real estate market in St. Lucie County. While buying and selling briefly paused during the pandemic, the market soon exploded with demand, making prices skyrocket due to low supply. Inventory was low because fewer people were selling their homes, and new builds were substantially delayed during the shutdowns and supply chain issues.
Median home prices 2023
With the current supply and demand in Port St. Lucie, sellers have an advantage. Since sellers know there are more buyers than available homes, they can increase the list price and still have buyers willing to spend more. Buyers are disadvantaged because if they want to secure a home, they will have to pay more and possibly agree to terms that are not in their favor, such as covering closing costs or eliminating contingencies.
While increasing inventory makes the market more balanced, prices remain high with minor increases. The median sale price
for a single-family home in St. Lucie County in March 2023 was $375,000, up 1.4% from 2022. Meanwhile, the median price for townhomes and condominiums in the country was $295,000 in 2023, up from $290,000 in 2022.
Seek trustworthy guidance when buying or selling
Navigating the Port St. Lucie real estate market can be challenging if you are unfamiliar with local trends and statistics. With the help of a local realtor
, buyers can make informed decisions and secure the home of their dreams. Working with an expert can eliminate or reduce market challenges due to savvy negotiations and custom buying strategies. Market trends change weekly and monthly, but you can use changes to your advantage with an agent monitoring the market.
Oceanside Realty Partners
is a Port St. Lucie real estate team providing high-end regional and global services. The innovative team is top-ranked for its resourceful thinking and professionalism. Learn more about the market and get strategic about buying and selling in Port St. Lucie
*Header photo courtesy of Oceanside Realty Partners