Landlord Tips & Tricks

July 19, 2024

Largo, FL - Real Estate Market Overview 2025

Zoe Harper

Marketing

Largo, FL, is loved for its friendly neighborhoods and lively surroundings. The median house price there has gone up by 7.1%, hitting $300K by May 2024. This is a jump from last year¹. Now, houses take longer to sell, averaging 38 days on the market. That's up from just 17 days before¹. This shows that houses are selling more slowly.

Even though fewer houses are selling, the market in Largo is still active. In May 2024, 119 houses were sold, just one less than the year before¹. The median sale price was $342,567 on May 31, 2024. By June 30, the median list price was up to $385,483, showing how competitive Largo's market is¹.

If you're looking into Largo's real estate, you can find more detailed trends here. With the market always changing, it's important for buyers and sellers to keep up with the latest info on houses in Largo, FL.

Key Takeaways

The median home price in Largo, FL rose by 7.1% to $300K as of May 2024¹.
Homes on the market now average 38 days, up from 17 last year¹.
A total of 119 homes were sold in May 2024, down slightly from 120 the previous year¹.
The median sale price as of May 31, 2024, was $342,567¹.
The median list price as of June 30, 2024, reached $385,483¹.

Current Housing Market Trends in Largo, FL

The Largo housing market is showing significant changes in property values and sales. This indicates how the real estate in this Florida city is moving. It's vital for potential buyers and investors to know these trends.

Increase in Home Prices

There's been a notable 7.1% jump in median home prices in Largo, making the median sale price $300,000 by May 2024². This points to strong trends in property values. The expected growth in real estate prices from August 2024 to December 2031 shows the market's steady increase². In August 2024, average property values ranged from $184,341 to $259,689, indicating a strong market¹.

These numbers show a healthy rise in the market. It's attracting homeowners and investors.

Market Days and Selling Trends

Selling homes in Largo has seen a big change. The average time to sell a house jumped 94.4%, from 26 to 52 days between June 2023 and June 2024¹. Homes are gaining value but are selling less quickly.

This could mean buyers are waiting because of higher prices or more competition.

The analysis of Largo's housing market covers value trends and selling stats. It shows a vibrant real estate scene. Both investors and buyers should watch these trends carefully.

For detailed Largo real estate forecasts, check Wallet Investor's real estate forecast ².

Is Largo, FL a Buyer's or Seller's Market?

The real estate scene in Largo, FL leans towards a seller's market. This is seen in the steady climb of home prices. Over the last year, Largo's home prices have gone up by 1.5%, showing it's really a seller's market³.

Seller's Market Characteristics

Largo is clearly a seller's market for a few reasons. First, home prices are on the rise because more people want to buy than there are homes available⁴. Homes sell quickly, often for more than the listed price, showing the market's strength. Largo offers everything from single homes to luxury condos, making it tough for buyers³.

Market Conditions and Pricing

Largo, FL's housing market is diverse, with a wide price range in real estate. As of July 17, 2024, there were 452 properties, with prices from $146,900 to $1,825,000³. This range means there's something for various budgets. Yet, sellers hold the upper hand due to strong demand and keen pricing. The area's attractions, like Clearwater Beach and parks, add to its appeal³.

The market in Largo, FL remains a seller's haven. This comes from seeing higher prices and homes selling faster⁴.

Price Analysis by Bedroom Count in Largo, FL

Looking at Largo FL real estate values by how many bedrooms a home has helps us see how prices change. We see different price changes for homes with 1 to 2 bedrooms, 3 to 4 bedrooms, and homes with 5 or more bedrooms. These changes show how people's wants and the market values can be different.

1 to 2 Bedroom Homes

For 1 to 2 bedroom homes, there's been a change. The price of 1-bedroom homes dropped by 9.2% as of June 2024 from last year⁵. On the other hand, multi-family homes, making up about 28% of the housing, show varied price effects⁶.

3 to 4 Bedroom Homes

Prices for 3 to 4 bedroom homes went up by 8.7% over the last year⁵. This increase shows a growing need for medium-sized family homes. It hints at important changes in housing prices and how Largo FL’s real estate follows the wider market⁶.

5+ Bedroom Homes

While the trend for smaller and medium-sized homes varies, the biggest homes saw a 10.0% price drop during the same time⁵. This fall in price points to changing buyer tastes and the few large homes available, affecting prices by bedroom size.

Comparison of Largo Home Prices to Nearby Cities

Largo, FL's real estate is unique when you look at nearby cities. The difference in home prices and values shows both the good and tough parts for those wanting to buy a home.

Belleair Bluffs and Belleair

Belleair Bluffs leads with a big 25.3% jump in median sold prices compared to Largo's 1.5% rise⁷. Belleair's market is strong too, with a 6.7% increase. This makes Belleair and Belleair Bluffs very appealing for home buyers⁷. Largo's average home price is $250,000. That's less than the higher averages in Belleair and Belleair Bluffs⁸.

Pinellas Park and Clearwater

Pinellas Park and Clearwater's housing prices are worth looking at too. Clearwater's homes cost more on average at $275,000, above Largo's $250,000⁸. Clearwater saw a 3.0% price growth, with Pinellas Park at 1.2%, showing Largo is still competitive⁷. These cities, including Largo, are growing, making Largo a great place to live⁷.

Housing Supply Dynamics in Largo, FL

The housing scene in Largo, FL has changed a lot in the past year. It's been shaped by different factors that affect how many houses are available. Looking at the latest moves tells us a lot about the market supply dynamics and how the Largo housing inventory is changing.

Inventory Levels Over the Past Year

In the last 12 months, the number of houses for sale in Largo went up and down a little. We saw a small, 1.2% drop in homes for sale from May to June 2024. This shows how the market is gently shifting⁹. This pattern isn't just in Largo; it's happening across Florida too. The whole state saw a 25% jump in houses available, with a three-month supply recorded¹⁰.

Changes in New Listings

The types of houses being sold in Largo are changing, especially depending on the size. Single-bedroom homes had a 14.6% boost in new listings⁹. But, listings for big houses, with five or more bedrooms, went down by 11.1%⁹. These changes keep the real estate market fresh and meet the ever-changing needs of buyers and sellers.

If you're curious about the bigger picture in Florida's housing scene, you can find more info at Florida housing market predictions. This site covers trends, expert views, and what might happen next¹⁰.

Knowing about these trends in Largo housing inventory and real estate listings in Largo can help anyone interested in real estate make better choices. It's all about understanding the market to navigate it well.

Asking Price vs. Sold Price Analysis in Largo, FL

When looking at Largo, we see prices asked for and what they really sell for don't always match. The average asking price in Largo is over $400,000¹¹. This suggests buyers might have the upper hand in negotiations.

About 67.3% of homes sold last month went for less than the asking price¹². This shows that sellers need to set realistic prices. For buyers, it means there's a chance to buy homes for less than listed.

Understanding these price trends helps in valuing Largo real estate correctly. With the average price per square foot at $266¹¹, negotiating well can get you a fairer deal.

This knowledge is key for buyers who want to make smart moves in Largo's real estate market. It underlines the value of knowing how asking prices and sold prices compare. This helps everyone involved make decisions based on the real market situation.

Days on Market and Sale Times in Largo, FL

The real estate market in Largo, FL has been changing. Homes are taking different amounts of time to sell, based on the current market and sale types.

Average and Median Days on Market

Homes in Largo are now staying on the market for 26 to 52 days as of June 2024. This is longer than in the past¹³. The median days on market align with national patterns, showing a competitive yet steady pace².

Breakdown by Sale Time Ranges

A lot of homes in Largo sell in under 30 days, showing the strong desire for good properties². Single-family homes often sell faster than condos, which affects overall market times². Selling at the right time can help owners get the best price and reduce how long their home is listed.¹³ For more insights on the Largo market and to look at your real estate choices, visit this page.

Future Outlook for Largo's Real Estate Market

The real estate future in Largo, FL, looks good with signs of growth and stability ahead. Trends point to a good chance for both buyers and sellers because of important indicators and predictions. This is all thanks to expected market changes.

1-Year Market Forecast

Zillow notes that Largo had 575 homes for sale on June 30, 2024. This means there are enough homes to meet buyer demand¹⁴. By May 31, 2024, homes usually sold for almost their list price. This shows that home prices might stay steady, helping both buyers and sellers¹⁴. Experts believe this balance will keep drawing in potential buyers.

Potential Market Shifts

Shifts in the market may come from the economy and local projects. For instance, reports from the Community Development Department between March and September 2018 talked about infrastructure projects in Largo. These projects could bring in more people and improve the real estate outlook¹⁵. Climate change might also change the cost and risk of property insurance, impacting investments in Largo¹⁴.

The future for Largo’s market looks bright because of these projects and solid market trends. Even with possible ups and downs, the market should grow and stay stable. This makes Largo a good choice for investors and people wanting to buy a home.

Conclusion

The Largo real estate scene is exciting for sellers and offers good chances for buyers to talk terms. The median sale price has reached $300,000, showing a growth of 7.1% from last year as of May 2024. This points to a strong growth in the market¹⁶ ¹⁷. Also, homes are staying on the market for about a year. This means both buyers and sellers need to make quick decisions¹⁶ ¹⁸.

The number of listings changes, and prices vary, showing the market’s wide range. For instance, you will find homes priced under $900k and also those below $400k¹⁸ ¹⁷. It's obvious Largo has a lot to offer. Places like Fairway Village and Downtown Largo are grabbing people's attention¹⁷. And, the homes up for sale are meant for folks to live in, not just to invest. This keeps the market interesting and within the rules¹⁶.

If you’re thinking about Largo’s market, it’s smart to keep up with the latest trends. Talking to a real estate expert can help. They can give you specifics tailored to your needs as the market in Largo changes¹⁶. This sum-up shows how crucial it is to stay alert and informed to make the most of Largo’s lively real estate scene.

FAQ

What is the current real estate market overview for Largo, FL?

Largo, FL's real estate market is growing. Home prices went up 7.1%, reaching a median of $300,000 by May 2024. Homes take longer to sell, staying on the market for 38 days.

How have home prices in Largo, FL changed over the past year?

In Largo, FL, home prices increased by 7.1% this year. The median sale price was $342,567 by May 2024. By June 30, 2024, the median list price was $385,483.

What trends are observed in market days and selling rates in Largo, FL?

Homes in Largo are on the market for 38 days on average, up from 17 days last year. The selling time jumped to 52 days by June 2024, a 94.4% increase.

Is Largo, FL considered a buyer's or seller's market?

It's a seller's market in Largo, FL. Homes sell faster and for more, with prices up by 1.5%. Still, 67.3% of homes sold for less than asking price, allowing for negotiations.

How do home prices vary by bedroom count in Largo, FL?

1-bedroom homes in Largo saw prices fall by 9.2%. But, 4-bedroom homes had prices go up by 8.7%. And, homes with 5+ bedrooms faced a 10.0% price drop.

How do Largo's home prices compare to nearby cities like Belleair Bluffs and Clearwater?

Home prices in Largo increased by 1.5%, which is modest. Belleair Bluffs had a 25.3% increase. Belleair's prices went up by 6.7%. Pinellas Park and Clearwater saw rises of 3.0% and 1.2%, respectively.

How has the housing supply in Largo, FL changed over the past year?

Largo's home market fluctuated slightly with a 1.2% drop in available homes from May to June 2024. Listings for 1-bedroom homes went up 14.6%, while 5+ bedroom homes listings fell by 11.1%.

What is the comparison between asking prices and sold prices in Largo, FL?

In Largo, the median sale to list price ratio nearly hit 0.980 by May 31, 2024. Yet, 67.3% of homes sold for less than the listed price, hinting at negotiation possibilities.

How long do homes typically stay on the market in Largo, FL?

Now, homes in Largo spend about 52 days on market, up from 26 last year. Many properties are selling in less than 30 days, keeping the market lively.

What is the future outlook for the Largo real estate market?

The future for Largo's real estate seems bright. Zillow suggests stable prices with 575 homes listed as of June 30, 2024. Buyers and sellers should keep an eye on trends and get advice from experts.