July 8, 2024 – Hoover, Ala. – Covering fourteen states along the Atlantic and Gulf coasts, the Beach Real Estate Market Report is a comprehensive guide to these highly coveted beach and coastal real estate markets.
This new report, inspired by the successful Lake Real Estate Market Report produced by sister brokerage Lake Homes Realty, offers valuable insights for consumers, agents, and the media. While we continue to fine-tune this report, the information presented here is already crucial for understanding the current state of the U.S. beach and coastal real estate markets.
Beach Homes Realty’s quarterly report brings good news for those dreaming of a life by the water. The total market value sits at a massive $122,824,074,039. Ten states within the report area each have a combined home and lot listing value surpassing $1 billion each! These markets present many options for prospective buyers in search of their perfect aquatic retreat.
As expected, Florida leads the charge, boasting an impressive total of $91.226 billion in listings. South Carolina follows with $7.694 billion, and Texas secures the third spot at $4.311 billion. The remaining states with over $1 billion in listings include Massachusetts ($3.514), New Jersey ($3.388), North Carolina ($2.968), Maryland ($2.259), Alabama ($2.006), Delaware ($1.267) and Connecticut ($1.157).
Florida also topped the list with the highest number of beach home and lot listings, totaling 64,909. Following were South Carolina with 9,972 listings, Texas with 9,652, North Carolina with 5,195, Maryland with 4,434, Alabama with 2,783, and Mississippi with 2,710 listings.
Top Beach Real Estate Markets Nationwide
The Summer 2024 Beach Real Estate Market Report from Beach Homes Realty presents a promising outlook for those looking to invest in beachfront properties. Naples, Florida, stands out as the leader, boasting the largest selection of properties, with a combined value of $7.663 billion in beach homes and lots.
While Naples provides an abundance of options, the possibilities don’t end there. Here are some of the top locations in the nation for beachfront listings:
- Fort Lauderdale, Florida – $4.181 billion
- Miami – Miami Beach, Florida – $3.116 billion
- West Palm Beach, Florida – $2.963 billion
A Unique Perspective on the U.S. Beach Real Estate Market
The U.S. economy continues to outperform expert forecasts, yet the housing market is in an unofficial recession. Interestingly, niche properties like beach real estate are slightly outperforming primary residential real estate in 2024. “This is not a boom, nor signs of a bust,” notes Glenn Phillips, CEO and Chief Economic Analyst. “It simply means a nudge up in the number of transactions in 2024 versus 2023, while primary residential has seen a slight drop.”
Beach real estate buyers are typically not overly impacted by mortgage interest rates. These buyers often pay cash and, when they do seek mortgages, they can secure better rates. This segment of the market sees strong demand but faces a limited number of properties for sale, similar to primary residential real estate markets.
Misleading Headlines and Market Realities
Headlines can be misleading, especially those touting significant increases in home inventory. “Home Listing Inventory Doubles!” might sound dramatic, but it’s often meaningless without context. Beach home inventories have been at historic post-COVID lows. Even with growth, the market remains limited.
Meanwhile, many sellers mistakenly believe we are still in a COVID-like “hard” seller’s market, leading them to overprice their properties. This results in homes sitting unsold, boosting inventory numbers without reflecting true market conditions.
Understanding the Broader Market
Beach real estate isn’t just local; it attracts long-distance buyers. Sellers should consider this broader geographic interest when pricing their properties. Many buyers are looking at multiple beaches across different states. Appropriate pricing is essential for maximum financial return.
No amount of marketing can overcome overpricing, and buyers today are more informed than ever, thanks to resources like Beach-Homes.com. “Buyers use Beach-Homes.com and other websites to educate themselves about market trends and recent transactions,” says Phillips. “If those properties are not selling, it is NOT because of lack of marketing exposure.”
The Importance of Informed Decisions
Selling and buying beach real estate comes with unique challenges. Having the right beach-focused agents can prevent costly mistakes and guide you through the process. When it’s time to buy or sell a beach property, visit Beach-Homes.com for the best market information on your dream beach home.
Top 10 States for the Most Beach Property Listings
- Florida – 64,909
- South Carolina – 9,972
- Texas – 9,652
- North Carolina – 5,195
- Maryland – 4,434
- Alabama – 2,783
- Mississippi – 2,710
- New Jersey – 2,301
- Massachusetts – 1,882
- Delaware – 1,663
Top 5 Most Expensive Beaches for Home Listings (Average Price)
- Miami – Hibiscus Island, FL avg. of $17,259,091
- Miami – Fisher Island, FL – Avg. of $15,895,956
- Nantucket, MA – Avg. of $8,280,846
- Miami – Venetian Island, FL – Avg. of $6,818,411
- Coral Gables, FL – Avg. of $6,719,054
Top 5 Beach for the Most Number of Home and Lot Listings
- Fort Myers, FL – 3,422
- Cape Coral, FL – 2,931
- Myrtle Beach, SC – 2,563
- Hollywood, FL – 2,174
- Naples, FL – 1,935
The Summer 2024 Beach Real Estate Market Report shares a summary of data collected from 34 Multiple Listing Services (MLS) areas in the 14 states served by Beach Homes Realty and is, to its knowledge, not available from any other source.
Copies of the Summer 2024 Beach Real Estate Market Report are now available to download HERE.