The National Market:

Affordability continues to weigh on the national housing market. The average 30-year fixed mortgage rate reached 6.76% on September 10, its highest level in more than 14 months.

August existing-home sales fell 2% from July, while inventory grew to 1.62 million homes—up 5.9% from a year ago. Despite slower sales, the national median price rose 1.6% to $429,100. Buyers have more choices, but monthly payments remain a hurdle for many—making competitive pricing essential for sellers.

The Local Market:

County             Single-Family Sales      Condo/Townhome Sales
Okaloosa                Up   6.2%                           Up 16.8%
Walton                   Up 25.8%                           Up 27.1%
Bay                          Up   4.0%                           Up 16.5%

Those gains are encouraging, but a closer look at our coastal single-family market—from Fort Walton Beach through Destin, Miramar Beach and the Santa Rosa Beach/30A area—shows why sellers still need to be competitive.

Our September snapshot shows 1,641 homes actively listed and 361 pending. Active homes average $2.19 million in asking price and 138 days on the market, compared with 93 days for homes now under contract.

The search also returned 869 expired listings, averaging 207 days on the market—a reminder that time alone doesn’t produce a buyer. Additionally, there are 225 expired listings with more than 270 days on market which averaged 408 days before dropping out of the system.

Buyers are buying—but with plenty of homes to choose from, sellers have to earn their attention. Rising sales don’t justify an unrealistic asking price. Success comes down to three things: competitive pricing, a home that shows its best, and marketing that reaches the right buyers.

A summary of August Average Sold Prices:
                                                      Single Family                        Condo
30-A                                          $2,411,418  (117)             $1,249,227   (22)                                   
Destin/Miramar Beach         $1,222,456    (69)             $    637,639   (91)
Ft. Walton Beach                    $   451,506  (107)             $    364,375   (28)

Ed & Terri Smith Team
Making Business a Pleasure ℠

Broker/Owners   |   850-837-5500   |   ED@FLORIDABROKERS.COM

The National Market

The national housing market remains constrained by affordability. The average 30-year mortgage rate rose to 6.69%, near its 2026 high, while mortgage applications declined in the latest survey. Inventory continues to improve, giving buyers more choices and making accurate pricing increasingly important for sellers.

The Local Market

More Choices for Buyers - More Competition for Sellers.

Within our primary market area, stretching from Fort Walton Beach to Inlet Beach, July’s absorption rates reveal a market that varies considerably by property type.

With 1,704 single-family homes available and 349 sold during July, the market had approximately 4.9 months of supply. Condominiums had a much higher 10.5-month supply, based on 1,234 active listings and 118 sales. Residential lots had approximately 13.1 months of supply, with 406 available and only 31 sold.

Countywide sales activity remains ahead of last year. Through July, single-family sales increased 7% in Okaloosa County and 28% in Walton County, while condominium sales rose 14% and 34%, respectively. However, higher closed-sale totals and lengthy marketing times can coexist. Sales statistics tell us what buyers purchased—not how many listings remain unsold.

Average sold-price movement was also uneven. Year-to-date, average single-family prices increased approximately 5% in Okaloosa County and 6% in Walton County. Okaloosa condominium prices declined approximately 7%, while Walton condominium prices increased about 13%. These averages are influenced by the mix of properties sold and do not indicate that every property appreciated.

For buyers, the elevated supply of condominiums and residential lots provides greater selection and negotiating leverage. For sellers, the message is straightforward: buyers remain active, but they are highly selective. Properties priced beyond what today’s buyers will support can remain unsold for many months—or even longer than a year.

Exposure puts properties in front of buyers. Price brings them through the door.

The market is not stalled. It is simply distinguishing between properties priced for today’s conditions and those priced according to yesterday’s expectations.


A summary of July’s Average Sold Prices:
                                                             Single Family                        Condo
30-A                                                $2,824,556  (127)              $1,905,095  (21)                                   
Destin/Miramar Beach               $1,246,242    (66)               $   725,825  (78)
Ft. Walton Beach                          $  403,240    (104)               $   439,421  (19)
 
Ed & Terri Smith Team
Making Business a Pleasure ℠

National:
For almost three years, many buyers have been sitting on the sidelines waiting for 3%, 4% or even 5% mortgage rates to return. Increasingly, they're deciding they can't put their lives on hold forever. As a result, pending sales and mortgage lock activity have shown signs of improving despite rates remaining in the mid-6% range. This ties in perfectly with what we're seeing locally.

The luxury market continues to outperform. Million-dollar home sales are increasing while lower-priced segments remain more constrained by affordability. Cash buyers and financially strong purchasers continue to drive much of the upper-end market.

Local:
Demand continues to be supported by military growth, tourism, investment, second-home ownership, retirees, and people relocating for the fabulous quality of life our area offers. While buyers have become much more selective and price-conscious, well-prepared properties continue to attract strong interest.

Every neighborhood has its own story. That's why we encourage buyers and sellers to look beyond the national headlines and focus on what's happening in their specific market. Importantly, these statistics do not indicate a lack of buyers. Buyers remain active throughout the Emerald Coast.

The average days on market for single family homes last month was 96. These homes sold for 96% of asking price. Expired homes were up to 1,200 days on the market. The data suggests that many sellers are entering the market with pricing expectations that buyers simply are not willing to support.

Regardless of current market conditions, the long-term outlook for the Emerald Coast remains positive. Population growth, continued investment in our region, and the area's enduring appeal as both a primary and second-home destination continue to support the market's long-term fundamentals.

One thing remains certain: every reasonably priced home or condominium on the market today will sell.

A summary of June’s Average Sold Prices:
                                                     Single Family                        Condo
30-A                                          $2,385,976  (140)            $1,725,000  (33)                                   
Destin/Miramar Beach         $1,457,796  (75)              $    665,782  (78)
Ft. Walton Beach                    $   488,854  (119)            $    456,035  (23)

Ed & Terri Smith Team
Making Business a Pleasure ℠

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The National Market:

The national housing market continues to work through a combination of elevated mortgage rates, affordability challenges, and economic uncertainty. Bond market volatility continues to influence mortgage rates, which remain in the mid-6% range and near the highest levels seen this year. As a result, affordability remains a challenge for many buyers. However, mortgage application activity has increased in recent weeks, suggesting that buyers are gradually adapting to today's financing environment.

Inventory levels have improved substantially in many markets across the country, providing buyers with more choices and greater negotiating power. As a result, home price appreciation has slowed nationally, and many economists are forecasting only modest price growth during the next 12 months.

The Local Market:

Within our primary market area, stretching from Fort Walton Beach to Inlet Beach, today's market continues to reward realistic pricing, strong presentation, and effective marketing.

The most revealing statistic may not be how many properties are selling, but how many are not. During the past 12 months, 454 single-family homes sold while 863 listings expired without selling. In other words, nearly twice as many homes left the market unsold as successfully closed.

The condominium market tells a similar story. During the same period, 146 condos sold while 807 listings expired, an expired-to-sold ratio of approximately 5.5 to 1.

Importantly, these statistics do not indicate a lack of buyers. Buyers remain active throughout the Emerald Coast. Rather, the data suggests that many sellers are entering the market with pricing expectations that buyers simply are not willing to support.

Regardless of current market conditions, the long-term outlook for the Emerald Coast remains positive. Population growth, continued investment in our region, and the area's enduring appeal as both a primary and second-home destination continue to support the market's long-term fundamentals.

One thing remains certain: every reasonably priced home or condominium on the market today will sell.

A summary of May Average Sold Prices:

                                                                              Single Family                   Condo
30-A                                                                  $2,707,909  (122)        $1,351,890   (17)                                   
Destin/Miramar Beach                                 $1,398,718  (74)          $    677,393  (70)
Ft. Walton Beach                                            $   496,734  (83)          $    422,592  (20)

Ed & Terri Smith Team
Making Business a Pleasure ℠

The National Market:

The real estate market continues to push through today’s “crappy trinity” of elevated interest rates, international conflict, and rising fuel prices. Mortgage rates did improve this week after climbing to some of the highest levels seen in over a month. Markets responded positively to calmer conditions in the Middle East. This matters because calmer energy markets can help ease some of the pressure on mortgage rates.

Nationally, inventory levels continue to improve across much of the country, giving buyers more choices and reducing some of the urgency that defined the post-COVID market.

While certain regions are still experiencing modest price appreciation, others are seeing longer marketing times and selective price adjustments. The market has become increasingly localized and segment-driven, with pricing, presentation, and perceived value playing a larger role than at any point in recent years.

The Local Market:

According to MLS data, aside from a 22% decline in closed single-family home sales in the Destin/Miramar Beach market compared to the previous month, both sales activity and average sold prices across most local segments remain relatively consistent with April 2025 levels. Countywide statistics, however, continue to reflect stronger year-to-date condo activity, with closed condo sales up +35.5% in Okaloosa County, +52.3% in Walton County, and +29.7% in Bay County. Current inventory levels stand at approximately 11.4 months for condos and about 8 months for single-family homes.

Compared to April 2025, single-family home inventory remains virtually unchanged, although the overall number of homes sold has declined 14.3%. The most notable shift continues to be within the condo market, where inventory has decreased 18.1% year-over-year while closed condo sales have increased 22.2%, suggesting buyers are continuing to respond to improved pricing opportunities and growing inventory stabilization.

Regardless of current market conditions, the long-term outlook for the Emerald Coast remains positive, and the prospects for a stronger and more balanced market in 2026 continue to improve.

A summary of April Average Sold Prices:

                                                                         Single Family                      Condo
30-A                                                             $2,504,950  (102)          $1,766,938   (27)                                   
Destin/Miramar Beach                            $1,551,113  (45)            $   620,846   (65)
Ft. Walton Beach                                       $   458,310  (72)            $   384,203   (18)

Ed & Terri Smith Team
Making Business a Pleasure ℠

The National Market:

Mortgage rates just blinked — but don’t get too excited. Rates dipped to around 6.37% after climbing for over a month, but they remain elevated and somewhat volatile due to ongoing inflation concerns and global tensions. Until we see meaningful and sustained improvement in rates, buyers are still active — just more cautious and precise in their decision-making. At the same time, inventory is gradually improving across much of the country.

What’s most notable right now is that the housing market has become highly localized. Some areas are still experiencing price growth, while others are seeing modest softening. There is no longer a single national trend — success today is driven by pricing, presentation, and positioning within each specific market. Of the 12 largest markets showing price declines right now, 6 are right here in Florida.

The Local Market:
Here locally, we’re seeing about 6 month’s worth of inventory in single family homes, which puts us in balanced market territory. We have a 10.5 month supply on the condo side. Buyers are active, but they are selective. Properties that are priced competitively and show well are moving. Those that are pushing the market are sitting and accumulating days on market.

Like the national picture, our market has become more fragmented and hyper-local. Some segments are seeing price adjustments, while others remain stable. It is no longer a one-size-fits-all market.

Regardless, the prospects remain positive for a much improved market in 2026.

A summary of March Average Sold Prices:

                                                 Single Family                Condo
30-A                                       $2,418,953  (124)      $1,350,179   (25)                                   
Destin/Miramar Beach        $1,543,591  (55)        $   721,820   (74)
Ft. Walton Beach                 $   406,334   (78)        $  345,125   (16) 
 

Ed & Terri Smith Team
Making Business a Pleasure ℠

The National Market:
Mortgage rates are still the big story. Rates have been hovering around the 6% range, which many analysts see as an important level for buyers. Another quarter-point decline would likely be psychologically significant and could bring more buyers off the sidelines.

But there’s another factor that continues to shape the market. Millions of homeowners refinanced during the pandemic and locked in mortgage rates below 4%. Because of that, many remain reluctant to sell and give up those ultra-low payments.

The result? Inventory across much of the country remains tighter than normal. So even though higher rates have cooled the pace of sales somewhat, limited supply continues to help support home prices.

The Local Market:  
Our local market is showing many of the same patterns we’re seeing nationally. Inventory has increased somewhat, which is actually a healthy development because it gives buyers more choices than they’ve had in a while.

Buyers are still very much out there. They are simply taking their time a bit and are being more selective. Homes and condos that are priced right and presented well are getting attention and selling, while properties that start out too aggressively priced tend to sit until the market helps find the right number.

The February numbers illustrate the range of our market well. Along the 30-A corridor, the average single-family home sold for about $2.27 million, while condos averaged roughly $1.48 million. In Destin and Miramar Beach, the average single-family sale came in at $1.42 million. In Fort Walton Beach the average was about $458,000.

All in all, the market is still working — it’s just more thoughtful and measured than it was a few years ago.

A summary of February Average Sold Prices:

                                                 Single Family                     Condo
30-A                                        $2,272,289  (80)            $1,478,891  (23)                                   
Destin/Miramar Beach         $1,423,253  (53)            $   714,101  (41)
Ft. Walton Beach                   $  457,946   (52)            $   435,925  (14) 
 

Ed & Terri Smith

RE/MAX Coastal Properties

Selling Emerald Coast Real Estate Since 1987!

Inlet Beach - 30A - Santa Rosa Beach - Miramar Beach - Destin - Fort Walton Beach

Just a quick note to let you know that our Monthly Market Update is out. A little national perspective, a little local insight — and the trajectory is looking positive. Hope you enjoy the read!

The National Market:
Lower mortgage and consumer interest rates have injected a fresh dose of optimism into the economy. Many analysts believe 6% is the psychological “green light” that will re-energize the housing market. The official Fannie Mae rate sits just above that level, while many lenders are already quoting in the upper-5% range. A modest positive shift in the bond market could move us firmly into that zone.

The Local Market:  
The year began on a positive note, though momentum was temporarily cooled by our recent arctic-like temperatures (yes, even in Florida!). February activity is already showing noticeable improvement. Historically speaking, inventory remains relatively low, but we do expect more supply to enter the market as sales activity continues to strengthen.

Buyers are out there — just a bit more thoughtful in their decisions. As always, the properties that are well-positioned in the market are getting the lion’s share of the attention.  As I often say, “The market always rewards those who read the room”. 

January 2026 data:

Single-Family Homes: About 8.1 months of inventory (243 days). Recent sales averaged 121 days on market and closed at 96% of asking price.

Condos: Roughly 13.3 months of inventory (399 days). Sold units averaged 185 days on market, achieving 94% of list price.

A summary of January Average Sold Prices:
                                                            Single Family                   Condo
30-A                                                  $2,884,125   (65)         $1,757,143  (14)                                   
Destin/Miramar Beach                   $1,790,196   (35)         $   640,253  (47)
Ft. Walton Beach                             $   429,774   (58)         $   462,836  (18) 
 
Ed Sez:  In Warren Buffett–esque terms, today’s market rewards realism over wishful thinking. As the market rapidly improves, we’re getting back to solid footing — and that’s where the opportunities really start to grow.

Ed & Terri Smith

RE/MAX Coastal Properties

Selling Emerald Coast Real Estate Since 1987!

Inlet Beach - 30A - Santa Rosa Beach - Miramar Beach - Destin - Fort Walton Beach

The National Market:
It’s been a long time since we’ve seen 30-year mortgage rates below 6%, but that moment finally arrived last week. With many lenders now quoting 5.875%–5.99%, we’ve crossed a powerful psychological threshold for the housing market.

Back in January 2025, the average 30-year rate was about 7.0%. On the same loan amount, today’s lower rates mean a monthly payment of roughly $2,966 instead of $3,327 — a 10.9% reduction.

That’s real money, real affordability, and a real confidence boost for buyers and sellers alike. Lower payments expand the buyer pool, and that momentum tends to pull more sellers into the market. In short, this rate shift is quietly setting the stage for a stronger, more active market.

The Local Market:  
The new year has started on a very positive note. Both buyer activity and offers written have exceeded expectations. Inventory has declined somewhat, which is often a reflection of properties sidelining for the holidays.

December 2025 data:

Single-Family Homes: About 5.6 months of inventory (170 days). Recent sales averaged 133 days on market and closed at 96% of asking price, reflecting strong buyer confidence.
 
Condos: Roughly 9.4 months of inventory (286 days). Sold units averaged 321 days on market, achieving 96% of list price.

A summary of December Average Sold Prices:

                                                         Single Family                Condo
30-A                                              $2,444,222   (107)      $1,145,608   (25)                                   
Destin/Miramar Beach               $1,240,722     (47)      $   710,726   (68)
Ft. Walton Beach                         $  400,947      (75)      $   529,425   (20) 
 
Ed Sez:  Price It Right, Ride the Wave. The  wave is coming! 

Ed & Terri Smith

RE/MAX Coastal Properties

Selling Emerald Coast Real Estate Since 1987!

Inlet Beach - 30A - Santa Rosa Beach - Miramar Beach - Destin - Fort Walton Beach