In 2023, Citrus Hills, Florida, has emerged as a seller's market, characterized by a higher demand for homes than the available supply. This market condition indicates a competitive environment where buyers often face limited options and potentially higher prices. Such a market often leads to quick sales and can drive up home prices due to the high demand relative to the availability of properties.
Reflecting on the price trends in Citrus County, where Citrus Hills is located, there's a mixed picture. The median home sold price in October 2023 was $274,954, showing a slight decrease of 1.7% compared to the previous year, with the median price per square foot at $174. In contrast, the median listing home price in September 2023 was $329.9K, which is an increase of 4.7% year-over-year, and the median listing price per square foot was $194. This disparity between the listing and selling prices suggests a market where sellers are optimistic about their returns, potentially due to the competitive nature and the scarcity of available homes.