The Crystal River, Florida real estate market in 2023 has shown some contrasting trends. In August, the median home prices significantly increased by 27.9% compared to the previous year, reaching $275K. Despite this increase in prices, the market dynamics showed a slowdown in sales activity. Homes were taking longer to sell, with an average of 53 days on the market, a substantial increase from the 14 days observed the previous year. Additionally, the volume of sales decreased, with only 7 homes sold in August 2023 compared to 10 in the same month of the previous year.
However, the characterization of the Crystal River market varies depending on the source. RocketHomes described it as a seller's market as of October 2023, indicating higher prices and quicker sales, with a median sold price of $315,000. This would typically suggest a strong demand for homes in the area. On the other hand, Realtor.com identified Crystal River as a buyer's market in August 2023, where the supply of homes exceeds the demand. This scenario is generally associated with lower prices and a slower market pace. Further, in Crystal Manor, a specific area in Crystal River, there was a notable decrease in the median listing home price, which fell by 24.6% year-over-year to $390K in September 2023. These varying trends highlight a complex and fluctuating real estate market in Crystal River, influenced by specific local factors and broader economic conditions.