In 2023, the real estate market in Hernando, Florida, has exhibited a mix of trends, indicating a dynamically shifting market. In September 2023, there was a noticeable decrease in home prices, with a 5.1% drop from the previous year, bringing the median selling price to $327K. Despite this decrease, the market remained somewhat competitive, with homes selling relatively quickly, averaging around 22 days on the market. This situation suggests a balanced market, where despite lower prices, homes continue to attract buyers and do not remain unsold for extended periods.
In contrast, the median listing price in Hernando in August 2023 was significantly higher, at $425K, marking a 6.3% increase year-over-year, and the median listing price per square foot stood at $216. This increase in listing prices hints at sellers’ optimism or an anticipated rise in demand. The broader Hernando County mirrored this trend to some extent, with a 1.7% increase in median home prices in September 2023, reaching $324K. However, homes were taking longer to sell compared to the previous year. The varied trends in home prices based on bedroom count in October 2023 further underscore the market's complexity. While one-bedroom homes saw a significant price decrease, prices for homes with more bedrooms either increased or remained stable. These diverse trends highlight a real estate market in Hernando that is influenced by specific local factors, buyer preferences, and broader economic conditions.