H
appy New Year 2025! As we bid farewell to 2024, let's look forward to another active year in real estate. Homeownership remains a cornerstone of the American Dream, motivating many to set New Year's resolutions to achieve this goal.

    To prepare for the home buying or selling process, potential buyers should review their finances, pay down debt to raise credit scores, speak with lenders for pre-approval, and create a list of desired features in their dream home. Sellers, on the other hand, should declutter their homes, take inventory of major appliances and roof ages, and make a list of needed repairs or cosmetic updates before hiring an experienced Realtor.

    Our Plant City community has seen significant changes in the real estate landscape, with new construction projects expanding our city limits to the north and south. In 2024, we had 1,373 single-family homes sold, with 55% (756) being newly constructed homes. This trend is expected to continue for the next couple of years.

    The housing inventory has improved, with an average supply of 2.3 months in 2024 compared to 1.96 months the previous year. However, this increased supply has led to higher days on market. Our median home sold price remains stable at around $353,425 over the past two years.

    Mortgage rates averaged 6.72% last year and are expected to remain relatively unchanged in 2025. To secure the best rate, it's essential to establish good credit scores and save for a down payment and closing costs.

    As we look at the Plant City housing data for December 2024, our market area had 115 homes sell, with new construction contributing about 47% of the units sold. We have a 2.4-month supply of housing inventory, and the average days on market increased to around 58 days due to the holidays.

    The average sold price in December was $371,077, down slightly from last month, while the average price per square foot was up 5% compared to last month. New construction prices are keeping overall averages down, but buyers should be aware that new construction comes with higher back-end fees and closing costs.

    With all these data points pointing to a robust real estate market in 2025, it's essential to seek the expertise of an experienced Realtor to navigate this complex process. If you're considering buying or selling your home, please don't hesitate to reach out for guidance.

    Here are some recent sales in the Plant City Market Area:

    * 1325 Candy Cane Ln sold on December 3 for $260,000

    * 303 Shelby Brooke Dr sold on December 20 for $288,000

    * 411 Whitehall St sold on December 30 for $310,000

    * 1501 E Spencer St sold on December 31 for $317,500

    * 1202 Sandalwood Dr sold on December 19 for $320,000

    And many more homes sold in the Plant City Market Area.