Destin, Florida is unlike any other part of Florida. It's home to white sand beaches made up of Appalachian quartz. Beachgoers can enjoy the soft sand between their toes and the perfect environment for making sandcastles.
While residents of Destin do enjoy their lives on the water, the city is more of a vacation destination. This leaves the door open for investors looking to make passive income.
Before jumping into the market, read about these real estate trends:
Rise in Home Prices
As of April 2024, home prices in Destin, Florida have increased by 11.3% compared to the 2023 property market. They now sell for a median price of $640,000.
The price increase is due to inventory levels, among other real estate trends. Only 72 homes sold in April, 25 less than the previous year at the time.
Despite the higher prices, homes are still selling below their listing price a majority of the time. It's rare for sellers to receive multiple offers.
A Non-Competitive Market
Destin doesn't have a competitive market based on the average time it takes to sell a home. Homes stay on the market for about 83 days. In April, homes spent an average of 66 days on the market.
Why does Destin have a non-competitive market? Housing market trends suggest that almost 50% of homebuyers have looked to move out of Destin in recent months due to increasing prices.
Many Destin homebuyers looked to move to Pensacola for more affordability.
Destin Housing and the Climate
You can't talk about the Destin real estate forecast without considering the climate's impact in the area.
Destin's proximity to water makes it a severe flood zone. Over half of the properties in the city are at risk of damaging flooding within the next 30 years. All properties face the possibility of extreme wind.
Destin is humid in the summer which can make it feel hotter. Temperatures reach in the 90s but can feel like the 100s. This extreme heat can be risky for properties as well.
Rental Market Analysis
Since many people are moving out of Destin, it may not be a good idea to invest in a long-term rental.
4.5 million people visit the Emerald Coast yearly. 80% of those people spend their vacation in Destin, Florida.
Destin is a hotspot for tourists. Therefore, there are many investment opportunities in short-term rentals.
Investing in short-term rental managers might be the ideal scenario for Destin real estate.
Destin Real Estate Trends to Consider
Before you invest in Destin properties, consider these real estate trends. While Destin isn't the hottest place for homeowners, it will always be a tourist attraction.
With the help of PMI Destin-30A, you can purchase a short-term rental that helps you reach your financial goals.
We are the #1 property management franchise and continue to grow. We offer the highest level of services through short-term rental management and other services.
From booking coordination to managing check-ins, we've got you covered. Start earning today by understanding how much you can make from your rental. Get a free rental analysis now.
