Nestled at the crossroads of Florida and Alabama along the Gulf Coast, the region extending from Dauphin Island to the West, and Panama City Beach to the East offers a unique blend of Southern charm, pristine beaches, and vibrant cultural influences along with some of the best fishing opportunities in the world. As an avid angler and real estate broker in this area, over recent years I’ve seen its real estate market have significant fluctuations, responding to both local events and broader national economic trends. Many anglers dream of one day owning a coastal property, or already do and are looking for an upgrade, but as more investors and homebuyers turn their eyes to this coastal enclave, understanding the ongoing market trends becomes paramount if you want to get in or out at the right time. This article delves into the current state of the gulf coast real estate landscape, with data to back it up. If you’re considering buying or selling, this data can help you assess what the future might hold.
Alabama Gulf Coast Real Estate: Dauphin Island To Orange Beach
Stretching from the tranquil shores of Dauphin Island to the bustling beachfront of Orange Beach, the Alabama Gulf Coast offers a diverse real estate market. With the picturesque backdrop of white sandy beaches and fertile bay and gulf waters, this region has captured the attention of both local and out-of-state investors. But like any market, it has its ebbs and flows. This section delves deep into the current state of the Alabama Gulf Coast real estate scene, comparing key metrics against the previous year’s statistics. From understanding the trajectory of home prices to gauging the balance of power between buyers and sellers, we provide insights that aim to guide homeowners and prospective buyers in making informed decisions.
Are Home Prices Dropping In Alabama Along The Coast?
While each piece of real estate is an individual with unique influences that dictate the value, understanding if home prices are dropping along the Alabama Gulf Coast can be accomplished by looking at data on a broader scale. As of the March 2024, the median sale price of homes along the Alabama Gulf Coast is lower compared to this time last year. What this tells us is that home prices are currently dropping.
| Mar. 2023 | Mar. 2024 | Percent Change | |
| Dauphin Island | $415,000 | $500,000 | 20.48% |
| Gulf Shores | $413,000 | $389,000 | -5.81% |
| Orange Beach | $695,000 | $674,900 | -2.89% |
Are We In A Buyers Or Sellers Market In Alabama?
A buyer’s market in real estate refers to a situation in which the supply (number of properties for sale) exceeds the demand (number of buyers seeking to purchase properties). In such a market, buyers have the upper hand over sellers. This can result in several outcomes such as lower prices, more negotiation power, longer time on the market, and more choice for buyers. Again, looking at the broader data of the market in this area can tell us if we are in a buyer’s or seller’s market. Let’s look at two key metrics, Inventory and the sale to list prices.
The sales prices are currently dropping compared to this time last year. What this tells us is that supply/demand ratio is swinging more in favor of buyers, but we are still in a sellers market.
| Mar. 2023 | Mar. 2024 | Percent Change | |
| Dauphin Island – Sales Price | $415,746 | $428,214 | 3.00% |
| Gulf Shores – Sales Price | $512,928 | $480,278 | -6.37% |
| Orange Beach – Sales Price | $810,920 | $754,520 | -6.96% |
| Dauphin Island – List Price | $498,453 | $510,795 | 2.48% |
| Gulf Shores – List Price | $528,768 | $494,838 | -6.42% |
| Orange Beach – List Price | $854,639 | $790,841 | -7.46% |
Should I Sell My House In Alabama Now?
The question of whether or not to sell your home is really a personal one. There are many non-quantitative factors that should weigh heavily on your decision. That being said, if you are qualitatively ready to sell, but if you want to make a decision based on the numbers, here is some data to help you form your decision.
As of the time of this writing, the average days on the market from Dauphin Island to Orange Beach is decreasing in most areas compared to this time last year. What this tells us is that on average, it is taking more time to sell a home along the Alabama Gulf coast than it did last year.
| Mar. 2023 | Mar. 2024 | Percent Change | |
| Dauphin Island | 83 | 75 | -9.64% |
| Gulf Shores | 87 | 101 | 16.09% |
| Orange Beach | 97 | 80 | -17.53% |
Florida Gulf Coast Real Estate: Pensacola To Panama City
The Florida Gulf Coast, stretching from the historic city of Pensacola to the lively shores of Panama City, offers a diverse spectrum of real estate opportunities against a backdrop of sun-soaked beaches and emerald waters. This section of the Sunshine State has always been a magnet for those looking to embrace the Gulf’s beauty, but how is the real estate market performing here? Is now the right time to buy or sell? Let’s have a look at the current statistics from Pensacola to Panama City, comparing crucial metrics from the past year to provide clarity on the state of the Florida Gulf Coast real estate market. Whether you’re an investor, a homeowner, or a prospective buyer, this analysis will equip you with the insights you need.
Are Home Prices Dropping In Florida?
As market dynamics shift, a pressing question emerges: Are home prices on a downward trend in the Sunshine State? The answer always lies in the data. As of the time of this writing, the median sale price of homes from Pensacola to Panama City is up compared to this time last year. What this tells us is that it really depends on your market as to whether or not home prices are dropping.
| Mar. 2023 | Mar. 2024 | Percent Change | |
| Perdido Key | $680,000 | $697,500 | 2.57% |
| Pensacola Beach | $760,000 | $1,007,500 | 32.57% |
| Destin | $644,500 | $670,000 | 3.96% |
| 30A | $1,450,000 | $1,400,000 | -3.45% |
| Panama City Beach | $475,615 | $449,900 | -5.41% |
Are We In A Buyers Or Sellers Market In Florida?
A seller’s market in real estate is characterized by a situation where the demand (number of buyers looking to purchase properties) exceeds the supply (number of properties available for sale). In such a market, sellers have the advantage over buyers. This scenario can lead to several outcomes like higher prices, faster sales, less negotiation power for buyers, and limited choices for buyers. Examining the comprehensive data from this region can indicate whether we’re in a buyer’s or seller’s market. We’ll focus on two crucial metrics: Inventory and the ratio of sales to list prices.
As of the time of this writing, the sales prices and list prices are climbing in most markets along the Emerald Coast. As you can see from the data below, Homes on average are selling for very close to their listing price. We’re still firmly in a seller’s market.
| Mar. 2023 | Mar. 2024 | Percent Change | |
| Perdido Key – Sales Price | $710,636 | $800,807 | 12.69% |
| Pensacola Beach – Sales Price | $797,979 | $1,040,000 | 30.33% |
| Destin – Sales Price | $839,175 | $1,103,773 | 31.53% |
| 30A – Sales Price | $2,279,339 | $1,895,523 | -16.80% |
| Panama City Beach – Sales Price | $564,482 | $537,741 | – 4.74% |
| Perdido Key – List Price | $743,593 | $838,092 | 12.71% |
| Pensacola Beach – List Price | $819,441 | $1,085,700 | 32.49% |
| Destin – List Price | $866,336 | $1,161,240 | 34.04% |
| 30A – List Price | $2,366,038 | $2,009,252 | -15.08% |
| Panama City Beach – List Price | $583,511 | $562,194 | -3.65% |
Should I Sell My House In Florida Now?
Deciding to sell your home is a deeply personal choice, influenced by numerous intangible factors. However, if you’re emotionally prepared to sell and are seeking a data-driven perspective to guide your decision, here’s some information to aid in your deliberation.
As of the time of this writing, the average days on the market from Pensacola to Panama City is increasing compared to this time last year. What this tells us is that on average, it is taking more time to sell a home along the Emerald Coast than it did last year. With that being said, even though it’s taking longer to sell a property, it still isn’t taking a long time. If you’re in the market to sell and you are looking for a quick sale, a properly priced home will move quickly.
| Mar. 2023 | Mar. 2024 | Percent Change | |
| Perdido Key | 60 | 74 | 23.33% |
| Pensacola Beach | 79 | 108 | 36.71% |
| Destin | 61 | 95 | 55.74% |
| 30A | 69 | 76 | 10.14% |
| Panama City Beach | 70 | 92 | 31.43% |
The Bottom Line On Gulf Coast Real Estate
In the ever-shifting landscape of Gulf Coast real estate, staying informed is paramount for both buyers and sellers. Whether you’re looking to invest, buy a dream home, or sell a cherished property, looking at the broad brush strokes of big data can provide helpful insight into making an informed decision. While those statistics are helpful, always seek expert advice and look for professionals who will advise you on your specific property. If you do this, the Gulf Coast, with its unparalleled beauty and diverse real estate opportunities, awaits those ready to navigate its waters with knowledge and confidence.
