What does the Niceville Real Estate Market Look Like Post-Election?

The election is over!  I think that no matter who you voted for there is some sense of relief that the election is over.  Many people have been holding their breath on a lot of things including buying and selling real estate.  So, what does the Niceville Real Estate Market look like post-election?

Historically real estate sees a temporary slowdown as buyers and sellers wait for clearer policies on taxes, interest rates, and housing regulations.   Niceville has been no except this year.   Now that the election is over, we might see a gradual return to normal activity levels as the market adjusts to the new administration’s policies.  Based on the reaction of the stock markets, I would expect us to see a busier housing market in Spring 2025!

Hold up a minute though.  While we may be recovered from election fatigue by spring, the fact still remains that housing prices in our area are keeping a lot of people out of the market.  According to the National Association of Realtors, the first-time homebuyer market share decreased to a historic low of 24% (down from 32% last year), while home buyers’ ages hit all-time highs of 56 years overall (49 last year).

Some people think that we will see a market crash.  The simple fact remains though that nationwide we are short about 42 million houses.  So again, it’s simple supply and demand.  Niceville is quickly running out of land for new housing developments.  The latest ones (Addie’s Place, Eagles Landing and Deer Moss Creek) are almost complete.  The Niceville City Manager, David Deitch, is actively looking into acquiring land for housing. The Okaloosa County Commission is set to discuss a potential land deal with Eglin Air Force Base to acquire land immediately west of Northwest Florida State College.  The goal is to develop affordable housing options in the area.

What about interest rates?  As I write this, the Fed is meeting, and we are expecting and hoping for a 1/4 percent rate cut.  Daco expects that the Fed will cut rates by an additional 0.25 percentage points at every meeting through June 2025!  Fingers Crossed!  Of course, mortgage rates aren’t determined by the Fed.   They are heavily influenced by Treasury yields, which go up and down based on economic expectations.

What does the Niceville Real Estate Market Look Like Post-Election?  The answer is cautiously hopeful!