The Treasure Coast real estate market experienced notable growth in February, with median home prices, new listings, and home sales all increasing in Martin, St. Lucie, and Indian River counties. Despite higher mortgage rates, the market continues to show strength, according to local Realtor data.

Median Home Prices Rise Across Treasure Coast Real Estate Market

In February, median home sale prices increased across all three counties compared to January figures:

• Martin County: Median price rose to $649,950, up from $619,000.
• St. Lucie County: Median price increased to $390,500, from $383,900.
• Indian River County: Median price climbed to $412,500, from $390,500.

These increases reflect continued demand despite higher interest rates, indicating a resilient local market.

Home Sales Volume Grows in February

February saw an increase in the number of homes sold across the Treasure Coast real estate market:

• Martin County: Home sales increased to 154, up from 115.
• St. Lucie County: Sales rose to 374, compared to 310 in January.
• Indian River County: Home sales grew to 208, up from 171.

This uptick in sales activity suggests strong buyer interest, even as mortgage rates remain elevated.

More Homes Listed for Sale in Treasure Coast Counties

The number of homes available on the market also increased in February, providing prospective buyers with more options:

• Martin County: Listings rose to 969, up from 892.
• St. Lucie County: Listings increased to 2,747, from 2,580.
• Indian River County: Listings climbed to 1,357, up from 1,312.

January previously saw a significant increase in new single-family home listings, marking the largest single-month gain in years for Martin and St. Lucie counties. Active listings surpassed pre-pandemic levels for the first time in November, signaling a shift toward a more balanced market.

Market Inventory Shifts Toward Buyers

Real estate inventory levels, measured in months of supply, indicate market balance. A balanced market typically holds around 5½ months of inventory. February data shows the Treasure Coast real estate market leaning slightly toward buyers:

• Martin County: Inventory increased to 5.9 months, up from 5.4 months.
• St. Lucie County: Inventory rose to 6.1 months, compared to 5.7 months.
• Indian River County: Inventory slightly increased to 6.1 months, up from 6.0 months.

Jonathan Lickstein, president of Broward, Palm Beaches & St. Lucie Realtors, noted, “You’re seeing more inventory come on, which leans toward a buyer’s market. Sellers are going to have to be more realistic.” According to the National Association of Realtors, a balanced market typically holds between five to six months of inventory, supporting the trend seen in the Treasure Coast.

Mortgage Rates Remain High, Affecting Affordability

Mortgage rates remained high in February, with Freddie Mac reporting a 30-year fixed rate of 6.94% and a 15-year fixed rate of 6.26% during the last week of the month. Elevated rates continue to impact affordability, making home purchases more costly for buyers.

“It is hard to qualify this as a buyer’s market when interest rates and the costs of acquiring a home are so high,” Lickstein said. “There’s definitely more negotiability on the buyer’s side. At the same time, it’s still an expensive venture to purchase a home in today’s market.” Buyers looking for financial assistance can explore programs offered by the U.S. Department of Housing and Urban Development (HUD), which provides resources for first-time homebuyers and affordable housing options.

Time to Contract Varies by County

The median time from listing a home to signing a contract varied across the Treasure Coast in February:

• Martin County: Median time decreased to 40 days, down from 52 days in January.
• St. Lucie County: Median time increased to 60 days, up from 52 days.
• Indian River County: Median time rose to 67 days, up from 52 days.

This indicates differing market dynamics within the region, with Martin County experiencing quicker sales compared to neighboring counties.

Frequently Asked Questions About Treasure Coast Real Estate Market

What is the Treasure Coast real estate market?

The Treasure Coast real estate market covers Martin, St. Lucie, and Indian River counties in Florida. It includes cities like Stuart, Port St. Lucie (PSL), Fort Pierce, and Vero Beach.

How much have home prices increased on the Treasure Coast?

In February, median home prices increased in all three counties. Martin County saw the highest median price at $649,950, followed by Indian River at $412,500 and St. Lucie at $390,500.

Are there more homes for sale now on the Treasure Coast?

Yes, the number of homes listed for sale increased in February across all three counties. This gives buyers more choices compared to previous months.

Can you still find affordable homes in PSL?

Port St. Lucie remains more affordable compared to Martin and Indian River counties, with a median home price of $390,500. However, higher mortgage rates have made purchasing homes more expensive overall.

Where are homes selling fastest on the Treasure Coast?

Homes in Martin County sold fastest in February, with a median of 40 days from listing to contract. St. Lucie and Indian River counties took longer, at 60 and 67 days respectively.

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