Siesta Key, FL Real Estate Listings & Homes for Sale

In June 2024, the real estate market in Siesta Key experienced a noticeable decline, with home prices dropping by 16.1% compared to the same period in 2023. The median sale price for homes in the area was $797,000. This decline in prices reflects broader market trends and potentially shifting buyer preferences or economic conditions. Additionally, homes in Siesta Key are taking significantly longer to sell, with an average of 127 days on the market, nearly double the 64 days from the previous year. This extended time on the market may indicate a cooling demand or increased buyer caution. The number of homes sold in June 2024 also fell, with only 26 transactions compared to 33 in June 2023, highlighting a possible slowdown in the market's overall activity. These shifts suggest a more challenging environment for sellers and potential opportunities for buyers looking to invest in the area.

The real estate market in Siesta Key is currently not very competitive. Homes typically take around 85 days to sell, indicating a slower pace compared to more active markets. Multiple offers on properties are uncommon, suggesting that buyers have more negotiation power. On average, homes in Siesta Key sell for approximately 6% below the listing price, reflecting a buyer's market where sellers may need to be flexible on pricing. However, "hot" properties—those that are particularly desirable—can sell more quickly, going pending in about 36 days and selling for around 2% below the list price. This dynamic indicates that while the overall market is slow, well-priced or highly desirable homes can still attract quicker deals, albeit with some discount from the asking price.

People moving to Siesta Key are primarily relocating from major metropolitan areas across the United States. Nationwide, about 1% of homebuyers expressed interest in moving to Siesta Key from outside their current metro areas. Among those considering a move to Siesta Key, New York City tops the list as the most common origin, with more prospective buyers from New York searching for homes in the area than any other metro. Following New York, Chicago and Miami are the next most significant sources of potential new residents, indicating a trend of interest in Siesta Key from large urban centers where people might be seeking a more relaxed, coastal lifestyle. This influx from major cities suggests that Siesta Key is attracting those looking to transition from a busy metropolitan environment to a more tranquil, beachfront community.