Home Sales Slow in Niceville, Shalimar, and Fort Walton Beach

Home Sales Slow in Niceville, Shalimar, and Fort Walton Beach Despite Lower Mortgage Rates The housing market in Niceville, Shalimar, and Fort Walton Beach has seen a slowdown in recent months, mirroring the national trend. Despite mortgage rates easing, potential homebuyers remain hesitant to make a move. According to the National Association of Realtors, **existing home sales fell 1% in September compared to August, hitting the lowest monthly rate since October 2010**. This marks a 3.5% year-over-year decline in sales of previously owned homes. #### Median Home Prices Still Rising While sales have slowed, the median home price in the area continues to climb. In Okaloosa County, which includes Niceville, Shalimar, and Fort Walton Beach, **homes for sale had a median price of $261 per square foot in August**. This represents a 2.5% decrease from the previous month but remains higher than the state median of $271 per square foot. #### Factors Impacting the Market Several factors are contributing to the slowdown in home sales, despite lower mortgage rates giving buyers more purchasing power. Some potential buyers are waiting on the sidelines, hoping that rates will drop further before making a move. Additionally, **high home prices and elevated mortgage rates continue to be a barrier for first-time homebuyers**. In September, first-time buyers accounted for just 26% of sales nationally, an all-time low since late 2021. #### Looking Ahead As the market continues to evolve, local real estate professionals remain committed to providing superior service to buyers and sellers in the Niceville, Shalimar, and Fort Walton Beach areas. With 518 homes currently for sale in Fort Walton Beach at a median price of $345,992, opportunities exist for those ready to make a move in the market.