Sarasota appreciation rates and housing market information

Sarasota housing market information

With 52,537 people, 26,935 houses or apartments, and a median cost of homes of $183,897, Sarasota real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in Sarasota, accounting for 47.98% of the city's housing units. Other types of housing that are prevalent in Sarasota include large apartment complexes or high rise apartments (31.07%), duplexes, homes converted to apartments, or other small apartment buildings (10.11%), row houses and other attached homes (6.28%), and a few mobile homes or trailers (4.49%).

People in Sarasota primarily live in small (one, two, or no bedroom) single-family detached homes. Sarasota has a mixture of owner-occupied and renter-occupied housing.

There is a lot of housing in Sarasota built from 1970-1994, so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Sarasota built from 1940-1969 (43.76%). A lesser amount of the housing stock also hails from 1939 and earlier (6.81%), and some were built from 1995 and later (6.81%).

Vacant housing appears to be an issue in Sarasota. Fully 13.05% of the housing stock is classified as vacant. Left unchecked, vacant Sarasota homes and apartments can be a drag on the real estate market, holding Sarasota real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Sarasota home appreciation rates

Real estate appreciation rates in Sarasota have tracked to near the national average over the last ten years, with the annual appreciation rate averaging 6.65% during the period.

Over the last year, Sarasota appreciation rates have trailed the rest of the nation. In the last twelve months, Sarasota's appreciation rate has been -16.88%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Sarasota were at 4.71%, which equates to an annual appreciation rate of 18.84%.

Importantly, this makes Sarasota one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Florida, our data show that Sarasota's latest annual appreciation rate is higher than 20% of the other cities and towns in Florida.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Sarasota differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Sarasota - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Sarasota real estate investment or home purchase decisions.