Sarasota, FL
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Sarasota, FL Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Sarasota Housing Market Information

With 55,118 people, 23,461 houses or apartments, and a median cost of homes of $277,563, 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 44.43% of the city's housing units. Other types of housing that are prevalent in Sarasota include large apartment complexes or high rise apartments ( 36.58%), row houses and other attached homes ( 7.56%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 7.37%).

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 to 1999 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 between 1940-1969 ( 37.84%). A lesser amount of the housing stock also hails from between 2000 and later ( 13.30%). There's also some housing in Sarasota built before 1939 ( 5.29%).

Vacant housing appears to be an issue in Sarasota. Fully 20.32% 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

Sarasota's appreciation rate notably has been below the national average for the last ten years. The average annual home appreciation rate in Sarasota during the period has been just -1.39%, which is lower than 80% of US communities.

Appreciation rates are so strong in Sarasota that despite a nationwide downturn in the housing market, Sarasota real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Sarasota appreciation rates continue to be some of the highest in America, at 10.60%, which is higher than appreciation rates in 95.33% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Sarasota. Sarasota appreciation rates in the latest quarter were at 2.40%, which equates to an annual appreciation rate of 9.95%.

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 70% 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 2000, to assist you in making the best Sarasota real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$277,563

Sarasota, FL HOME PRICES

Value Range
> $1,411,000 6.8
$1,059,001 - $1,411,000 4.1
$706,001 - $1,059,000 8.6
$565,001 - $706,000 4.1
$423,001 - $565,000 5.9
$282,001 - $423,000 12.0
$141,001 - $282,000 28.1
$71,001 - $141,000 25.2
$0 - $71,000 5.3

High for FL
Very High for Nation

Value Relative to Nation Value Relative to State
18.7272940349232 29.2735042735043

Number Of Homes And Apartments:
23,461

Sarasota Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
FL*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
102.83% 4.18% 8 10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,244 / per month

Homeownership Rate

Homeownership
Owners 49.88
Renters 50.12
Vacant 20.32

Housing Market Details

 

Age of Homes

AGE OF Sarasota HOMES
2000 or Newer 13.3
1970 - 1999 43.6
1940 - 1969 37.8
1939 or Older 5.3

Types of Homes

TYPE OF Sarasota HOMES
Single-Family 44.4
Townhomes 7.6
Small Apt. Buildings 7.4
Apt. Complexes 36.6
Mobile Homes 4.1
Other 0.0

Home Size

SIZE OF Sarasota HOMES
No Bedroom 2.37
1 Bedroom 15.42
2 Bedrooms 48.61
3 Bedrooms 27.13
4 Bedrooms 5.39
5 or more bedrooms 1.08