Longboat Key, FL Real Estate Listings & Homes for Sale

In October 2024, Longboat Key home prices soared by 111.0% year-over-year, with a median sale price of $2.7M, reflecting a dramatic surge in property values. This significant increase may indicate heightened demand for luxury properties or a shift in the market toward high-end homes. Despite the price jump, homes are taking longer to sell, averaging 173 days on the market compared to just 48 days last year. This extended timeframe could suggest that buyers are being more deliberate in a higher-priced market. Notably, sales activity has picked up, with 45 homes sold in October 2024, a sharp rise from 25 sales in the same month last year, signaling growing interest in the area despite the elevated price point.

Longboat Key’s housing market is moderately competitive, with homes typically selling in about 13 days. Some properties attract multiple offers, reflecting strong interest in certain areas or price points. On average, homes sell for approximately 4% below the list price and go pending within 13 days. However, highly desirable "hot homes" can sell at or near the list price, moving quickly in this active market.

As of October 2024, Longboat Key, FL is considered a balanced market, meaning that the supply of homes is roughly equal to the demand. This equilibrium creates a fair environment for both buyers and sellers, with neither side having a significant advantage. It’s an ideal time for transactions to occur, as properties are generally priced and negotiated at market value.