How hot is the real estate market near Pensacola? Home sale prices rise to $270,000

Sean Lahman
·2 min read

The median sales price for a single-family home sold in Escambia County during July was $270,000. That's an increase of 10.2% compared with July 2021, according to a USA TODAY Network localized analysis generated with data from Realtor.com.

On a year-over-year basis, prices have been rising for 30 consecutive months. July prices are down from $271,000 the previous month.

The number of houses sold rose by 31.4% from a year earlier. A total of 464 houses were sold countywide during July. During the same period a year earlier, 353 single-family homes were sold.

High interest rates are making mortgage payments more expensive. With prevailing mortgage rates and 20% down, the mortgage payment on Escambia County's median single-family home from July would have cost $1,199 per month, not including insurance, closing fees, homeowner association dues or other costs, according to a USA TODAY Network analysis. A month earlier, the median home mortgage would have cost $1,258. A year earlier, the median home mortgage would have cost $805.

Real estate sales can take weeks or months to be recorded and collected. This is the latest data made available through Realtor.com to the USA TODAY Network.

Escambia County condominiums and townhomes sold in July had a median sales price of $230,500. That figure represents a 28.1% increase year over year. Some 70 were sold, up 11.1% from a year earlier.

How hot is Escambia County's real estate market in Florida?

Information on your local housing markets is available through the USA TODAY Network, with more data from Realtor.com.

In Escambia County the top 10% of the properties sold for at least $499,000, up 9.7% from a year before.

In July, eight properties sold for at least $1 million, consisting of seven single-family homes and one condominium or townhome.

Florida's median single-family home sales price was $410,000 in July, up 17.2% from a year earlier. The state reported 21,608 single-family homes sold, down 29% from a year earlier.

The median home sale price — the midway point of all the houses or units sold over a period of time — is used in this report instead of the average home sale price because experts say the median offers a more accurate view of what's happening in a market. In finding the average price, all prices of homes sold are added and then divided by the number of homes sold. This measure can be skewed by one low or high price.

The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Realtor.com. Localized versions are generated for communities where the data quality and transaction volume meets Realtor.com and USA TODAY Network standards. The story was written by Sean Lahman.

This article originally appeared on Pensacola News Journal: Escambia County's average home sold for $270,000 in July 2022, up 10%