Moving to Dunedin, Florida! Home Prices and Market Trends - June 2023!
Current 2023 Real Estate Information for Dunedin FL
Dunedin, Florida, has quickly become a top choice for new residents and investors in Tampa Bay. With a mix of coastal homes, condos, and townhomes, Dunedin offers a variety of housing options that cater to different preferences and budgets. The housing options, prices, and market dynamics in Dunedin, are all important factors to sort through when considering Dunedin, especially in 2023!
Dunedin's Competitive Real Estate Market
The housing market in Dunedin is unlike anywhere else in Pinellas County. The area's unique culture, lifestyle, and resale value make it one of the top most competitive places to purchase real estate in the greater Tampa Bay area. Despite higher interest rates and insurance costs in Florida; Dunedin still experiences occasional bidding wars. Sellers are fairly aware of the value of their properties and are not likely to lower their prices significantly.
However, this competitiveness is also a pro. As a home buyer, you can take confidence in the fact that Dunedin has historically performed well in terms of property value appreciation. When you make the decision to purchase a home in Dunedin, historically is has been a good investment that will likely appreciate over the next five to ten years.
Limited Space for New Construction
One of the major challenges Dunedin faces is the limited potential for growth in terms of new construction. The majority of the houses in Dunedin are older, and the city has strict laws about what can and can't be done. This includes restrictions on things like fencing and rentals. For instance, Airbnb is only allowed in certain areas of Dunedin depending on the zoning. Dunedin is also locked in and surounded by cities like Clearwater and Palm Harbor. This gives them zero space to extend or build upon. Overall Dunedin is faced with simply utilizing the mostly already built upon space that it has.
Housing Options and Prices
As of June 2023, there were 121 active listings in Dunedin. The highest number of these listings were condos, most of which were located along the water and catered to the 55+ demographic. The average price for a condo in Dunedin is around $309,000 for a 2-bedroom, 2-bath unit with around 1,000 square feet. One major thing to keep in mind when looking for a condo in Dunedin deciding whether you want to be in a 55+ Age Restricted community early on so you can filter the properties based on that decision.
Of the listings active 43 single-family homes were available, with 22 of them having a pool. The average sales price for a single-family home was $633,000 for a 3-bedroom, 2-bath home with an average size of 1,900 square feet.
In addition to condos and single-family homes, there were 13 townhomes and 8 villas available. The townhomes, which are mostly newer built constructions, averaged out to $563,000 for a 3-bedroom, 3-bath unit with 2,000 square feet. The villas, on the other hand, were the most cost-effective option, with an average price of $286,000 for a 2-bedroom, 2-bath unit with 1,100 square feet.
Dunedin's Unique Golf Cart Zone
One unique feature of Dunedin is its Golf Cart Zone. If you live in this zone, you can drive your golf cart anywhere within it, including the downtown area. This contributes to the laid-back, enjoyable lifestyle that Dunedin offers and is one of the reasons why property values in the area are high.
Dunedin is a great area to consider if you want to live the Florida life in a coastal town near the beach and see some serious appreciation over the years. However, keep in mind that there is a lot of competition, as many people are looking to move to Dunedin. But as the saying goes, anything you have to try hard for is usually worth it.
Remember, Dunedin is not just a place to live; it's a lifestyle. With its unique culture, coastal beauty, and promising real estate market, it's a place where you can truly live the Florida dream. Whether you're searching for a cozy condo, a spacious single-family home, or a modern townhome, Dunedin has it all.