Home prices ease on Treasure Coast

Lower prices, improving inventory and renewed condo interest are giving some buyers a reason to jump back in

BY JERRY SHAW

After years of overheated prices and tight inventory, parts of the Treasure Coast housing market may finally be offering buyers a break.

Across Martin, St. Lucie and Indian River counties, early 2026 data suggests a market that is becoming more balanced. In Martin County, home sales are up while prices have dropped sharply. In St. Lucie and Indian River counties, the market appears steadier, with some signs of renewed momentum.

For buyers who had been priced out or waiting on the sidelines, that could mean opportunity.

Martin County sees more sales, lower prices

Martin County opened the year with a strong jump in activity.

Sales of single-family homes rose to 148 in January, up from 115 in January 2025, according to Martin County Realtors of the Treasure Coast. Condo and townhouse sales climbed even more dramatically, rising to 98 from 56 a year earlier.

But while buyers were active, prices were moving in the opposite direction.

The median sale price for a single-family home in Martin County dropped from $619,000 in January 2025 to $507,500 in January 2026 — an 18% decline, according to Martin County Realtors.

Condo and townhouse prices also slipped, falling from $231,438 to $219,000 over the same period.

By February, Redfin reported that Martin County home prices were down 10.1% from the same month last year, with a median sale price of $467,000.

Sales activity remained solid, though slightly softer than a year ago. Redfin reported 230 homes sold in February, compared with 235 in February 2025. Homes also stayed on the market longer, averaging 102 days compared with 74 days a year earlier.

One possible factor is Martin County’s long-standing reluctance to encourage large-scale new construction.

“One of the drivers of new home sales is new construction,” said Brian Wilder of Keller Williams Realty, which serves the Treasure Coast. “Thirty-five percent of sales are from new construction. When they don’t have the new inventory, that’s going to have an impact.”

Insurance relief could help the market

Wilder said there are signs that conditions may improve throughout the region.

“The good news is insurance costs are coming down substantially,” he said.

Some Florida homeowners are already seeing modest reductions at renewal time, following recent state insurance rate changes and reforms backed by Gov. Ron DeSantis.

That could help restore confidence in a market that has been pressured not only by high home prices, but also by rising ownership costs.

Alexander Haigh of the Alex Haigh Group said buyers appear to be returning cautiously as conditions begin to stabilize.

“Although prices are rising in some areas, they are doing so at a more controlled pace,” Haigh said. “This isn’t a full rebound yet, but it may signal the beginning of a more balanced market after years of volatility.”

St. Lucie County holds steady

In St. Lucie County, the data is somewhat mixed — but still points to a healthy start to the year.

Echo Fine Properties reported that the county entered 2026 with strong momentum, citing increased sales and stable inventory in January.

According to the firm, January sales rose 1% from a year earlier, while the median sale price was $389,000. Closed sales totaled 363 homes, up 17% year over year.

By February, however, Redfin reported that home prices were down 2.4% from the same month last year, with a median price of $381,000. The number of homes sold also dipped slightly, to 458 from 478 a year earlier.

BeachesMLS painted a somewhat stronger picture for February, reporting that home sales rose 2.4% to 383, compared with 374 in the same month last year. The median sale price remained unchanged at $390,000.

Hoyt Murphy Jr. of Coldwell Banker Paradise said the current pace is encouraging.

“Steady is good,” Murphy said.

He said activity for sales has picked up noticeably since the beginning of the year.

“The first three months of this year are significantly busier than the last three months of last year,” he said. “We’ve been rebounding since the first of this year.”

Condo buyers are coming back

That segment of the market had been rattled by state-mandated structural inspections and special assessments following the 2021 high-rise collapse in Surfside near Miami. The resulting condo reform legislation increased scrutiny and costs for many condo owners, causing some buyers to hesitate.

Now, however, that fear may be easing.

“The condo market is rebounding pretty decently,” Murphy said. “There’s more buyer activity. They’re not intimidated.”

Lower prices may be helping drive that shift.

BeachesMLS reported that the median sale price for condos and townhouses in St. Lucie County dropped to $250,500 in February, down from $325,500 a year earlier.

Indian River County remains stable

In Indian River County, the market appears relatively steady — especially for single-family homes — even as condo prices soften.

Median sale prices for condos and townhouses dropped to $185,250 in January, down from $275,000 a year earlier, according to Federal Reserve Economic Data. That decline may help explain why some real estate firms are reporting stronger sales activity on the barrier island early this year.

“It’s still holding steady,” said Robbie Fox of the Indian River County Property Appraiser’s Office. “Condo prices are declining. Our single-family homes, we’re sure not seeing any decline.”

Fox said the county has recorded 365 single-family home sales so far in 2026, with a median sale price of $435,000. In 2025, the median sale price for single-family homes was $389,250, with 3,434 sales for the year.

As for whether new construction is affecting the market, Fox said it does not appear to be slowing activity.

“It doesn’t have any effect,” he said. “They’re still building.”

Redfin reported that Indian River County home prices rose 2.5% in February compared with the same month last year, with homes selling for a median price of $410,000. There were 274 homes sold in February, up slightly from 270 a year earlier.

Echo Fine Properties described Indian River County as a “split-signal” market in February.

The firm reported that the median sale price rose 4% from a year earlier to $427,500. But closed sales fell 4%, to 199 homes, suggesting some transactions may be taking longer to close or remain in the pending stage.

A market that may finally be normalizing

The Treasure Coast housing market is not booming, but it is no longer moving in just one direction.

Instead, it appears to be settling into something more balanced — a market where buyers may have more negotiating power, sellers may need more patience and price growth is no longer guaranteed.

That may not be bad news.

For buyers who have spent the past several years watching home prices race ahead of them, a calmer market could be the best development yet.