CHICAGO, Jan. 14, 2025 (GLOBE NEWSWIRE) — In a surprising twist, the active adult housing market is seeing a dramatic shift in trends, with retirees moving away from traditional Sunbelt hotspots like Florida and Arizona to northern regions like Long Island and Chicago. According to a comprehensive analysis by 55places.com, the leading resource for 55+ active adult communities, 2024 proved to be a year of real estate anomalies, particularly in the 55+ housing sector.
Key Insights from the 55places.com Analysis:
- Northern States Dominate Price Appreciation: Seven of the top ten regions with the highest price appreciation in 55+ communities are located north of the Sunbelt. Leading the pack are Long Island (+10.7%) and the Chicago area (+9.5%).
- Southern States See Increased Housing Inventory: Fourteen of the fifteen regions with the largest increases in unsold housing inventory are in the Sunbelt. Notably, San Diego, Savannah-Hilton Head, and Florida’s Central Gulf Coast saw inventory levels rise by over 65%.
- Florida Becomes a Buyer’s Market: Regions like Sarasota, Tampa, and Southeast Florida now have over six months of housing inventory, signaling a buyer’s market. Florida also leads in affordability, with median sales prices in Southeast Florida averaging $254,485.
- Northern Regions Stay Competitive: Northern states, including Western Connecticut and Philadelphia, remain seller’s markets with limited inventory and rising demand. Western Connecticut has just 0.12% of homes for sale in 55+ communities, emphasizing the tight market.
Changing Preferences Among Retirees
“We’re witnessing retirees prioritize proximity to family and friends over warm weather,” says Bill Ness, Chief Executive Officer and Founder of 55places.com. “Many active adults who initially moved south during the pandemic are returning north, drawn by stronger community ties and familiar surroundings.”
Top Regions for Active Adult Buyers:
- Highest Price Appreciation: Long Island (+10.7%), Chicago (+9.5%), and Las Vegas (+9.4%).
- Biggest Inventory Increases: San Diego (+82.9%), Savannah-Hilton Head (+79.6%), and Central Gulf Coast, Florida (+66.1%).
- Most Affordable Markets: Southeast Florida ($254,485), Tampa ($311,898), and Central Florida ($332,142).
Methodology
55places.com’s analysis drew on over 150,000 home sales from 2023 to 2024 across more than 2,500 active adult communities. Data was sourced from over 70 MLSs, focusing on age-restricted and age-targeted communities designed for residents 55 and older.
About 55places.com
55places.com is a premier resource for active adult communities, offering comprehensive information, reviews, and tools to help individuals find their ideal 55+ living options.
For additional information, interviews, or media inquiries, please contact:
Khadeejah Johnson
Associate Vice President of Brokerage & Partnerships
267-432-2712
khadeejah.johnson@55places.com
https://www.55places.com/
