Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Sarasota | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $522,767 | $293,727 | $242,182 |
| Price Trend (Annual %) | 20.7% | 12.0% | 8.2% |
| Median Gross Rent | $1,533 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 7.2% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Sarasota is about 78% higher than in Florida. Rent is about 2% lower than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Sarasota, up about 20.7% and 7.2% a year respectively. Home prices are changing faster.
Median rent in Sarasota rose about 64.8% between 2015 and 2023, from $930 to $1,533. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 7.3 yearly household incomes in Sarasota.
Buying the median-priced home in Sarasota costs roughly 28.4 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Sarasota. The price-to-rent ratio in Florida is about 15.7.
| Metric | Sarasota | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $522,767 | $293,727 | $242,182 |
| Median Household Income | $71,301 | $71,865 | $78,145 |
| Price-to-Income Ratio | 7.3 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Sarasota rose about 20.6%, while median household income rose about 81.3% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Sarasota | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 43.6% | 57.1% | 58.2% |
| Rental Rate | 35.1% | 27.7% | 31.3% |
| Vacancy Rate | 21.2% | 15.2% | 10.6% |
| Median Tenure (years) | 11.0 | 13.0 | 15.0 |
| Median Year Moved In | 2015 | 2013 | 2011 |
Sarasota has a homeownership rate of 43.6%, lower than the Florida average of 57.1%. Its housing vacancy rate is 21.2%, compared with 15.2% in Florida.
Housing Stock
| Metric | Sarasota | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.02 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1976 | 1987 | 1978 |
| Median Number of Rooms | 4.5 | 5.2 | 5.5 |
The typical housing unit in Sarasota was built around 1976. On average, 2.0 people live in a home with about 4.5 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Sarasota, Florida.
What is the median home price in Sarasota, Florida?
The median home price in Sarasota, Florida is $522,767, higher than the Florida average of $293,727.
What is the average home price in Sarasota, Florida?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Sarasota, Florida?
The median gross rent in Sarasota, Florida is $1,533 per month, lower than the Florida average of $1,564.
What was the median gross rent in Sarasota in 2020?
In 2020, the median gross rent in Sarasota, Florida was $1,177 per month.
What is the price-to-rent ratio in Sarasota, Florida?
The price-to-rent ratio in Sarasota, Florida is about 28.4, meaning it would take roughly 28.4 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Sarasota.
Are home prices or rent rising faster in Sarasota, Florida?
Both home prices and rent are rising in Sarasota, up about 20.7% and 7.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Sarasota, Florida?
43.6% of households in Sarasota, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Sarasota, Florida?
The housing vacancy rate in Sarasota, Florida is 21.2%, higher than the Florida average of 15.2%.