Flagler County Economic & Real Estate Overview

Flagler County Economic & Real Estate Overview

The Palm Coast-Flagler Regional Chamber tracks dozens of local economic data points to help businesses prepare for and react to Flagler County’s changing business climate. The following is a brief overview of the Chamber’s local job creation and real estate analysis.

Flagler County Job Creation Analysis
Flagler County’s unemployment rate declined for the first time in five months to 3.9%, according to the October 2023 data release from Florida Commerce. Flagler’s unemployment rate reached 4% in September 2023.

“Flagler County’s unemployment rate finally stopped it’s five-month-long increase by declining to 3.9% last month,” said Greg Blosé, President & CEO, Palm Coast-Flagler Regional Chamber of Commerce. “In April 2023, Flagler County’s unemployment rate was 2.9%. Unemployment continued to rise, reaching 4%, until this month’s report.”

Blosé continued, “Residents should know our local economy is healthy and that maintaining an ultra-low 2.9% unemployment rate is unrealistic for our region. Flagler County’s economy usually cools down after tourism-based hiring slows at the conclusion of summer.”

The number of Flagler County residents that are employed (either working in this county or another county) decreased from 51,315 in September 2023 to 51,058 in October 2023, a decrease of 257 residents.

The number of unemployed job-seeking residents in Flagler County measured at 2,092 in October 2023, down from 2,124 in September 2023, a decrease of 32 residents from last month’s report.

The Flagler County labor force is reported at 53,150 residents.

Flagler County Real Estate Analysis
An analysis of local real estate data by the Palm Coast-Flagler Regional Chamber of Commerce shows Flagler County’s real estate market remained stable in September 2023. See below for 5 additional data points that Flagler County property owners, buyers and sellers should be aware of.

“Despite high interest rates and low consumer sentiment, Flagler County’s real estate market remains stable,” said Greg Blosé, President & CEO of the Palm Coast-Flagler Regional Chamber of Commerce. “The median sales price of a single-family home in our region declined slightly to $355,000 in September 2023. However, sales activity was 20% higher than a year ago. More than 1/3 of those homes were cash sales, which indicates buyers are taking steps to bypass high mortgage rates and that competition continues to remain elevated in the Flagler County real estate market.”

Further analysis by the Chamber shows:

  1. Flagler County had 243 closed single-family home sales in September 2023, a 2% increase year-over-year.
  2. The total dollar value of real estate transactions in September 2023 increased by 2% year-over-year, to approximately $102 million.
  3. The median sales price of single-family homes decreased slightly in September 2023 to $355,000, down 2% year-over-year.
  4. The “median time to contract,” which tracks how fast a home enters a sales contract from its listing date, was 43 days in September 2023. The “median time to sale” increased to 92 days in September 2023.
  5. The number of homes available to purchase increased to 929 homes in September 2023, which represents a healthy 3.9-month supply of inventory. It also represents a 50% increase from September 2023.

The Chamber will continue to provide facts and data to our members. Tracking Flagler County’s real estate market is extremely important to the overall economic health of our communities and local governments. Learn more about the Chamber at www.PCFchamber.com