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Dubai US Market Research
Crestview-Fort Walton Beach-Destin, FL housing market
Housing market indicators
| Indicator | 2022 | 2023 | 2024 | 2025* | Change | 2022 | 2023 | 2024 | YTD |
|---|---|---|---|---|---|---|---|---|---|
| Median Listing Price per Square Feet | $440 | $468 | $451 | $431 | 14% | 6.4% | -3.6% | -4.4% | |
| Active Listing Count | 2,615 | 3,411 | 4,021 | 4,628 | 101.9% | 30.4% | 17.9% | 15.1% | |
| Median Days on Market | 80 | 79 | 105 | 100 | 40.4% | -1.3% | 32.9% | -4.8% | |
| Share of listings with price increase | 2.2% | 2% | 1.9% | 1% | |||||
| Share of listings with price decrease | 13.5% | 17.6% | 18.6% | 18.6% | |||||
* last available value
Home prices
Short term housing supply drivers
Long term housing demand drivers
Long term housing supply drivers
Note: 12M MA - 12 months moving average, Permits - New Private Housing Structures Authorized by Building Permits. Source: FRED
Housing market overview
Cities and Towns in Crestview-Fort Walton Beach-Destin MSA
| Area | City/Town | Population | Density | Income | Quality of Schools | Crime Level | Property Tax (%) | Comments |
|---|---|---|---|---|---|---|---|---|
| Okaloosa County | Crestview | 31,525 | 1,803/sq mi | Median | 6-9/10 | Moderate | 0.85% | Inland hub, military influence |
| Okaloosa County | Fort Walton Beach | 21,252 | 2,774/sq mi | Median-High | 7-9/10 | Moderate | 0.85% | Coastal, Eglin AFB proximity |
| Okaloosa County | Wright | 27,058 | 4,940/sq mi | Median | 6-8/10 | Low-Moderate | 0.85% | Suburban, near bases |
| Walton County | Destin | 14,004 | 1,869/sq mi | High | 8-10/10 | Low | 0.65% | Tourist destination, luxury market |
To view all table columns, please open this table on a laptop or desktop screen.
- MSA covers Okaloosa and Walton counties in northwest Florida.
- Total population 310,149 in 2024, up 1.8% annually.
- Key regions: Inland (Crestview), Mid-coastal (Fort Walton Beach, Wright), Beachfront (Destin).
- Density averages 154.9 people per sq mi across 1,968 sq mi.
- No local personal income tax; Florida state has none.
Citizens: Income and Education
- Median household income $79,150 in 2023, up 6.56% from prior year.
- Median age 39.2 years.
- Population 294,127 in 2023, growing 1.9% yearly.
- Racial makeup: 81.1% White, 9.3% Black, 2.9% Asian, 6.8% Hispanic.
- Education levels above national average due to military presence.
- Bachelor's degree or higher: ~30% of adults.
- Per capita income tracks military and tourism wages.
- 65+ population 50,491, indicating retiree influx.
Key Economic Sectors
- Military dominant: Eglin AFB and Hurlburt Field employ 40,000+.
- Tourism and hospitality: Destin beaches draw 4 million visitors yearly.
- Aerospace and defense contracting: Lockheed Martin, Boeing facilities.
- Healthcare growing: HCA Florida hospitals, veteran services.
- Retail and construction support population boom.
- Fishing and marine industries in coastal zones.
Housing Buying Market: Supply Drivers
- Zoning openness moderate: Okaloosa allows multi-family near bases; Walton stricter on beaches.
- Regulatory strictness high in flood zones, environmental protections limit coastal builds.
- Construction workforce cost elevated: Labor shortage from military turnover, wages 10-15% above state average.
- Building permits steady but slowed by hurricane codes post-2024 storms.
- Land availability good inland, scarce beachfront.
- Supply lags: Only 1,200 new units yearly vs. 3,000 population growth equivalent.
Housing Buying Market: Demand Drivers
- Net migration in: +12,000 yearly, retirees and military families.
- Growing industries: Defense tech up 5% employment; healthcare +8% jobs.
- Tourism rebound post-pandemic fuels vacation home buys.
- Remote workers attracted to low taxes, beaches.
- Declining: Seasonal fishing jobs down 3% from climate shifts.
- Inventory tight: 2.5 months supply, median price $425,000 up 7% YoY.
Key Challenges on the Housing Market
- Affordability gap: Median home $425,000 vs. $79,150 income, price-to-income ratio 5.4.
- Hurricane risk: Ian remnants and 2024 storms raised insurance 25%.
- Inventory shortage: Seller's market, bidding wars common.
- Workforce housing deficit: Military personnel priced out, 20% rent-burdened.
- Seasonal vacancy: 15% units empty off-season, strains year-round supply.
- Rising rates slow first-time buyers despite population growth.
Investment Potential Differences
| Area | Appreciation Potential | Risk | Key Drivers |
|---|---|---|---|
| Destin (Beachfront) | High | High | Tourism boom, luxury demand, hurricane exposure |
| Fort Walton Beach (Mid-coastal) | Medium-High | Medium | Military stability, airport access, flood risk |
| Crestview (Inland) | Medium | Low | Affordable entry, growth spillover, less tourism |
| Wright/Niceville (Suburban) | High | Low-Medium | Family appeal, schools, base proximity |
- Overall MSA appreciation 8% annualized past 5 years.
- Beach areas lead but volatile; inland steady.
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