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Military Growth  l  Real Estate Data

Okaloosa County, Florida...

"Top-Ten Best Places
to Live in America"

Money Magazine

Okaloosa County offers vast opportunities in commercial and residential real estate. Its diversified characteristics meet the various needs of our growing community.

Whether you are building, renovating, leasing, selling or buying Okaloosa businesses can do it all!

75% of the population own their own home.
 

Housing Affordability

2006 Median Income Median
 Price
Okaloosa $57,800 $233,600
United States $65,093 $217,900

2007

   
Okaloosa $62,600 $215,900
United States $59,000 $212,300

2008

   
Okaloosa $62,600 $197,900
United States $59,000 $206,200

2009

   
Okaloosa $66,300 $185,500
United States $64,000 $169,000

2010

   
Okaloosa $65,500 $190,500
United States $68,300 $166,100
Source: UWF Haas Center

 

Military Growth

The EDC and the business leaders of Okaloosa County continue to focus on affordable workforce housing within Okaloosa County.  The EDC formed the  Essential Workforce Housing Initiative to include Okaloosa, Santa Rosa, and Walton Counties as well as Eglin AFB and Hurlburt Field.  This initiative is addressing the current housing needs as well as the needs of the anticipated influx of military personnel and their families.

BRAC and workforce housing in Okaloosa County!

As a realtor, you can assist your communities as well as your clients with a better understanding of the military process and growth issues.  To assist you in this process, provided is a National Realtors Association comprehensive and easy to understand publication: A REALTORS Guide to Military Base Closure, Realignment and Encroachment.

Eglin AFB reports being able to accommodate 20% of the 5,000+ military personnel moving to the area as a result of the BRAC realignments.  The other 80% will need to live in the civilian communities; our cities and towns.

Incoming BRAC Military Personnel and Families
  Personnel Spouses Children Total
7th Special Forces Group 2,200 1,452 2,415 6,067
Joint Strike Fighter Initial Training Center (59 aircraft) 1,563 78 938 2,579

Totals

3,763 1,530 3,353 8,646

The EDC and its Defense Support Initiative have partnered with the Workforce Development Board for Okaloosa and Walton Counties in their BRAC Transition Council in developing their Welcome to Northwest Florida website in support of military families.  During this process it has been identified that the Army Special Forces families will have a unique need when they relocate to Okaloosa County in 2011; they will require temporary housing with kitchenettes while they search for their permanent homes.  The Army families, over 2,000, will move to Okaloosa County in roughly four phases between April and September 2011.  That is a large influx of families into the area and the local military bases are not able to provide the needed temporary lodging when they locate here and are home searching. 

If you have a rental property with a kitchenette to lease to a military family please visit the AHRN website and enter your property information.

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Real Estate Data

Single Family Home Average Prices

Location

Purchase Rent
2005 2007 2008 2005 2007 2008
Crestview $196,199 $200,423 $178,500 $1,000/mo $1,313/mo $889/mo
Destin $725,805 $664,535 $469,152 $1,700/mo $1,434/mo $1,338/mo
Greater Ft. Walton Beach $265,072 $227,800 $215,644 $1,050/mo $964/mo $943/mo
Niceville/Valparaiso $340,467 $306,480 $290,145 $1,400/mo $1,154/mo $1,127/mo
Source: Emerald Coast Association of Realtors

 

Average Price
3 bedroom/2 bath
1750-1850 sq. ft. home less than 5 years old

Location

2006 2007 2008
Crestview $155,000 $223,593 $168,666
Destin $375,000 $385,950 $268,470
Greater Ft. Walton Beach $240,000 $322,150 $201,363
Niceville/Valparaiso $240,000 $281,302 $227,961
Source: Emerald Coast Association of Realtors

 

Okaloosa Real Estate Sales
1st Qrtr
2006
1st Qrtr
2007
1st Qrtr
2008
1st Qrtr
2009
1st Qrtr
2010
Single Family Homes 1,043 759 575 456 570
Condos/Townhomes 607 513 331 151 215

Total Home Sales

1,650 1,272 906 607 785
New Home Sales 569 493 273 64 79
Home Re-sales 1,081 779 633 543 706
Lots with Construction 34 36 13 8 23
Source: UWF Haas Center

 

Okaloosa Permits
1st Qrtr 05 1st Qrtr 06 1st Qrtr 07 1st Qrtr 08 1st Qrtr 09 1st Qrtr 10
Construction Value $19,009,411 $44,997,639 $77,950,000 $17,315,000 $13,103,000 $15,264,000
One-Family Units 41 248 191 81 43 67
Multi-Family Units 25 12 165 5 10 0
Source: UWF Haas Center

Permits or inspections can now be researched on Okaloosa County’s web site: http://www.co.okaloosa.fl.us/dept_growth_mgmt.html

 

Military Growth  l  Real Estate Data

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