Florida Housing Market is on the Rise
Due to high levels of remote work post covid, the demand for homes in Florida have immensely increased in the past two years. If you are looking to invest in Florida, you might want to take at our research on the fastest growing locations in Florida
Fort Lauderdale
In 2022, Fort Lauderdale home prices were up 22% compared to 2021, with a medium sale price of $500K. It looks like, however, it had dropped from March of 2022 where the medium sale price was almost $600K. In addition, the Fort Lauderdale’s unemployment rate was below the national average and a there was a high increase on health care, construction, and education.
Tampa
Tampa home price’s increased in the past year, but not as much as Fort Lauderdale. The average median sale price is $390K, in comparison to December 2021, in which was around $340K. Not surprisingly, Tampa has seen a lot of inbound flow of people moving from all over the country, including New York, Los Angeles, San Francisco and Washington, D.C. According to Redfin, properties in Tampa are highly competitive where homes sell for about 2% below listing price.
Cape Coral
In September of 2022, Cape Coral medium sale price was $395K, 12% up from last year. About 97% of homes are sold at list price. However, the market is a little bit less competitive than Tampa. Nevertheless, it is still a newly constructed area and a lot of construction being done, providing potential for investors and home owners that would like to build a home at a lower cost than average.
Miami
Miami home prices increased about 24% compared to last year, with its average sale price fluctuating all of 2022 at around $530K. The increase of sales have been at 33%. However, there is still a high increase of Migration from all over the country, including New York, Boston, Chicago, San Diego and Los Angeles.
Looking to Invest?
Title X’s Team includes several real estate investors who are knowledgeable in the field. Before investing, It is important to contact a real estate attorney prior to investing on a property filled with mortgages and liens. Talk to one of our attorneys today!
