What’s Happening To The Real Estate Market In Florida?
With everything that’s going on due to the COVID-19 pandemic, you may be wondering: Is it still a good time to get into the real estate market in Florida? According to a report, data from the Federal Housing Finance Agency (FHFA) suggests that Florida is still a “healthy real estate market.”
This is despite the havoc caused by the global health crisis. The Sunshine State saw “year-on-year appreciation jumps” even with a decline in international demand. There is also a trend of domestic travelers returning to the state.
The Q1 2020 Housing Price Index (HPI) ranks Florida 12th in U.S. states with year-over-year price growth, at 7.1%. Housing appreciation was at 5.7% for the same period. The five-year trend for Florida is at 48%.
Florida real estate markets landed four of the top 20 spots in the top 100 metro area rankings report. Jacksonville, Orlando, Fort Lauderdale, and Tampa-St. Petersburg-Clearwater made it to the list.
Single-family houses are still in demand, with a 10% year-on-year increase. Median sales prices grew 6.7%, from $253,000 to $270,000. Sales volume also saw a double-digit increase of 19% for single-family homes and 15% for condos and townhomes.
Property prices in Florida are on a “steady upward trajectory” while inventory is limited. This means that prices will likely stay up this year as long as the economy continues on a path of recovery.
Is Central Florida A Good Idea?
Yes! Whether as an investment or a residential property, Central Florida has much to offer.
Orlando is always a top-of-mind choice. This city is world-famous for its family-friendly entertainment destinations. The weather is warm all year round, perfect for beach lovers and avid golfers. It also has a diverse and booming population, from students to retirees. For investors, this makes Orlando an attractive prospect.
Outside of the central business and tourism districts, you can also find luxury homes and picturesque seaside properties that offer the best of both worlds. Communities in areas like Harmony, St. Cloud, Kissimmee, Lake Nona, or Mount Dora are popular among those who want a toned-down version of city living. They are strategically located. You live close enough to the city so you can enjoy its perks, but you also get to enjoy more of Florida’s natural beauty.
There are plenty of these types of communities in Central Florida. It is ideal for families, retirees, or couples.
Take Lake Nona, for instance. This modern community has its own pro-level golf course. It has top-rated schools and a 650-acre health and life sciences park. Harmony is a master-planned area with walkable neighborhoods, community-owned boats, and a golf preserve.
How Can The Corcoran Connection Help?
We are renowned for our honest, timely, and adaptable service. This means that we won’t just sell you a house. We will help you find the perfect fit that is best suited to your budget, preference, and lifestyle. As locals, we have a deep understanding of the communities we work with. We have developed strong industry connections over the years. And as our client, you can benefit from this unique perspective.
Interested in the real estate market in Florida? Give us a call now.