Florida Real Estate Round-Up

Known for its year-round sunshine, world-famous beaches, and tropical cities, Florida has always been a popular destination trip for many. From families flocking to Orlando for Disney World to couples spending a weekend away in Miami or The Florida Keys, it seems as though the state has something for everyone, but recently people have been flocking to the state and deciding to make it their permanent home. With low taxes, warm weather, and many attractions nearby, Florida has become one of the fastest-growing markets in the country with an estimated 845 people moving into the state per day.

The COVID-19 pandemic could be a reason why Florida is seeing unprecedented growth in the past year. Companies have been allowing many people to work from home indefinitely due to the pandemic which has given employees freedom in regards to where they want to live. Florida also had fewer restrictions in place than many other states and some people have seen that as a positive when choosing to make the state their home.

Orlando is home to many world-famous places including Disney World, Universal Studios, and SeaWorld which makes it a hot spot for families and people who enjoy the convenience of being so close to many attractions. This may have something to do with their steadily climbing real estate market that has seen a trend of record-setting prices with median home prices rising $50,000 in one year. Like many other popular Florida cities, they are still seeing a historic low in the number of homes on the market, making it a competitive environment for buyers.

In Jacksonville, they have seen similar statistics where the median days on market for a home is only 22 days and the median sales price is up 16% since last year. With their population increasing by 2% a year and home to four Fortune 500 companies, Jacksonville keeps many professionals wanting to call this city home.

Perhaps one of the hottest Florida real estate markets right now is the Tampa and St. Petersburg areas. A dominant sports city coupled with world-famous beaches and high-end restaurants makes the Tampa Bay area a highly desirable place to live. According to Forbes, the median sale price in St. Petersburg has skyrocketed 27% in the past year and, like many other Florida cities, their available inventory has seen a steady decline with only 554 homes on the market in May of 2021.

Home to Florida State University, properties in Tallahassee have seen a 16% increase in property values over the last year, making it a great place for real estate investments. Other Florida panhandle homes have seen similar increases in property value with above average listing prices. Home to stunning Gulf beaches and with a close proximity to Alabama, Georgia, and Mississippi, the panhandle has become a hot market for out-of-state buyers.

Further south, Miami has always been a hot commodity when it comes to real estate but the past year they have seen the same trends as the rest of the state. Located close to the Florida Keys and only a 45-minute flight to the Bahamas, tropical Miami has long been a bucket list visit for many people and this year some decided to make it home. Due to the strong influx of buyers recently, Miami has seen an all-time low in regards to inventory available, making it a challenging market for buyers looking to make the move to the desirable city. The same rings true for Fort Lauderdale which is located only 30 minutes north of Miami. Lower inventory has forced buyers to offer over asking price and maybe even drop contingencies such as an inspection or appraisal.

Alongside Miami and Fort Lauderdale, prestigious Palm Beach has also seen an increase in the number of buyers looking to move to the area. According to the Wall Street Journal, at least 22 homes have sold for $40 million-plus since the beginning of the Covid-19 pandemic.  A steep drop in inventory has allowed for 28% of homes to sell for over asking price and the area is creeping towards a median sale price of a whopping $500,000.

It’s evident that the Florida real estate market is one of the hottest in the country right now. Whether it be low-interest rates, warm weather, or the Covid-19 pandemic driving people to the state, one thing is clear: Florida is highly sought-after and experts seem to think the low inventory and high prices may not slow down until well into 2022.

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