The Hottest Florida Real Estate Trends to Watch in 2024
Florida is one of the most desirable parts of the country to live in. Considering that millions of people visit and retire in the Sunshine State every year, it is no wonder why real estate prices are so high.
The median cost for a house here is $410,000. That is about $22,000 higher than the national average.
If you are reading this, you likely already have a house in this area. However, you may not know how to go about selling it. You also may not know about Florida real estate trends.
This guide will reveal if now is the right time to sell your home and important things to take note of.
Current Trends in the Florida Real Estate Market
Before you sell your house, it is important to know what the current Florida real estate market trends are. Some of these impact the entire state and others depend on what part of the state you are living in. Let’s take a closer look at the biggest things you need to keep an eye on.
More Inventory in Orlando
One of the main things that you should be aware of is that there are now more houses available in Orlando. Inventory went up by 6.9% just from July to August in 2023.
This is also having an impact on the median home price in the Orlando area. That is because it has decreased by $5,000 in that timespan. It is now worth about $375,000.
House Prices Have Risen
Another thing you should be aware of is just how much house prices in the Sunshine State have risen in general. Over the last five years, these house prices have gone up by $150,000.
That means that before the pandemic, you could have gotten a house in Florida for just over $250,000. Now, houses are not nearly as affordable and you have to have more money ready for bids and down payments.
Rise of Home Insurance
This next point impacts the costs you have to maintain a house once you buy it. Considering that Florida is in an area prone to hurricanes, you have to have the right home insurance to cover those scenarios.
However, people in Florida have noticed an increase in frequency with hurricanes. As a result, it is getting more and more expensive for the right type of home insurance in this state.
If you do not have the proper home insurance, you may not be covered for damage caused by a hurricane. Buyers who are aware of this may be more weary of paying top dollar for a house in Florida.
Considering they have these additional costs to think about protecting their home, it may make some homeowners hesitant to buy a home in Florida in this market.
Factors Affecting Property Prices in Florida
You need to be aware of things that may change property prices in Florida. Depending on what area of the state you are trying to sell from, you may have to work around specific issues.
One of the things that can impact this is your location.
Are you near a beach? Are you near tourist attractions? How about a city with a rising economy?
These are all things that can have an impact on how much demand your house has.
Another thing you need to think about is what type of neighborhood you live in.
How walkable is it? Is it safe? What entertainment is in your neighborhood? Are there any good public schools there?
Buyers tend to look for some combination of these things. If you want to sell your house to a family, you had better hope you live near a good school district to get top dollar.
The same goes for safety. An example is if you have a house in Tampa Bay. Selling a house right by Busch Gardens in Sulphur Springs may be more difficult because it is not the safest area in the city. However, if you live in a more affluent area of Tampa, this should not be as difficult.
Walkability is a big factor here because it offers more flexibility for buyers. They can do things such as take a jog around their neighborhood, run some errands without a car, and question their need for a car in general.
Not every homebuyer may want to do everything by car. Others may value walking outside for peace of mind. You can maximize your home value by having these things available in your neighborhood.
Popular Cities for Real Estate Investment in Florida
Florida has a number of great cities to get involved in real estate. There are four large cities in particular that come to mind here.
Tampa
This is a city that is about to get an investment that will impact livability for the next several decades. That is because the Tampa Bay Rays have recently committed to a project valued at over one billion dollars, which will put new life into that general area.
Yes, this project is technically taking place in St. Petersburg. However, the goal of this project is to draw more fans from both cities.
Currently, the Rays play at Tropicana Field. This stadium is more than three decades old, and there have been discussions for many years about the team needing a new stadium.
Just recently, the Rays’ owner announced a new stadium that will be built right next to the current one.
However, there are some additional features planned for this area as well. The main thing to take note of here is that an entertainment complex is planned to be built next to this new stadium. That includes new restaurants, bars, and museums that should draw a new generation of fans for years to come.
Assuming that this project moves forward, it could be a good time to get involved with this area before construction of it is complete.
Jacksonville
Another city that could see more development in Florida is Jacksonville. While there has not been anything confirmed like Tampa, Jacksonville is hoping to get a big investment of its own.
This comes in the form of significant renovations to their current football stadium. The Jacksonville Jaguars play there, and the city is hoping that they remain there for the foreseeable future.
Right now, the proposal would have both the Jaguars’ owner and the city contributing money towards this project. If the city and team owner follow through with this project, it could draw even greater demand for this area.
Orlando
Arguably one of the most famous tourist destinations is Orlando. That is because it is home to two of the most famous theme parks with Walt Disney World and Universal Studios. Each theme park results in millions of people coming to the area every year.
Some people may like it so much that they decide to stay there. There are also tens of thousands of people who work for both parks that need a place to live.
Another thing you have to consider is stability. Because Orlando is more inland compared to most areas of the state, it is less likely to be severely hit by a hurricane.
Compared to cities like Tampa mentioned above, which are right by a beach, Florida has some protection from the elements. If that is something people desire, there may be more value in living in a city like Orlando.
Miami
For those who are looking to work in the tech industry, Miami is arguably one of the hottest destinations in the US for it. That is because there are a lot of new companies in the city forming for AI purposes. Right now, over 2,000 of them exist in Miami.
If this pace keeps up, it likely means that Miami’s economy will improve for the foreseeable future. As a result, more people may want to move there for work purposes. Those people need a place to live, so that will likely draw more demand for housing.
It is not too late to buy into this rapidly expanding market.
Investment Strategies
If you are going to invest in this area, you need to have the proper strategy to do so. One thing you can do is make sure you have the best credit score possible before trying to purchase a property.
Credit scores are impacted by how high your credit line is, how much debt you have, if you make your payments on time, and your recent credit history. If you just opened up a new credit line or you are not someone who pays their bills on time, you may want to wait until you improve your situation.
Luckily, there are things you can do to get around this. One of those things is finding a co-signor. This is likely someone who you are very close to and who is a much better loan applicant than you.
At the end of the day, lenders want assurance that they are going to get their money back. Considering that they are likely lending you hundreds of thousands of dollars, that means making sure a loan application is in the best shape it can be.
Another thing you may want to consider is what type of real estate property you want to invest in. For example, real estate trends in Florida may suggest that you invest in condos in Miami. Or, you could decide that multi-family homes are a wise investment for more rural areas.
Then, you have to think about what shape you want your properties to be in. Do they have to be ready to move in as soon as you buy them? Or, are you willing to buy a property as-is and invest money to flip the property?
Think about what direction you want to go and stick to it.
Being a Buyer in the Florida Market
If you are a buyer in Florida, it is important that you pay attention to the Florida real estate market forecast in 2024. This should tell you what areas are hot, what areas may have a deal, and what Florida real estate market trends that you need to be aware of.
It is also important that you have your finances in order to become a qualified buyer.
Do you have a good credit report? What is your income? What type of savings do you have?
Addressing all of these questions before you buy a house will likely make the process much smoother.
Being a Seller in Florida Market
As a seller, you also have to pay attention to the Florida real estate forecast in 2024. This will tell you if it is a good time to sell and what you have to do to maximize your selling price.
How much will renovations and repairs benefit you? Is your area a hot market? Is your neighborhood improving or deteriorating?
These are things you have to address to draw as many potential buyers as possible. Ideally, you want to create a bidding war to get the highest offer possible for your home.
Make sure you talk to a real estate agent about this. They can give you realistic price expectations and make your home’s appearance look the best before putting it on the market.
Is the Florida Housing Market Going to Crash?
The answer to this question is hard to say. It will come down to if the market prices people out and how well the economy holds up. However, if you follow real estate trends and the sources mentioned above, you should be able to get a better idea of how the market will look in the near future.
Keep Up With Florida Real Estate Trends
Following Florida real estate trends is crucial whether you want to buy or sell a home in this state. It can have a significant impact on whether a buyer can afford a house here. It also impacts if it is the right time for someone to sell a home here.
Luckily, Zero Fee Listed is here to help. We take the time to process the information about your home and help you get more offers for your listing.