Curious to know more about the Florida property market?
Florida is a magnet for investors, as it remains one of the most popular states for people to relocate to. But, a lot of people move away just as quickly as they come due to the weather, economy and lack of personal opportunities.
Below we share five interesting things you probably didn’t know about the Florida property market.
- Florida home values have gone up over 10% in the last year.
Over the last 12 months, Florida home values have increased by 10.2%, according to figures from Zillow. The real estate marketplace also predicts that home prices will go up another 4.8%. It’s safe to say that the market is healthy and expected to stay this way, at least in the near future. Median listing prices are at $289,000 and median rent prices are at $1,800 a month.
- Florida properties are widely varied, and investor opportunities are still available.
Florida properties are unique and abundant. You can find just about any property that suits your taste, including bungalows, condos, waterfront properties, multi-million dollar mansions. For investors, there is a lot of opportunity, particularly in South Florida. The most profitable option is to buy a home and split it into multiple rental units.
- Florida is a seller’s market, at least today.
Currently, Florida is a seller’s market. Buyers are paying more for properties than they have to, which is the norm across the United States. The problem is that the Florida housing market rises and falls all the time because it is highly transient. So, if you buy a property at the top of the market and want to move a few years later, you may be upside down on your mortgage.
- People move in and out of Florida all the time, making it highly transient.
Statistically, people who move to Florida for the sunshine and golf courses have a significantly higher chance of moving than what they realize. Even though Florida is highly transient, there are more people moving in than out, which is a good thing. That said, right now is a seller’s market, and you don’t want to buy high and sell low.
- Florida’s housing market varies between the North and South.
South Florida has a higher number of retirees and foreign money coming in, making prices higher and investors plentiful. Because the northern areas don’t rely on tourism as the southern areas do, the economy has been slower to recover. Still, home prices are stabilizing but not too high.
Florida has many great investment opportunities but it is more transient and unstable than other parts of the U.S. For this reason, you may want to consider investing in property off the East Coast where home prices are stable and your return on investment is high.