The housing market has certainly seen some dramatic changes over the past 15 years, and in many places across the nation, there’s a surge in home buying and prices are on the rise. If you’re considering purchasing a home in Florida, whether it’s a vacation home, one that you plan to rent out for passive income, or if you’re planning for your forever home, now may be the time.
We have a few predictions for the next year in the Florida housing market to help you determine when it’s time to purchase a home in Florida, especially one in the lovely South Brevard County area.
Florida’s Population is Growing
The growth rate of the population across the state is about 1.6% year over year, and when you’re looking at a state with nearly 22 million residents, that’s an influx of about 300,00 people per year. These people will need homes, and many of them may be recent migrants, which means that rental properties are going to be in high demand, as well. With higher demands for leased properties, landlords and people who have an investment property portfolio will be able to charge higher rents.
The Demand For Real Estate Will Increase
While the Covid-19 pandemic put a pause on buying and selling of real estate in Florida, the pause didn’t last for long, and the Sunshine State was one of the first parts of the country to show signs of recovery. In fact, according to Florida Realtors, the year-over single-family unit home sales increased by 11.7% compared to July 2019. This indicates that the demand will keep increasing.
Increase in Property Prices
With the increased demand also comes an increase in price. While the demand is surging, the inventory levels are low, which means multiple offers for sellers and buyers who may be buying homes sight unseen, simply because the market is so tight. To put some numbers on it, the Florida Realtors Research Department lists the average price for single-family dwellings at $277,500, which is a 4.7% increase from 2019.
Florida Real Estate is a Seller’s Market
A low supply of homes and a higher demand means that eh market is favorable to sellers, and often, homeowners may receive offers higher than their asking price. The seller’s market affects all kinds of buyers, including real estate investors who may be purchasing homes for traditional rentals or Air BnB rentals.
With an increasing demand for Florida real estate and supply low, now is the time to make your move if you’re considering purchasing a Florida home. Soth Brevard County, along the central coast, is one of the hottest places right now. With its location along the “Space Coast” and the proximity to many popular Florida tourist attractions, it’s a popular spot for people relocating for jobs in science and tech, or travel and tourism, plus a popular vacation spot in and of itself, with sunny beaches, vibrant nightlife, and delicious local eateries, there’s plenty of opportunity for landlords and AirBnB investments, too.
Trust the team at Curri Kirschner for your central Florida real estate needs. We’re a locally owned and operated real estate agency, led by Dave Curri, a Florida native. We have the depth of knowledge from a lifetime living in the region, plus a dedication to the unique needs of each of our clients.