It’s no surprise that the housing market is seeing substantial spikes and valleys as the dust begins to settle from the pandemic. Even as most markets push through this volatile period, Florida has actually been able to retain an upward trajectory for housing prices. Melbourne alone has seen increases as high as 30% since 2019 for single-family homes. Why is the Florida market still so lively?
Real Estate Demand Is Outpacing Supply
Florida has always been one of the most sought after places to visit, live in and retire. From amazing schools in the South Brevard County area to lucrative remote jobs with high-end tech companies, many families are making the full transition into the Florida ecosystem. In fact, nearly 835 new residents are coming into the state every single day! Even with how large Florida is, supplying housing to satisfy this huge influx of new families has been a struggle.
Florida as a whole currently has a $297,390 median price for a single-family home, a 15.2% increase year-over-year. With these prices still rising, it’s a great time to buy a property that’s still on the rise to secure a great place to live or even to rent out and take advantage of rising average rent prices.
It’s Become a True Seller’s Paradise
The low supply of homes is due to a chain of events. At first, listings were put on a slight pause as everyone learned how to safely resume business mid-pandemic. Not long after the market began to open back up, we were hit with soaring construction costs as material prices went through the roof. So what does all of this mean?
Sellers are more empowered than ever in Florida! Such low inventories lead to higher prices and hotter markets for both home and condo purchases. Bids are being placed well above listing price and almost instantly once the listing hits the market. Having an efficient and knowledgeable realty team behind you can make the difference on whether or not you secure your next home.
Win Big in Real Estate With David Curri
Don’t spend countless hours scouring through listings and hoping that the right one pops up and fits the exact criteria you need both housing and budget-wise. Landlords looking to expand their portfolio can find some of the most lucrative properties with the David Curri team. Head of the team Dave Curri is a Florida local and has industry insights unique to the area he calls home.
Reach out to the David Curri to see just how easy buying a home can be. Our team works directly with each client to build a relationship built on trust and confidence. Selling homes is what we do and we put the customer first each and every time.