After such an uncertain year that ended with a consistently hot housing market, it’s important to take a look at the forecast for 2022 in Florida. Right now we have historically low interest rates that are attracting more and more families and young professionals to Brevard County and the Space Coast. Thankfully, 2022 is looking to shape up as another strong year making it the perfect time to explore housing options and likely still see an increase in property value later on.
What’s Driving the Market Going Into 2022?
The pandemic has put a bigger focus on comfortable living spaces for many families. Not only this but many Americans have also stepped back to take a look at their jobs to make sure it’s bringing them enough fulfillment or happiness for the pay. After this shift in value focus, Brevard County has seen a boom in population from those who come from out of state. There are countless employment opportunities in the area including high-caliber roles in the space, engineering and defense industries as these companies open or move their headquarters to the Space Coast.
With so much new demand comes a more limited supply of homes which is a huge driver in the increased prices. With building costs still being prohibitively high for many due to logistic troubles stemming from the pandemic, new construction has also slowed. Even the luxury housing market has experienced a huge spike in activity for families looking to get the most value out of the listing price.
On top of increased median sales prices, there has been a national increase in rental costs as well. Many younger families and professionals who planned on renting primarily are now wanting to put their monthly housing payment into building equity in their dream home. The Northeast and California are two of the most common places we’re seeing new residents coming from as they want to keep the same amenities they had access to but without the new hefty price tags.
The New Year Will See New Regions Coming to Florida
It’s tradition to set a New Year’s resolution that focuses on improving one’s life in some way. For many, this means getting through the holidays and then packing up to head to warmer waters and clearer skies. Analysts are anticipating that it won’t just be Americans looking to relocate to the Space Coast.
An increased cost of living in Canada has seen an impressive amount of immigration to the States. German, French and British families are also making the trek across the pond to experience the wonderful climate that isn’t available to them back home. A lot of this interest stems from travel restrictions and a building urge to visit, with those who love the area option to purchase a home. This allows them to secure a place to stay or choose to extend their vacation permanently in case they lose the option to visit again in the future.
For anyone looking to get into the Brevard County area, now is the time before 2022 arrives and everyone begins planning their move. Don’t take the challenge of finding and buying a home on your own. Enlist the David Curri team to be on your side and leverage our decades of local insights and market experience, all by simply reaching out.