Florida Real Estate Market – September 2017 Update
Planning on buying a home in Florida? If so, you’re making a smart choice!
Thanks to recently published information from Zillow, Trulia, and other Real Estate websites, we know that several cities here have continued to make Florida one of the fastest-growing, and most in-demand real estate markets in the United States.
Hottest Markets in Florida
As of September 2017, Florida has several cities that rank highly among the best cities in the United States to buy a home especially because these cities have also have shown a decreasing rate of vacancy, low crime rate, and high job growth
- Jacksonville Florida – This part of Florida has continued to rank highly thanks to its high job growth, affordability, and interest from out-of-towners who are interested in purchasing vacation homes or rental properties.
- Cape Coral-Fort Myers Florida – Another excellent city to buy a Florida home, this area boasts the fourth best job growth rate in the nation and a falling vacancy rate.
- Deltona-Daytona Beach Florida – The Daytona Beach area of Florida is always in high demand and that hasn’t changed in 2017. This area also enjoys a high job growth rate and it’s an excellent match for people who are looking for the ideal coastal area to buy a home.
- Orlando Florida – Since the Real Estate market started recovering from the 2008 economic recession, the Orlando Florida market has continued to be one of the steadiest cities for home value growth in Florida. Right now, the median home value for a home in Orlando is $169,700 and prices are predicted to increase here by 4.4% in the next year.
- Tampa Bay – Recently ranked in top 10 cities for future home buyers.
Besides these cities, some of the other top cities in Florida to buy a home include Tampa, St. Petersburg, Kissimmee, and Clearwater.
South Florida has been one of the fastest growing Real Estate markets this year and only Cleveland, Chicago, Washington D.C. and New York have seen home values rise faster than those in South Florida.
There are tons of great cities to buy a home in Florida, especially great neighborhoods, including the following: Easton Park, Grand Hampton, Harbour Island, Arbor Greene, Virginia Park, West Meadows, Palma Ceia, Sharpes, Audubon Park, Keystone Heights, Lake Nona Central, Culbreath and the Beltway Commerce Center.
Median Home Price In Florida
Right now, the median Florida home value is $209,900 (Zillow) and home prices across Florida have increased by 8.8% in the last year.
The median home price for a Florida home is $279,900; many Realtors® and economists predict that Florida home prices will increase by another 2.4% in the next year.
Best Cities to Buy Rental Properties in Florida
Florida also continues to rank as one of the top places in the United States to buy a vacation home, especially in the following cities that offer high rental income and return on investment compared to other markets across Florida.
- St. Augustine
- Panama City
- Cutler Bay
- Madeira Beach
2017 has been a great year for Florida Real Estate but Miami Beach continues to have its difficulties due to overpriced luxury condos, stagnate wages, plus a higher percentage of mortgage defaults and foreclosures than other cities in the United States (New Miami Times).
Yes, money from foreign investors is a good thing but the huge infusion of cash into the Miami Real Estate market has also made it difficult for locals to afford homes in Miami because many investors from countries like China often pay for homes in cash and it’s hard for a local home buyer to compete with a cash buyer especially if they plan on financing a home.
To learn more about the Florida Real Estate Market, or to view homes for sale, contact me today by calling (phone number here) or connect with me through my website.