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South Florida Housing Market Trends

 

South Florida Housing Market Trends

In the entire world, there are very few places like South Florida. With balmy weather, modern cityscapes and an eccentric but undeniably charming populace, South Florida is the place to be. Whether you come for the palm trees and beachside cocktails or more pragmatic work-related reasons, your first visit is highly unlikely to be your last.

If you’re not convinced, just look at the state’s population growth. With 210,000 new long-term arrivals in the last year alone, Florida is the second-fastest growing state in the country! While some of these new residents set up shop further north in cities such as Jacksonville and Tallahassee, most choose the larger and more lucrative metropolises in the south.

These new arrivals flock to South Florida for a multitude of reasons, but they all have one thing in common: they all need accommodation! Luckily for them (and yourself, if you choose to move here), accommodation in the region is plentiful and inexpensive. With low median home prices and high property appreciation rates, there are few real estate markets better to invest in than the one you’ll find in South Florida.

Why buy a home in South Florida?

Before we take a look at where you might want to start looking for a home in South Florida, we’d like to take a minute to talk about why you might want to start looking for a home in South Florida. There are a lot of compelling reasons to move to this region, but for this section we’re going to focus on the empirical rather than the abstract.

One of the most common reasons cited by homebuyers in South Florida is the climate and way of life. With a pleasant balance of cooler weather in the winter and warmer weather in the summer, your snow coat will never see a day of use as long as you live here. Throw in some of the most inviting and aesthetically pleasing housing developments in the country and you’ve got yourself a winning combination!

Then there’s the job market; it’s thriving! While more rural communities in the Northern and Central regions of Florida struggle to attract industry and trade, the Southern region has no such problems. With a diverse and competitive job market that offers competitive salaries and ample opportunities, South Florida is the perfect place to find a job regardless of your trade or professional background.

Last but not least, there’s the housing market; and oh what a market it is! Unlike densely populated population centers such as New York, Chicago and Los Angeles, the cities in South Florida suffer from no shortage of development-friendly land. This keeps prices low without unduly hampering property appreciation rates; it’s a win-win, whether you’re an investor or private home buyer!

Exceptional housing markets in South Florida

While we’d love to tell you that one city is as good as another when it comes to buying a home in South Florida, that wouldn’t be entirely true. While most cities in the region offer an adequately stable housing market, there are cities that will meet and exceed your expectations with ease. Here are those cities!

Miami, FL

For many, Miami is the quintessential Florida city. A sunny paradise with white sandy beaches and delightful scenery, this city is known worldwide for its unparalleled vacation hotspots and wild after-hours party scene. What many people don’t know, however, is that this city is also home to a number of other highly attractive characteristics!

Those reading this list will likely be most interested in the median home price; we’re here to share it! At a cool $439,000 median according to realtors in Miami FL, homes are somewhat pricey. When you consider the investment potential here, however, this price is quite palatable. Miami is growing, and it is growing fast. This means more home buyers, and higher appreciation rates!

Take the past year, for example. From 2021 to 2022, homes in Miami rose an average of eighteen percent in value. With a thriving local economy and job market, the number of home buyers seeking investment and accommodation is unlikely to subside any time soon. We’re telling you, now is the time to invest!

Venice, FL

But what if you aren’t looking for glitz and glamour? What if you’re seeking a quiet place to call home, where your partner and kids can live their lives in balmy, peaceful luxury? Well, then you’re looking for a place much like the beautiful little city of Venice FL. Whether you’re a parent with kids or a single adult looking for a change of pace, this town might just have what you’re looking for.

According to real estate agents in Venice FL, the median home price in this city is just over $388,000. Homes in Venice aren’t necessarily cheap; it will cost you a pretty penny to make your home here! Where things get interesting, however, is the property appreciation rate here. At an eye-watering 32%, homes in this town gain value at a staggering rate.

When you take into consideration the record of the education and law enforcement institutions in Venice FL, it’s a clear winner among the various cities that appeal to those seeking a quiet and safe place to live. Add to that the exceptionally lively housing market, and you have the opportunity to provide your children with a valuable investment that will last a lifetime!

Boca Raton, FL

With a population that consists primarily of snowbirds and wealthy professionals, the city of Boca Raton is bound to catch the eye of anyone seeking status as well as a sound investment. The weather is breezy, the residents charming and the city beautifully constructed; there’s isn’t anything to not love. You have the word of top-ranked real estate agents in Boca Raton FL on that one!

For those seeking the elitism and exclusivity of a gated community, that can be found right here in the city of Boca Raton, at a much larger scale! With a median home price that verges on exceeding $500,000, this is hardly the least expensive place you can buy a home. Don’t worry though; if you’re looking for something even more expensive, there are plenty of listings that exceed the one-million dollar mark!

As far as investments are concerned, there’s no shortage of potential here. In the past year, homes have risen in value by an average of 25%. While not quite the highest appreciation rate that the state has ever seen, it is one of the most consistent, remaining similarly high throughout the past 5 years.

Conclusion

The U.S. is home to no shortage of beautiful tourist sites, vacation destinations and investment markets; that’s for sure! What’s special about this region, in this case, is that it’s a place where you can find all three! No matter what you’re looking for or what your plans are, you can count on one thing: you can’t go wrong with an investment in South Florida!

 

 

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