Always seen as a popular destination for single-family homes, second homes for vacationers, and reliable property investments, the Florida real estate market remains one of the strongest in the country. The state’s market has seen a great upward trend in 2017, 2018, and in all likelihood continue to do so in 2019.
With the 4th largest economy in the United States, the real estate market in Florida thrives from a strong state economy. From tourism to population growth, there are many factors that benefit the market and have only grown stronger in recent years. Florida has long been known for its tourism market, for which growth has now slowed as it reaches record-breaking levels. This strong sector of the state’s economy provides an additional boost to the real estate market.
Already one of the most populous states in the country, Florida is still continuing to see growth, thus continuing the increase in demand for housing and a strong market for both buyers and sellers. The unemployment rate in Florida has also remained low in recent years, leading to a population base with greater buying power and great benefits for both residential and retail real estate markets.
Not only is the market and demand for all kinds of properties in Florida continuing to grow, but so are the sales numbers for these homes. The median sales prices of single-family homes have continued to increase in the state as the market turns more and more to the upper-middle class. As a result, many developers and investors have turned their focus to luxury homes to meet these demands.
The strength of the market is not only from domestic investors, but Florida also continues to have its long-held popularity amongst international buyers and investors. The state’s reputation for having a market just as strong as more expensive areas of the US make it a majorly desirable place for these foreign investors to buy into the real estate market.
All signs point to market trends in Florida continuing to stay on the up-and-up, and there is little sign of this slowing down anytime soon. With a market continuously growing and thriving, now remains to be a great time to invest in the Florida real estate market.