So you’re looking to explore the hot markets of Florida. Well, nobody can blame you. Hence, wanting to own property in one of the most exotic states of our country is no sin. No matter if you choose to buy a house in California or Florida, probably everyone likes the vibe. Nice weather, beaches, nightlife, palm trees, almost everything is there. All things considered, as a result, Florida is one of the top destinations in the USA. Luckily for you, real estate trends in Florida seem to be on the rise due to a list of reasons. Therefore, let’s go over some of the key statistics and facts in order to get a better picture of the housing market predictions in Florida.
Big deals coming in
If you are looking to invest or relocate yourself, it has to be a market that has great opportunities and money coming in; and it seems like the Florida real estate forecast is looking really bright right now. While it’s true that big projects do not have to always reflect a strong economy, it is probably one of the best signs. With these huge projects starting, there is no shortage of opportunities.
Miami, a city of international culture and mystique that draws people with its promise of energy and excitement. A city that is always awake, always alive and ready for the next big thing. And at the heart of it all, Miami Worldcenter. It aims to become the most vibrant and entertaining center in this part of the country. Consequently, I think it’s safe to say that with projects like these, the real estate market in Florida is booming. If you are planning on relocating to Lake Worth, this amazing design is just 2 hours away, make sure to check it out as soon as it’s fully completed.
Currently, the Miami Worldcenter stands as one of the biggest projects in the world. Above all, the planned value of the center sits at $5 billion. Yeah, that’s a lot and it sets a pace for real estate trends in Florida. Located in the core of downtown Miami, the ten-block, mixed-use development is situated immediately north of the Central Business District and is surrounded by world-class amenities and boasts convenient access to transportation.
As it stands, the MWC will include the following:
- 1,875 Residential units
- 300,000 Square feet of retail space
- 2,050 hotel rooms
- 500,000 square feet of expo space
- 50,0000 square feet of office space
Tropical Modernism in the heart of South Florida, as they like to call it. One of the hottest real estate trends in Florida. Designed by an award-winning team of world-class designers, it really takes your breath away. With its location in West Broward County, it creates a tropical illusion within a modern day, business-oriented city. Spanning across 4 million square feet, this community aims high and sets new heights in what is considered possible. Housing market predictions in Florida claim that this wonderland, as a result, will make a huge impact on Florida’s economy and it’s taxpayers.
- 27 acres
- 300,000 square feet of high-street retail
- The office tower + two apartment buildings
- Convention hotel with 1,700 rooms and 500,000 square feet of meeting, exhibition, and convention space.
- Paramount Miami Worldcenter, a 60-story, 500-plus unit luxury condo tower.
The economy – a key factor while looking at real estate trends in Florida
As of right now, Florida ranks as the 4th strongest economy in the USA. Definitely, a strong signal if you look at the Florida real estate analytics. Additionally, it has also experienced a rise in the job market by %2,1 in the previous year. Looking at these stats, it probably seems like Florida is one of the best places to live in. As that may be true in some aspects; in contrast, others prove that the situation is not so perfect. The biggest stat that proves this is that in 2017, per capita GDP was $39,842, and it ranked number 40 in the country. Certainly, It goes without saying that being number 40 out of 50 is never good. Seems like the Florida real estate forecast is pretty positive, right?
If you are wondering how the numbers can be so good and yet so bad at the same time; it might be due to the fact that Florida currently has 427,824 millionaires, again, ranking number 4 in the country. This makes Florida just a part of many markets like this, such as Dubai real estate. Chief Executive Magazine named Florida the third “Best State for Business” in 2011. This is true today as well. Real estate trends in Florida are, of course, strongly influenced by this fact. This indicates a strong disconnection between the rich and the poor. We are witnessing something here that’s true for a lot of countries/states, the middle class is starting to disappear.
Florida cities real estate statistics
The best way to figure out Florida real estate analytics is to take a look at its top cities individually. By doing this, as a result, you can figure out how the entire state will unfold in 2019. Doing a proper analysis of the market is key before you invest, and most noteworthy, it can help you choose the best place to invest in. With the help of Zillow stats, we can determine some key Florida real estate analytics.
Located in the east, Tampa remains one of the top locations in Florida. Furthermore, If you wish to find hot real estate markets in Florida, the bay cannot be overlooked. Let’s look into the stats:
Market temperature – Warm
- Median Home value – $221,500
- Home value trends – 2018 +9.8%, 2019 prediction +5.3%
- Median list price per square foot – $192
- The median price of homes currently listed – $300,000
- The median price of homes sold – $228,000
- Median rent price – $1,495
The Vice city. Uncrowned capital of Florida. Probably one of the most famous cities in America. Hence why you can not try and explore the real estate market in Florida without including Miami. As a result, It is one of, if not the most popular city in Florida.
Market temperature – Cold
- Median Home value – $338,900
- Home value trends – 2018 +4.7%, 2019 prediction +3.9%
- Median list price per square foot – $434
- The median price of homes currently listed – $493,900
- The median price of homes sold – No data
- Median rent price – $2,400
The Magic land. Residing on the central part of Florida, Orlando is smoking hot right now. Therefore, If you didn’t realize that Orlando is one of the hot real estate markets in Florida, this should convince you. Let’s see why it may become a home of the new real estate trends in Florida:
Market temperature – Very Hot
- Median Home value – $239,700
- Home value trends – 2018 +9.4%, 2019 prediction +5.8%
- Median list price per square foot – $151
- The median price of homes currently listed – $278,998
- The median price of homes sold – $230,500
- Median rent price – $1,575