Why Is Florida So Popular?
Florida is one of the most popular states to live in the United States. Beyond its amazing year-round weather, it offers wonderful people and gorgeous landscapes. A low cost of living and no state income tax are additional factors that motivate many people to move to the south-east. From 1960 to 2010 Florida’s population grew on average by 300,000 people per year.
How Is The Overall Housing Market Situation?
The growing population and a low unemployment rate of 3.9% had the effect that the Florida housing market was one of the fastest growing markets in the country over the past years, especially in the southern cities like Miami and Palm Beach. The area of Miami/Fort Lauderdale/West Palm Beach was the third highest target destination for migrating people from other cities in the US.
In April 2018 the home sales in the state increased by 4.1% compared to April 2017, while foreclosures and short sales were down – suggesting that the market is overall healthy.
The increasing sales numbers come at a time of decreasing supply in many areas, causing the prices to increase in the whole state. February 2018 marked the 74th month in a row that the statewide median sales prices for homes rose year-over-year (median=midpoint; half of the houses were sold for less, half for more).
The average sales price for single-family homes in January 2018 was $241,700, a 5.1% increase from the precious year (US median: $231,600).
And The Future?
Over the next five years the market is predicted to be stable. Interest in buying Florida properties is persistent and given the strength of the Florida economy, the tax situation in the sunshine state, and an aging population we should see strong home sale prices for many years.