According to the WFLA report for November 2021, the number of home sales and prices in the state are growing.
The number of offers is decreasing, and the number of buyers buying real estate for cash has almost doubled during the pandemic years. In fact, in every metropolitan area of the state, housing prices have increased by double digits as of the third quarter of 2021.
Basic market statistics:
- The average cost of a house in Florida was $378,104 as of April 2022;
- The average cost of homes in Florida has increased by 33.1 over the past year%;
- Over the past five years, the value of homes in Florida has increased by more than 78%.
Attractive rental market
According to ABC Action News, Miami, Tampa and Orlando reported the largest annual rent increases in the country. The trend of rent growth in Florida has been observed for quite a long time.
As The Real Deal reported last year, the influx of expats allows landlords to raise rents to high levels. People are attracted by Florida’s thriving labor market, the absence of a state income tax and the climate.
Basic market statistics:
According to the Zumper portal, as of June 2022, the average rent for a three–bedroom house in Miami was $ 3,675 per month, in Tampa and Orlando – $2,300 and $2,190, respectively. Rents in these three largest metropolitan areas of Florida increased by 16-19% year-on-year.
34% of housing units in Florida are rented. This means that there is enough space for growth in the rental market.