{"id":5715,"date":"2024-01-08T06:37:00","date_gmt":"2024-01-08T10:37:00","guid":{"rendered":"https:\/\/propertyonion.com\/education\/?p=5715"},"modified":"2024-01-07T12:14:30","modified_gmt":"2024-01-07T16:14:30","slug":"2024-florida-housing-market-the-outlook-is-brighter","status":"publish","type":"post","link":"https:\/\/propertyonion.com\/education\/2024-florida-housing-market-the-outlook-is-brighter\/","title":{"rendered":"2024 Florida Housing Market: The Outlook IS Brighter!"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">In this Article:<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/propertyonion.com\/education\/2024-florida-housing-market-the-outlook-is-brighter\/#What_do_you_anticipate_needing_for_success_in_your_2024_real_estate_investment_plan\" >What do you anticipate needing for success in your 2024 real estate investment plan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/propertyonion.com\/education\/2024-florida-housing-market-the-outlook-is-brighter\/#Interest_Rates\" >Interest Rates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/propertyonion.com\/education\/2024-florida-housing-market-the-outlook-is-brighter\/#Purchase_Prices\" >Purchase Prices<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/propertyonion.com\/education\/2024-florida-housing-market-the-outlook-is-brighter\/#Demographics_and_Market_Demand\" >Demographics and Market Demand<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/propertyonion.com\/education\/2024-florida-housing-market-the-outlook-is-brighter\/#What_Emerging_Trends_Tell_Us\" >What Emerging Trends Tell Us<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/propertyonion.com\/education\/2024-florida-housing-market-the-outlook-is-brighter\/#Planning_Ahead\" >Planning Ahead<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_do_you_anticipate_needing_for_success_in_your_2024_real_estate_investment_plan\"><\/span>What do you anticipate needing for success in your 2024 real estate investment plan?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Whether you are anxious about&nbsp;<a href=\"https:\/\/propertyonion.com\/education\/how-to-invest-based-on-2024-mortgage-rate-predictions\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">fluctuating mortgage rates<\/a>&nbsp;or&nbsp;<a href=\"https:\/\/propertyonion.com\/education\/10-ways-of-making-your-investments-work-for-you-in-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">just beginning your real estate investment portfolio<\/a>, sources including&nbsp;<a href=\"https:\/\/www.floridarealtors.org\/news-media\/news-articles\/2023\/10\/2024-housing-market-outlook-better-year-ahead\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">real estate coach Tom Ferry<\/a>, founder of Tom Ferry International, confirm \u201cThe smart agents stopped complaining about the market a while ago and are focused on action for today\u2019s market reality.\u201d<\/p>\n\n\n\n<p>Today, we\u2019re going to look at key areas of focus regarding <a href=\"https:\/\/propertyonion.com\/education\/how-to-invest-in-properties-for-a-coming-recession-in-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">2024 real estate market predictions<\/a>. While experts may have conflicting opinions about the status of the national real estate market, one thing is for certain: Florida is still a hotspot in the real estate marketplace.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>The current market is putting out around 20,000 new units per year, but the demand is closer to 200,000.<\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Interest_Rates\"><\/span>Interest Rates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/fred.stlouisfed.org\/series\/MORTGAGE30US\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Mortgage interest rates are on the rise<\/a>&nbsp;and have been since mid-2021. During the pandemic, we saw record-low rates of 2.65%, which led to an influx of buyers and a crowded marketplace.<\/p>\n\n\n\n<p>Higher rates mean fewer people are willing to buy. Buyers could refinance in a couple years, but we can\u2019t know for sure if the rates will lower by then and some may be wary to take that chance.<\/p>\n\n\n\n<p>This affects all parts of the marketplace from investors to buyers. The only area where the mortgage rate increase doesn\u2019t have as much of an effect is the luxury sector. Many sales in the luxury market are paid in cash, so rates aren\u2019t as much of an issue.<\/p>\n\n\n\n<p>If you\u2019re an investor relying on low mortgage rates, you may want to rethink your strategy and figure out how you can pay cash. You don\u2019t want to be paying loads of interest each month on&nbsp;<a href=\"https:\/\/propertyonion.com\/education\/how-to-put-lipstick-a-pig-property\/\" target=\"_blank\">a property that might not be immediately profitable<\/a>.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Purchase_Prices\"><\/span>Purchase Prices<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Purchase prices are also returning to a level of normalcy within the market after their pandemic rise.&nbsp;<a href=\"https:\/\/www.redfin.com\/state\/Florida\/housing-market\" target=\"_blank\" rel=\"noopener\">According to data collected by Redfin, home prices<\/a>&nbsp;in Florida are up by 3% from this time last year.&nbsp;<\/p>\n\n\n\n<p>Some of you may remember the average price year-over-year differences between 2019, 2020, and 2021 that spanned around $150,000. Those price leaps appear to be behind us.<\/p>\n\n\n\n<p>As of October 2023, the average home price in Florida is $403,700 with a median of 44 days on the market. Now, this average price and days on the market may differ depending on which area of Florida you are located.<\/p>\n\n\n\n<p>The bottom line is no matter what metro you are in, the average prices are leveling out and trending toward small positive increases.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Four Florida metros rank in the top 10 areas within the U.S.<\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Demographics_and_Market_Demand\"><\/span>Demographics and Market Demand<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The population in Florida is growing. After an initial peak when remote workers moved at the start of the pandemic, numbers continue to rise.&nbsp;<\/p>\n\n\n\n<p>The midyear report given by the National Demographic Estimating Conference states a projected annual population growth in Florida of nearly 300,000 per year. That works out to 817 new Florida residents per day.&nbsp;<\/p>\n\n\n\n<p>While the population of homeowners is growing in part due to migration, a large part is also attributed to the next generation (Gen-Z and Millennials) looking to purchase their own homes and investment properties.<\/p>\n\n\n\n<p>\u201cNationally, the number of households headed by 25- to 34-year-olds is growing much faster than other age ranges,\u201d according to the Joint Center for Housing Studies at Harvard University.<\/p>\n\n\n\n<p>For some heads of households, they may be working on a real estate investment plan or simply buying their first property. Either way, market demand is way higher than what\u2019s out there.<\/p>\n\n\n\n<p>The current market is putting out around 20,000 new units per year, but the demand is closer to 200,000. That\u2019s a sizable gap, which means the rental industry should remain strong since there simply aren\u2019t enough homes out there to keep up with market demand.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.floridarealtors.org\/news-media\/news-articles\/2023\/10\/2024-housing-market-outlook-better-year-ahead\" target=\"_blank\" rel=\"noopener\">Recent U.S. Census data<\/a>&nbsp;analyzed by the&nbsp;<em>Tampa Bay Times<\/em>&nbsp;reveals that recent population growth has been concentrated in large metro areas, including Orange, Hillsboro, Lee, Polk, and Palm Beach Counties.<\/p>\n\n\n\n<p>With so many individuals moving to Florida, some are bringing along their businesses, which means more jobs for Floridians. The growth potential of those jobs leading to more homeowners could continue to expand year after year.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Whether you\u2019re looking to&nbsp;purchase your first home,&nbsp;grow your investment portfolio,&nbsp;or leverage your&nbsp;real estate career, now is the time.<\/p><\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Emerging_Trends_Tell_Us\"><\/span>What Emerging Trends Tell Us<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The real estate market is leveling out. While there still may be some peaks and valleys ahead, the extreme ups and downs in the market we\u2019ve seen over the last five years are receding into memory.<\/p>\n\n\n\n<p>While nobody has a crystal ball that can see into the future, including me, experts are projecting a period of <a href=\"https:\/\/propertyonion.com\/education\/these-are-the-top-states-countries-migrating-to-florida-in-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"steady growth for Florida in 2024 (opens in a new tab)\">steady growth for Florida in 2024<\/a>.<\/p>\n\n\n\n<p>As one of the hottest destinations for homeowners, more people will plant roots here rather than the more expensive markets in the Northeast and West.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Hottest Locales<\/h3>\n\n\n\n<p>Four Florida metros rank in the top 10 areas within the U.S., including Orlando, Sarasota, Cape Coral, and Tampa.<\/p>\n\n\n\n<p><strong>Net Inflow<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Orlando \u2013 3,700<\/li><li>Sarasota \u2013 3,600<\/li><li>Cape Coral \u2013 3,400<\/li><li>Tampa \u2013 2,800<\/li><\/ul>\n\n\n\n<p>While these Florida cities are claiming new residents, not a single Florida city is listed in the top 10 areas within the U.S. losing residents. On that list, you\u2019ll find cities in the West, East, and Midwest.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Florida Year-over-Year Statistics<\/h3>\n\n\n\n<p>For those of you who want to skip right to the numbers, check out these collected figures below for October 2023 statistics on Florida real estate trends according to Redfin.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Median Home Sale Price \u2013 $403,700 (+3%)<\/li><li>Number of Homes Sold \u2013 28,595 (-5.8%)<\/li><li>Median Days on Market \u2013 44 (+4)&nbsp;<\/li><li>Number of Homes for Sale \u2013 151,156 (+7.4%)<\/li><li>Number of Newly Listed Homes \u2013 42,543 (+16.3%)<\/li><li>Months of Supply \u2013 4 (+0)<\/li><li>Homes Sold Above List Price \u2013 13.4% (-2.4 pt)<\/li><li>Homes with Price Drops \u2013 31.2% (+1.0 pt)<\/li><li>Sale to List Price \u2013 97.2% (-0.23 pt)<\/li><\/ul>\n\n\n\n<h1 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Planning_Ahead\"><\/span>Planning Ahead<span class=\"ez-toc-section-end\"><\/span><\/h1>\n\n\n\n<p>While signs point to a leveling of the market, experts also recommend getting started now. Whether you\u2019re looking to&nbsp;<a href=\"https:\/\/propertyonion.com\/education\/how-to-locate-and-buy-hurricane-damaged-homes\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">purchase your first home<\/a>,&nbsp;<a href=\"https:\/\/propertyonion.com\/education\/how-interest-rates-really-affect-investing\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">grow your investment portfolio<\/a>,&nbsp;or leverage your&nbsp;<a href=\"https:\/\/propertyonion.com\/education\/can-ai-technology-replace-or-help-real-estate-agents\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">real estate career<\/a>, now is the time. Returning to the opening quote by Tom Ferry, focusing on action in today\u2019s reality is the difference between would-be realtors\/investors and realtors\/investors who are building up their portfolios and achieving financial success.<\/p>\n\n\n\n<p>So, don\u2019t wait, and don\u2019t worry. At least, not too much. All market indicators are pointing in promising directions for <a href=\"https:\/\/propertyonion.com\/education\/10-ways-of-making-your-investments-work-for-you-in-2024\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"a profitable and somewhat predictable 2024 (opens in a new tab)\">a profitable and somewhat predictable 2024<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What do you anticipate needing for success in your 2024 real estate investment plan? Whether you are anxious about&nbsp;fluctuating mortgage rates&nbsp;or&nbsp;just beginning your real estate investment portfolio, sources including&nbsp;real estate coach Tom Ferry, founder of&hellip;<\/p>\n","protected":false},"author":34,"featured_media":5723,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[812,69,415,816,316,813,818,815,817,814],"class_list":["post-5715","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-investing-articles","tag-2024-real-estate-market","tag-florida","tag-florida-market","tag-hottest-destination","tag-interest-rates","tag-investment-portfolio","tag-market-indicators","tag-purchase-prices","tag-real-estate-trends","tag-tom-ferry"],"_links":{"self":[{"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/posts\/5715","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/comments?post=5715"}],"version-history":[{"count":3,"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/posts\/5715\/revisions"}],"predecessor-version":[{"id":5725,"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/posts\/5715\/revisions\/5725"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/media\/5723"}],"wp:attachment":[{"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/media?parent=5715"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/categories?post=5715"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/propertyonion.com\/education\/wp-json\/wp\/v2\/tags?post=5715"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}