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Why Investors Still Love Floridas Real Estate Market In 2020
At the beginning of this year Forbes listed several Florida cities – including Orlando, Jacksonville, and Fort Lauderdale – as the best bets for real estate investors in 2019.
This year the market has been exceptionally good for investors, but is the Florida housing market still a smart investment for 2020?
According to The Florida Times-Union, the answer is a resounding “Yes!”
It’s true that Florida has one of the hottest real estate markets in the country, and for good reason. The state is bordered by the Gulf of Mexico, the Atlantic Ocean, Alabama, and Georgia.
Florida is an international tourist destination with year-round sunshine (earning the state its nickname “The Sunshine State”) with world-class theme parks. The economy is dynamic and diverse, with dozens of global business headquarters and a government that is both pro-business and pro-development.
Read on to learn why the demand for buying and renting real estate in Florida will keep growing in 2020 and beyond.
Between now and April 1, 2024, the population of Florida is expected to grow by an average of 906 new residents per day, according to a news release from WFLA Channel 8 in Tampa. In fact, over the next two years Florida’s population is expected to grow by more than 700,000 residents.
Key Population Stats:
In 2018 Florida had a state population of nearly 21.3 million people, according to the U.S. Census Bureau.
Since 2010 the population of Florida has grown by 13.3% and is currently the third-largest state by population in the U.S.
The State of Florida expects 906 new residents per day through April 2024, representing an annual compound growth rate of 1.53%.
In fact, the Florida Chamber of Commerce reports that by 2030 Florida’s population could reach nearly 26 million residents, more than the current population of Australia.
Florida counties expected to have more than 1.6 million residents in the next ten years are Miami-Dade, Broward, Hillsborough, Orange, and Palm Beach.
The four largest metro areas in Florida are Miami-Fort Lauderdale-West Palm Beach with 6.1 million residents, Tampa-St. Petersburg-Clearwater with 3.1 million, Orlando-Kissimmee-Sanford with 2.5 million, and Jacksonville with just over 1.5 million residents.
Although the state’s capital city of Tallahassee only has around 350,000 residents, the city’s growth rate is one of the fastest in Florida.
Real Estate Market
The latest release from the World Property Journal reports that home sales in Florida jumped 11% over the past month. As The Florida Times-Union in Tampa notes, buying and renting demand will keep growing in Florida as the local economy gets stronger and the population increases.
Key Market Stats:
Median home value in Florida is $238,600 with Zillow ranking the state’s real estate market as “very hot” (as of Oct. 2019).
Median home values in Florida have increased 4.1% over the past year and are forecast to grow by another 3.6% in the next 12 months.
Median listing price of a house in Florida is $294,900 and the median selling price is $227,500.
Average days on market is 83.
16.4% of the homes listed for sale in Florida have a price cut during their listing period.
7% of the homes in Florida have a negative equity vs. 8.2% U.S. average.
1.4% of the homes in Florida have a delinquent mortgage vs. 1.1% nationally.
Key real estate markets stats for Florida can vary by area, so be sure to research markets by city in Florida, including Miami, Naples, Tampa, Orlando, Tallahassee, and Jacksonville.
Strong Renters’ Market
The University of Central Florida’s Florida & Metro Economic Forecast predicts that single-family housing in Florida will remain in short supply despite housing starts accelerating.