Florida Home Values Surge:
Over six years, average home values in Florida doubled.
Comparison with National Trends:
U.S. national median home price doubled from $200,000 to $400,000 over ten years. This doubling occurred in less than a decade in Florida, highlighting a faster growth rate than the national average.
City-Specific Details:
Miami and Tampa tied for the third-fastest doubling of home prices among large U.S. cities.
Miami: Prices rose from about $290,000 in 2018 to $583,000 now.
Tampa: Prices increased from $213,500 in 2018 to $430,000 now.
Other Florida cities also saw rapid growth: St. Petersburg (doubled in 6.6 years), Orlando (7.5 years), and Jacksonville (7.9 years).
Market Challenges:
The study highlights ongoing issues like fluctuating mortgage rates, high property prices, and supply shortages.
These factors are creating a “rapid-fire onslaught” on homebuyers.
Florida in National Context:
Orlando and Tampa are in the top 10 hottest U.S. markets for 2024.
Factors include quick sales, strong buyer interest, expected stable home values, and job growth.
New Construction:
Florida is a major hub for new construction, with significant buyer interest.
In November, over 1.5 million new residential projects began in Florida, marking a 9.3% increase from the previous year.
National Comparison:
The fastest state for doubling median home price was Detroit, Michigan, where it took only 4.9 years.
Spokane, Washington, also saw rapid growth, doubling prices from $184,500 in March 2018 to $371,000 today.
