Florida Housing Forecast 2022

Florida Real Estate Market

The forecast for the State of Florida’s housing market is typical of most housing markets in the US. It’s showing signs of cooling, but not so much in price.

However, a number of factors make the Sunshine State very attractive to Americans.  The migration to Miami and the Gulf Coast cities remains brisk and buyers keep bidding prices up, closing fast and still paying cash for their property.

In June, home sales dropped 1.9% vs the previous month and are down 17.2% in the last 12 months. The average Florida home now sells for $420,000 which is unchanged from the previous month, yet is down 19.7% vs last June of 2021. Pending sales of Florida homes sunk 1.35% in June, and that is down 20.9% vs 12 months ago.

Existing condo-townhouse sales totaled 11,796, down 27% over June 2021 while the median price for condo-townhouse jumped 26.4% $324,900, year over year. New listings for existing condo-townhouses rose 4.7% year-over-year.

One bright sign is an increase in active listings, which move upward by 3.3% in June, and is a whopping 62% vs June of last year.  Inventory has reach 1.9 months, which is a 72.7% increase over last June’s supply.

Median time to sell rose slightly by one day in June, however it is still one day faster than 12 months ago.

$420k may seem like a crazy average price, but compare house prices in Los Angeles, New York, Los Angeles, New Jersey, or Toronto, Florida real estate remains a bargain with a strong demand profile for the next 5 years at least.

June Home Sales Report

2022 Florida Realtors President Christina Pappas, said “Home prices continue to be impacted by this shortfall in inventory. When homes are available for sale, they’re going under contract very quickly.”

Single Family homes sales June. Screenshot courtesy of Florida Realtors.

“Our data trends indicate for-sale inventory levels are beginning to rise, which could help lessen the pressure of rising prices and housing affordability for buyers over time,” says 2022 Florida Realtors President Christina Pappas.

Home Prices in Florida

Prices stayed level in June, however they are still up 19.7% vs last year.

Single Family homes prices June. Screenshot courtesy of Florida Realtors.

See more on the Tampa housing market, Fort Lauderdale, Miami housing market, Boca Raton housing market, Orlando, Fort Myers, Jacksonville, Panama City and other beautiful Florida locations.

Rest assured that interest from those selling in the New York housing market, Boston housing market, Philadelphia housing market, Toronto housing market, Atlanta housing market and Chicago housing market will remain brisk. Although talk of a potential housing market crash abounds, the Florida market will always be of interest to buyers. More retirees who have cash may appreciate being able to buy in the Sunshine state at a more affordable price. There are plenty of demographic, tax and economic reasons that Florida’s market may be the most resilient.  See more on the US housing market forecast.

Single Family House Sales

Single Family homes median price. Screenshot courtesy of Florida Realtors.

June 2022’s housing sales stats continue to show Florida reigns as one of the most desirable places in the US to live.  It has the most vibrant markets too now year round.  It compares to Texas, California, Arizona, and Nevada as one of the best US housing markets.  Stats show strong sales in the southern US region and immigration to the low tax states including Idaho, Arizona, Texas, and Montana.

New home listings is one of the most important stats to buyers.  New listings increased 6.5% vs May and is up 13.2% year over year.

Florida property new listings. Screenshot courtesy of Florida Realtors.

Fewer Florida houses are being sold in the lower price range, yet more sales are happening in the higher price ranges, particularly between $300k and $600k.

Florida home sales and prices by city/region in June

Florida region by region, city by city market overview. Screenshot courtesy of Florida Realtors.

Condo Stats for June

Florida region by region, city by city market shot for condos and townhouses. Screenshot courtesy of Florida Realtors.

Florida real estate is still one of the most desirable locations to live, regardless of politics and Covid 19 infections. The climate, low tax, increased entrepreneurialism and more keeps drawing real estate investors and home buyers from everywhere. Cities such as NYC, Boston, Philadelphia, Washington and northeastern cities are where many buyers come from.

The Allure of Florida Strong Despite Prices

Price is a good barometer of buyer preference and intent.

Florida’s gorgeous climate is a huge draw for most buyers of home here. While Florida was considered a dead end back 30 years ago for snowbirds and tourism workers in decades past, the state has diversified its economy from agriculture in the middle to tech in the south (See Miami real estate forecast. Much of the state’s housing market is quite affordable compared to other locations such as Los Angeles, New York, Atlanta, Dallas, Denver, San Francisco, Boston, Philadelphia and Chicago.

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Florida has one of the hottest US housing market forecasts for 2022 and beyond, and predictions are that bidding wars will be common. Buyers from New York, Boston, Philadelphia, Chicago, Atlanta, and Toronto are eager to own a home in Tampa or Miami and other beautiful FL cities.

See the Tampa St Petes and Miami real estate reports.  As detailed in this epic report on Florida’s real estate scene, home prices will always rise against a lack of supply.  Add on the hope of the economic recovery in July or August, and the stage is set for rocketing home prices across the Sunshine state.  The price of lumber, land, and steel along with labor shortages are going to impinge on the Florida state housing market as well.

Still, sellers should not sell their house fast, and rather sell strategically for a better price. Realtors check real estate marketing services to help you generate more leads.

Florida Realtors believed rising interest rates would moderate demand and prices, but I think it’s unlikely. The Fed has promised continuous low rates and said inflation is not an issue. There is pent up demand, low construction numbers and rising savings and wages to lay down on a Florida home.

If buyers are buying houses and condos in Florida, it means they’re seeling in the North (Manhattan, New York, Boston, Philadelphia, Atlanta, Chicago, Washington, Baltimore, New Jersey, Cleveland, Indianapolis, Minneapolis, etc) to find single detached homes anywhere.  They’re looking for safety from Covid 19 and more room and nice weather to work in.

The forecast for the next 3 months is stronger than normal, leading into a 6 month growth period of unusual intensity. The 5 year real estate market outlook for Florida looks promising. This should encourage buyers to pay more and sellers to demand more for hard to find houses.

Florida Population Growth Outlook

A study/prediction by http://edr.state.fl.us/ suggests Florida’s population will grow by 60,000 over the next 3 years ( a compound growth rate of 1.53%).

The edr.state study also shows further that population growth may begin to decline, death rate to climb, and household size begin to shrink after 2023. Overall, net migration is predicted to remain high which supports long term house prices.

House Prices by City in April 2022

Wondering which cities might offer the best value in 2022? House prices have increased the most in Tampa, Hommassassa Springs, Cape Coral, Lakeland Winterhaven, Ocala and Punta Gorda, all beautiful locations.

florida housing sales city by city.
Florida housing sales city by city. Screenshot courtesy of Florida Realtors.

Fewer listings is typical of the national housing market, or housing markets in Boston, Tampa, Miami, New York, California, Dallas , Denver, or San Diego. Homeowners are very reluctant to sell in this economic climate. More stats on Florida homes for sale below.

Why the demand for Florida real estate?

Here’s a few good reasons why the brisk search for Florida homes for sale:

  • low mortgage rates
  • low Florida taxes
  • people getting in before the boom and rocketing Florida prices
  • greater square footage living
  • economic concerns and debt in Northeastern states
  • more houses in the south vs apartments in the north
  • Covid 19 outbreaks continue among the stubbornly unvaccinated
  • buyers thinking ahead to new winter with the Florida warmth, sunshine, beaches and water, and year-round activity; no -40 or shoveling snow in Florida
  • economic diversity in the Sunshine state
  • coming boom of recreation and travel
  • pent up consumer demand returns in a wave
  • the reduction of work shutdowns

These and more might be the key factors driving the relentless growth of the Florida housing market. It should keep Florida Realtors busy and happier.

The Much Desired Florida Real Estate Market

Florida has a lot going for it. Lower-income and property taxes, warm weather, no estate taxes, and incredible recreation and beaches make this state the most desirable place (i.e, for New Yorkers and Manhattanites) to buy a home.  While California cities are in freefall from evaders, Florida cities including Boca Raton, Miami and Tampa, are often among the best cities to buy real estate. Compare to home prices in Texas, Georgia, Colorado, or California.

The key stats below might be active listings and initial listing prices.  They show a severe downward trend in homes for sale available, particularly at cheaper prices, and that listings are still growing in the upper price tiers.

Given the devastation of the Corona Virus pandemic shutdown, Realtors did a good job keeping the market thriving. From Boca Raton, to Miami to Tampa, as in all US housing markets, the forecast is a full return by summer of 2021.

Luxury Homes in South Florida

See more on the Miami real estate market and Tampa real estate market.

Tampa Bay Home Sales

In Tampa and Hillsborough County, the median listing home price in Tampa, FL rose 15.5% year over year to $350K. The median home sales price reached $340K. Days on market in Tampa, FL dropped slightly to 46 days.

In Miami Dade County, Miami Real Estate  see best June sales month ever as existing condo sales jumped 212.8% vs last June. Miami-Dade County total home sales surged 114.3% year-over-year in June 2021, from 1,893 sales to 4,057. Miami single-family house sales went up by 41.6%, from 1,089 to 1,542.  And existing condo sales in Miami grew 212.8%, from 804 to 2,515 units.

The big rise in sales is being attributed to pent-up demand, more U.S. individuals and companies moving to South Florida, and record-low mortgage rates.

See more on the Miami real estate market picture.

Businesses and real estate offices continue to open, and more business is being done online. Search data for real estate shows buyers are doing a lot of searches online for houses for sale.

Economic Challenges ahead for the Sunshine State

Slowing Tourism: What will happen with prices in 2021 if there is a vaccine and travel to Florida returns full tilt?

Disney World closing, Cruise lines docked, NHL hockey and NBA basketball cut short, MLB baseball training canceled, spring break vacation canceled, and restaurants closing. Florida’s $40 billion tourist industry is primed to return.

There are still challenges for homebuyers looking for affordable buying opportunities in 2021’s housing market.  A homebuyers tax credit, recovering economy and low mortgage rates should help.

The economy is strong in metros such as Tampa, Sarasota, Miami, Fort Lauderdale, Orlando, and Jacksonville. Consumer confidence is strong and demand for Florida fruit and vacations is high.

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See more forecasts on the real estate housing market, and the latest home prices and sales trends for numerous major metros in California including San Diego, Los Angeles, San Francisco, and Sacramento.  See stats on other cities, including Denver, Dallas, New York, Boston, Atlanta and in the Florida housing market in Miami and Tampa.  Visit linkedin to discover advanced level SEO and real estate marketing services.

Rising mortgage rates, inflation, reduced housing supply and high home prices threaten the markets, it appears 2022’s real estate scene will stay strong. Realtors may want to build their presence this year as house prices decline in 2023. Lower prices will bring plenty of homes onto the market and boost your opportunities.

Looking for more exposure online in your region?  See these effective online marketing services. Serving San Diego, San Francisco, Denver, Dallas, Charlotte, Tampa, Atlanta, Boston, and all cities across the US. Capture the right mix of specialized services that provide the best lead generation for your budget.

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