Florida Real Estate: How Have Home Prices Changed?
Sep 29, 2024
Change is in the air.
Temperatures are starting to cool off a bit and Home Depot already has Christmas trees on display. π
The real estate market is also making moves.
This week, we'll take a look at the different metro areas across the state and how home prices have changed. π§
How is Florida real estate changing?
Over the past few years, real estate prices in Florida grew faster than most other states.
In fact, only Maine (+80.5%) has increased more than Florida (79.3%) over the past 5 years according to the FHFA. πͺ
But what has happened now that rates have risen?
Let's take a look at the major metros across the state and how the median home price has changed compared to the same time last year:
First, Florida real estate is still outperforming the national average.
Prices are down 1% in Florida while they're down 1.5% nationally. π
This tells us that it's not unusually bad in Florida like many YouTubers would have you believe.
Second, we can see certain markets where prices are still rising and others that are seeing some declines.
Markets on the gulf coast are experiencing declining prices while the Atlantic Coast is remaining strong - especially in Southwest Florida, Orlando, and the Villages.
This emphasizes how important it is to understand your local market. π‘
Finding Opportunity
Most real estate professionals view rising prices as a positive thing because homeowners are gaining wealth and increasing prices reflect a more valuable real estate market. π°
Also, if prices rise, it reinforces the idea that people should buy real estate to get in on the gains.
This is definitely one way to find opportunity in the market: invest in the winners and buy where prices have gone up. π€©
On the other hand, if you're in a market with declining home prices, you get a different type of opportunity.
Most people expect a 2008-style crash if prices go down even a little bit, but that's not likely for a number of reasons.
Instead, prices that come down a bit give more buyers an opportunity to get a better deal. π²
We shouldn't be scared to buy if prices are coming down.
We should be jumping at the opportunity to buy a property at a discount. π€
Why? Zoom out and look at the history of home prices.
As long as we print our money, my bet is on rising prices over time. π΅
Remember, opportunity is all around us. We just have to be looking to see it. π
Dr. Alex Stewart
Founder
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