That Florida property represents great value this year is no secret but according to a recent survey, it actually couldn’t get any better. Four out of the top five best US property markets for single family homes are in the Sunshine State. The combination of strong economic growth and a rise in population make property in Florida the hottest in the country.
Top Single-Family Housing Markets Report for Fall 2016 carried out by the online property portal Ten-X takes a look at the 50 largest metro areas in the US. Based on current and forecasted property statistics, the survey ranks the 50 to find the best US property markets, a ranking that Florida dominates this autumn.
The top four positions are all Florida metros. Led by Fort Lauderdale at the top, Palm Beach County, Tampa and Orlando complete the other four positions. Las Vegas brings up the rear in fifth position. The top four are no strangers to the listings – the spring survey also placed them as the best US property markets. Las Vegas, however, has usurped Seattle in fifth place.
According to Ten-X Executive Vice President Rick Sharga, the top five positions are due to “a vigorous combination of consistently strong demand, home price appreciation, and economic and demographic growth”. He pointed out that although all five was badly affected by the housing market crash in 2008, they have recovered well. “The continued road to recovery for these destination cities is looking even brighter,” he said.
Fort Lauderdale best property market of all
At the top of the ranking for the best US property markets is Fort Lauderdale. This metro area on the southeast coast of Florida has, according to Ten-X, seen a “considerable comeback from the housing bust”.
Property in Fort Lauderdale has experienced an annual price rise of 11.9 per cent with an increase in sales of 3.6 per cent. As is the case with most Florida property, prices for single family homes in Fort Lauderdale remain well below their 2007 peak and the 17.6 per cent margin leaves plenty of room for growth. Like the other Florida metro areas in the ratings, Fort Lauderdale has seen strong job creation and population growth over the last year.
Second place for Palm Beach County
Hot on the heels of Fort Lauderdale is Palm Beach County, relegated to second place after winning the best US property markets in spring. Just up the coast from its nearest rival, this metro area has seen single family homes rise in price by 10.5 per cent and sales by 4.1 per cent over the last year.
Palm Beach County “continues to make strides in its recovery efforts” says the Ten-X survey. Job creation in this metro area went up by 2.3 per cent and its population by 1.7 per cent last year, double the national average.
Tampa property gets bronze
Along with Orlando, Tampa is regularly tipped as one of the best US property markets so it’s no surprise to find it in third place in the Ten-X survey. The metro area is praised particularly for its economic expansion. The employment market grew by 3.1 per cent last year, although job growth in the professional/business services sector almost doubled this. Tampa’s population grew by 2 per cent in 2015.
Prices for single family homes in Tampa went up by 11.2 per cent in the year to October. Their median price of US$175,000 is, however, still 14 per cent below its 2007 peak. Property sales increased by 4.2 per cent.
Strong comeback for Orlando
Florida’s favourite holiday destination has, according to the survey, a housing market with “outstanding growth”. Median prices for single family homes rose by 9 per cent in the year to October, yet still sit over 20 per cent below their peak.
Orlando’s economy is the shining star and the main reason behind the metro area’s ranking as the fourth best US property market. Job creation reached 4.5 per cent last year when the population of Orlando went up by 2.6 per cent. This is three times the national average and one of the highest increases seen in the country.
“Forbes tipped Florida property as one of the best US property markets at the beginning of this year,” says Dies Poppeliers, Managing Director of BRIC Group. “The market has performed well and everything points to continued value for money in the state over the short and medium term, particularly in the metro areas highlighted in this latest survey.”
BRIC Group, an investment company specialising in global real estate opportunities, offers US real estate investments including turnkey properties in Florida and Houston, and land plots in Florida. BRIC Group is also developing The Coral resort, in Northeast Brazil, a luxury beachfront resort with land and villa investment opportunities. BRIC Group has been creating wealth for its clients since 1996 and has offices in Brazil, Dubai (consulting office), Hungary, Spain and the US.