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Forecasts point to slow but steady progress for both the Florida economy and real estate in 2021. The former is expected to grow by 4.9% and the latter to continue to offer strong potential for investors.
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Florida metros account for a full quarter of the top 20 relocation destinations in the US in 2020 and within them, Tampa stands out as a favourite. And 2021 looks set to see more of the same. To the extent that, several reports forecast Tampa real estate to be one of the hottest markets in the US this year.
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Discover why Florida takes 13 out of 25 spots in rankings for the best place to retire in the US 2020/21. And why Sarasota is the best of all.
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Data compiled recently from 2019 reveals that condo properties in the US appeal strongly to millennials and first-time buyers, to the extent that supply dropped to just 4 months at the end of the year. Prices continue to rise across the country with Florida one of the hotspots for investment in this type of property.
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The long-awaited figures for the Florida property market in Q2 2020 show a mixed bag. On the one hand, median prices rose as did pending sales, but on the other, supply plummeted. The lack of available single-family homes leads experts to augur strong bidding wars over the next few months.
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Florida real estate registered rises in both pending sales and house prices in May, indicating strong pent-up demand with the market. Property prices saw their 101st consecutive month of increases and supply levels dropped to a new low for single-family homes.
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Even during stay-at-home recommendations, the US real estate market has continued to show signs of strength. Despite fewer listings and a slowdown in the time taken to sell property, house prices keep rising. Median prices for May registered the highest ever.
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The busiest period in the US property market is generally the spring, but the summer looks set to be the more active this year. Buyer appetite is strong and would-be homeowners are taking full advantage of the country’s low mortgage rates. Analysts believe that many buyers see the current situation as an opportunity rather than a challenge.
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Traditionally, the spring season is the busiest for property in Florida, but would this year’s stay-at-home recommendations in April change things? Two studies for early spring show they haven’t and online searches for homes have soared. Among the most sought-after areas in the US were several Florida metros with enquiries for Jacksonville the third highest in the country.
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When it comes to the US rental property, Florida metros regularly feature as the best. Homes in the Sunshine State offer investors cash flow and equity growth and bring together the ideal investment criteria. In 2020, three Florida cities took the top three positions in the US.