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According to market data company Statista, homeowners sold a record-breaking number of Florida single-family homes in 2021. However, Florida home sales appear to be slowing in 2022. In August, the median days to close in Florida increased by 2% month-over-month.
Check out these five most affordable places to live in Florida! Cape Coral. Dunedin. Fort Walton Beach. Lakeland. Vero Beach.
As of August 31, 2022, the typical value of homes in Florida is $405,489 (Zillow Home Value Index). This value is seasonally adjusted and only includes the middle price tier of homes. Florida home values have grown by 30.5% over the last twelve months and 56.8% over the last twenty-four months (2 years).
Despite being one of the most popular vacation and retirement destinations in the U.S., Florida can be affordable. In fact, the average cost of living in Florida is not even 1% higher than the national average, according to a Cost of Living Index.
Experts believe home prices will continue to go up amid the rising demand. New inventories are not expected to become available any time soon in 2023. However, while new houses are now being built and may ease the inventory issues a little bit, the inventory may still not keep up with the high demands.
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In fact, the Florida real estate market is one of the most profitable investment markets to date. There are many factors to suggest that purchasing Florida investment properties is a rewarding experience. For example, the state offers people with a lucrative return on investment on their properties.
Summary. Many factors, such as a strong and stable economy and talented workforce, make Florida an excellent choice for real estate investors. While there are many strong markets in the state, we explored 4 that are both hot right now and offer investors excellent long-term potential.
Most Affordable Places to Live in Florida Cape Coral. Dunedin. Fort Walton Beach. Lakeland. Vero Beach.
As economic conditions continue to impact the country, industry experts are suggesting there will be less demand in 2023 which will likely result in house prices falling.
The bottom line on the 2023 housing market The housing market will be tepid in 2023, with only lukewarm demand and a limited amount of inventory available for sale, McBride predicts. However, mortgage rates could pull back meaningfully next year if inflation pressures ease.

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