In recent years, the market has shown strong growth, with increasing home values and a steady demand for housing. While this is more than property in Palms Springs, its still below the state and national averages. As mentioned above, the average cost of an apartment in Miami is over $2,000. This makes it the perfect place to relax, unwind, and raise a family in peace. Sofia joined the Homeinc team in February 2022 and has been adding value as our Miami Office Manager since day one. Disney World, low property taxes, economic activity, and other factors are bringing a demand for more housing in Florida preceding pre-pandemic levels in many areas, including Port st, Orlando, Miami, Fort Meyers, Jacksonville, Deltona, and Tampa. On the other hand, if the government were to decrease property taxes, it would make owning a home more affordable, leading to increased demand and higher prices. People who only go in three days a week will be willing to accept a longer commute, he adds. Whether youre a buyer or a seller, you should weigh the potential costs of waiting, and keep in mind that the market may not shift in your favor. Another benefit of investing in the Florida housing market is that the state has a growing population. Talk to Loved Ones, FHFA: Fla. has 6 of Top 10 Price-Increase Metros, NAR: Pending Sales Up for 2nd Month in a Row, Make a Difference on a Florida Realtors Committee, Remote Notarization Approved by U.S. House, Starting Social Media Marketing? This growth in home prices is being driven by strong demand and a tight inventory of homes for sale. According to the National Association of Realtors, the median price of a home in North East Florida in January was $338,995. While this does make it a great vacation destination, it also makes it a great place to live and raise a family. Despite the strong market, there are still some challenges that buyers and sellers should note. Per the St. Louis Fed, the average sales price has increased from $374,500 in Q2 2020 to $542,900 in Q3 2022. Its difficult to say whether Florida real estate has peaked. Serve the relocation market. When interest rates are low, borrowing money to buy a home is more affordable, encouraging people to enter the housing market. While there can be a significant start-up cost in terms of time and money, having a steady rental income stream can offset the ups and downs of the sales side, he adds. Because most sellers will need to purchase a new home, they may appreciate power-buyer financing options, such as bridge loans or guaranteed purchases to smooth the transition, says Mohtashami. [CDATA[// >