Despite the uncertainty surrounding the pandemic, Florida's real estate industry is booming. According to forecasts, in 2022, markets throughout the "sunny state" will continue to progress. With steadily rising demand, low-interest rates motivating buyers, and rapidly rising house prices, investors planning to buy an apartment in Florida should prepare for another exciting year.
Contents
- Comparing past indicators: changes in property prices in Florida
- Predicted results in the rental market?
- Features of the real estate market in 2022
- Real estate in Florida: price dynamics
- Florida real estate market prospects for 2022-2023
- Buy real estate in Florida
Comparing past indicators: changes in property prices in Florida
As of October 2021, the average price of an apartment in Florida was $328,576, a 23.9% increase over the same period last year. This is an unprecedented figure that stunned experts and made it difficult to calculate growth projections for 2022. Soaring housing prices in 2021 are promising signs that 2022 will be a profitable year for both investors and sellers. The price of real estate in Florida remains affordable, which is an indication that now is the time for interested parties to act.
Although the number of property sales across the state in October 2021 decreased by 4.5% year-on-year (YoY), the number of homes sold above the advertised price increased by 16.2 points. The number of days the property was on the market also declined to 38 days, compared to 60 days in 2020. With record-low interest rates and strong demand, Florida will continue to have an active market in 2022.
Predicted results in the rental market?
In 2021, rental prices rose by 35.5% year on year across the state. Florida has demonstrated one of the highest growth rates compared to the rest of the country.
Despite high rental costs and low housing stock, people are coming to Florida. According to the Florida Office of Economic and Demographic Research, 329,717 new residents moved to the state between April 2020 and April 2021 alone.
The population grew by 14.6% from 18.8 million inhabitants in 2010 to 21.5 million in 2020. Although more than half of the country’s counties have experienced population decline over the past 10 years, most of Florida’s counties (almost all of them are the most densely populated areas) have experienced population growth.
Meanwhile, a total of 0.8% of houses in Florida are 30-89 days overdue on mortgages, which is slightly higher than the national average (0.7%). So while new deals continue to grow and the beautiful weather attracts more and more people, homeowners will continue to thrive.
Features of the real estate market in 2022
In October 2021, the Bureau of Labor Statistics reported that Florida’s unemployment rate was 4.6%, compared to 5.8% year-on-year. At the same time, the national unemployment rate was also 4.6%, but the state's figures are expected to change as the tourism and hospitality industry continues to normalize.
Economic activity correlates with growth in real estate, and a decline in the unemployment rate combined with low-interest rates is a positive sign in 2022 for owners interested in selling housing.
In addition to the magnificent nature of Florida, it is a tax-free state, with access to the ocean. These are some of the many reasons people are so motivated to move to the "sunny state". This also helps to strengthen the state’s position in many key categories in national ratings.
According to US news, here are Florida’s stats compared to the rest of the country:
- the third-highest education rate
- eighth place in fiscal stability
- eighteenth in natural resources
We offer you an opportunity to acquaint yourself with the most significant market indicators, reflecting the current situation and opening up prospects for the future.
| Annual change in housing prices | +23,9% |
| Housing cost forecast for one year | +12,8% |
| Annual change in the rental price | +35,5% |
| Percentage of houses with negative equity (when the real estate price is lower than the mortgage amount) | 2,3% |
| Mortgage delinquency rate | 0,8% |
| Housing stock | 56 671 |
| Buyer's or seller's market | seller's |
Real estate in Florida: price dynamics
| Average price of apartments in Florida | 185 165 $ |
| Average cost of 1 m² | 103 $ |
| Annual price growth forecast | from $185,165 to $190,032 during 2022 |
| Profit potential for long-term investments | +2.63% in one year |
| Projected price of real estate in Florida in 2022 | 227 025 $ |
| Increase in housing prices from 2021-04-30 to 2022-04-30 | +0.6085% to 185.165 |
| Average annual profit from real estate investments | 0,658% in 2022 |
| Projected sales prices for the next 10 years | +22,607% |
You can become acquainted with the current housing prices in Florida in dollars on the website «Florida.Realestate».
Florida real estate market prospects for 2022-2023
The "sunny state" boasts a lot of attractive features that can positively influence the real estate market in Florida this year. Florida is a tempting place for talented and motivated professionals, for instance, for freelancers who want to avoid high taxes, the hustle and bustle of the city, and harsh winters.
With the influx of new residents, experts predict that housing stocks will remain low to support high prices and stimulate sales.
Being an excellent investment providing homeowners with a high quality of life, real estate in Florida will remain a strong market in 2022 and the upcoming 2023.
Buy real estate in Florida
2022 is a year of favorable prospects and great opportunities for investors. Plan your endeavors with the «Florida.Realestate»! Here you will find the current prices for apartments in Florida in 2022, learn the cost of real estate in dollars, and get comprehensive information on buying a home in one of the most attractive US states from leading experts!