The US real estate market has slowed down over the past few months. However, in Florida, the situation remains stable.
In many parts of the country, the real estate market is in decline. So, according to the National Association of Realtors, in April 2023, the cost of second homes fell by 1.7%, which was the sharpest annual drop in more than 10 years. The average price for the sale of a house in Florida was $410,000 in April and remained unchanged compared to last year. Economists note the stability of prices in the Florida housing market, especially compared to other cities, such as Seattle or Austin, where real estate prices fell by about 12% in 2022.
There is a huge increase in population in Florida. In total, from 2020 to 2022, almost 1 million people moved here, which contributed to the prosperity of the state's economy and the housing market. Now the population of Florida is growing faster than in any other state and is 5 times higher than the national growth rate. Most of this increase, economists say, was caused by the influx of office workers who decided to move from megacities to warm cities by the sea.