Recent data about US realtors shows that their numbers are growing smaller every year. It has reduced in Florida too, but real estate experts forecast that the state’s market will remain extremely active.
Jerry Howard, CEO, National Association of Home Builders, emphasizes that last year, Florida’s population grew by 1.9%. Many people are moving here thanks to the state authorities’ efforts, and housing construction still offers great prospects.
Jeff Lichtenstein, owner of Echo Fine Properties, notes that the number of transactions reduced by approximately 40% last December compared to December 2021. Other experts are certain that prices will not reduce in Florida in 2023, and the market will continue to grow, specifically as additional housing inventory enters the market.
Katrina Campins, host at FOX Business, believes that affordability is the key problem. The average mortgage payment is expected to reach $2,430 per month in 2023, which is 28% higher than last year and almost double compared to 2021. However, the increasing inventory of homes listed for sale promises some hope. There are 33.5% more such properties now than a year ago, which gives buyers an opportunity to negotiate.
Most experts concur that Florida’s real estate market will still hold leading positions in the USA this year. Despite the lower volume of sales, the market is growing faster than in all other states due to migration.