Real estate prices in Florida are growing faster than in the rest of the USA

Real estate prices in Florida are growing faster than in the rest of the USA

The Florida housing market is still hot and this is expected to continue at least until the end of 2022.

Early spring is traditionally one of the most active seasons for real estate sales. In March 2022, US home prices increased by 20.9% year-on-year. Florida demonstrated the best performance – 31.4%. Arizona and Tennessee came second and third with 28.7% and 26.7% respectively.

Of the 20 largest metro areas, Tampa on the coast of the Gulf of Mexico had the highest activity: prices there grew by 32.5% year-on-year in March 2022. Orlando with its Disney World and Universal Studios theme parks was also booming: it jumped 138 spots on REALTORS® list of hottest housing markets.

Experts have analyzed market indicators for January – June 2022 and forecast the following trends in the second half of the year:

  1. Higher mortgage rates can slow down the price growth.
  2. Sales of housing may go down a little but, according to experts, this can actually have favorable consequences by stabilizing the market in the long term.
  3. Demand for affordable properties will be high.
  4. Buyers will focus on smaller Florida cities, such as Lakeland, Fort Myers, and Melbourne with a tranquil lifestyle.

Investors willing to protect their money from inflation should consider this promising market with favorable forecasts.

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