With a supply shortage in Florida, Martin County will receive at least 4,000 new homes by fall 2023

With a supply shortage in Florida, Martin County will receive at least 4,000 new homes by fall 2023

One of the key features of most Florida housing markets is a chronic shortage of free supply in the market. It led to an increase in sale prices and rental rates. Often, because of these proportions, many people simply lose any opportunity to afford a new home, especially with rising mortgage interest rates and rising inflation.

However, state real estate developers try to solve the shortage problem in every possible way, despite the broken supply and production chains and the rise in the cost of building materials and energy.

The Newfield project is an example of new residential projects that should hit the market in the next two years. This development, close to Palm City in Martin County, is expected to bring 4,000 residential properties to the market. Sales are scheduled to open in fall 2023.

The entire project covers 9.3 square kilometers. They will be filled with houses, parks, jogging and walking tracks, and a farm. The new residential area will be located west of Palm City, between the Turnpike and Interstate 95.

Houses will be in different configurations and sizes, with various options for additional spaces and amenities.

But most importantly, these projects will hit the Florida market more often and with high amount. Some of the future offers will be put on sale after delays during the pandemic, others will be completely new developments. But most of them will increasingly go further into the suburbs and the provinces, into small towns. As buyers' attention continues to shift in these areas.

Projects like Newfield are examples of the direction in which the state's market will move in the upcoming years.

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