The Sunshine State is popular for those looking to relocate. Even the real estate market reflects the attractiveness of Florida and the influx of new residents each year proves it. Let’s take a look at why Florida is a hotspot for relocation!
Why is Florida a Hotspot for Relocation?
Certain areas in the U.S. are experiencing a slump in the real estate market. However, this cannot be said for Orlando, Florida! In fact, home sales across the state of Florida are still going strong. Florida is a hotspot for relocation. I have a few theories as to why this is the case.
A Growing Population
Florida is experiencing an astounding influx of new residents every year. According to Orlando Weekly, an estimated 300,000 new residents move to Florida each year. Economists estimate that the population of Florida will hit 22.2 million by April 1, 2022!
Florida is appealing because the Sunshine State offers relief from the harsh winters that northern states experience. Many are looking to escape the cold, snow, and ice that is really bad this time of year.
Compared to other states, Florida has significantly lower taxes, which is a draw for many. Let’s face it, the combination of warm weather and low taxes makes Florida an appealing option.
Florida’s Real Estate Market Statistics
Florida’s pending inventory saw an increase statewide year after year. This is indicative of an increase in sales in the future. Single-family home sales rose 5.2% this past year. The median price is up 3.6% as compared to last year.
Although condominium sales showed a very slight decline of -.5% they did see a median price increase of 5.5%.
These are all good signs for Florida’s real estate market. The only dark clouds on the horizon are the lack of good entry-level housing inventory. Much of the available housing inventory is unfortunately out of reach for entry-level homebuyers. Hopefully, we will see this part of the market turn around in the near future. This is Gitta, with Gitta Sells and Associates. My team and I are always here to answer any questions you might have and help you navigate the waters of home-buying and selling. If I or my team can help you in your real estate transaction and/or give you any real estate advice, please reach out to us at 407-330-2181. Until next time, happy buying and selling!