Florida’s housing market: A good time to buy?

Florida housing market

The Florida real estate market is experiencing a faster than anticipated recovery, thanks to a COVID-driven boom. 

Unlike other parts of the United States, Florida properties have only become more desirable during the pandemic. So much so that on average 1,000 people are moving to the state each day.

Pent-up demand from homebuyers has resulted in a 4.4 per cent year on year increase in prices for single-family homes across the state. At present, then, the average home is costing buyers $282,000.

The same is true for condos in the area, for which there was a significant spike in sales in June 2020. And overall new house listings have increased by more than 7,000 compared to figures recorded in April. 

Despite this, there remains a shortage in supply of homes for sale in Florida, which indicates the desirability of the location for both those who already have properties in the area and those considering a move to it. 

While this is the trend for Florida in general, there are particular areas which are proving the most popular destinations for people looking for property in the Sunshine State. Included on that list are:

 

Why choose a property in Florida?

There are a number of reasons for the upward trend in Florida’s housing market and the pandemic is one of them. 

While care and caution are going into most other decisions at the moment, the pandemic has perhaps had the opposite effect on those that relate to living arrangements and quality of life. 

Fundamentally, forced shutdowns, restrictions on movement and the threat to life have caused people to re-evaluate the way they are living. For those who have identified a need for change, the urgency of the virus has accelerated their decision-making.

What Florida’s homes have on offer, then, is a solution to buyers’ COVID-adjusted checklist. 

Florida housing market

 

More space

Compared to more densely populated states and cities, Florida offers buyers properties with more square footage. This explains why families are fleeing from places, such as New York and Manhattan, where they are at greater risk of coming into close contact with carriers of the virus. 

Lockdown restrictions have also made apparent the realities and importance of space. Whether that is having enough room to social distance or an adequate amount of space for the whole family to live, work, go to school and entertain under the same roof. 

For example, the open and spacious kitchens in many of Florida’s modern homes enable families to cook, bake and dine together, as more of them are doing due to restrictions remaining in place at hospitality venues. 

Florida kitchen

 

Home offices

When lockdowns were enforced, most businesses faced the unprecedented challenge of mobilizing their workforce in order for them to be able to work from home. Now, having realized its possibilities and the benefits it can bring to business, such as lower rental overheads, for example, it is predicted that many will continue to operate in this way. 

So, as remote working is on the rise, so is the need for a home office. The space must be an area that can be separated from the rest of the house as this minimizes distraction while working and enables homeowners to strike a healthy work-life balance.  

Again, with multipurpose rooms, and many of them, Florida’s homes are well-equipped to meet this growing need. 

Florida home office

 

Leisure facilities

With many leisure venues also facing extended restrictions, homes which offer their own private facilities are among the favorites. For example, private pools, home gyms and spacious gardens allow homeowners to quarantine, isolate or face future lockdown restrictions comfortably and with little disruption to daily routines. 

Florida leisure

 

Local attractions

Similarly, travel plans remain disrupted and holiday destinations are still closed in order to contain the spread of the virus. With no accurate estimates of how long this may last, proximity to local attractions and entertainment amenities is another checklist item that homebuyers are not willing to compromise on. 

And you couldn’t pick a better location for this than Florida. No matter where in the state you are based, there is a whole host of attractions and amenities to be enjoyed on day trips or extended staycations. 

For example, a home in Kissimmee or Orlando will place you close to Disney World and Universal Studios, whereas those along the Gulf Coast and East Atlantic Coast offer some of the best beaches in the world. 

Florida local attractions

All of this, paired with some favorable financial factors, including low interest rates, low mortgage rates and tax benefits, explains exactly why Florida’s housing market didn’t stay down for too long. 

If you’re interested in a move to the Sunshine State, our team of realtor specialists are on hand to help with any questions or queries you may have. Get in touch today.