In an era where the realtors can’t keep up with the demand because the buyers can’t decide on which or how many properties to invest, the real estate market in Florida is booming and moving strong.
Florida is known for its exceptional real estate market. This is because it has almost an ideal life with an outstanding balance of job opportunities and near to perfect culture, weather, and recreation. According to reports, cities like Jacksonville, Tampa, and Orlando are known to have the best real estate markets in 2021.
In a time where the COVID-19 pandemic has reshaped our lives, directly impacting the economy, the real estate market in Florida continues to thrive without experiencing as suffering. In a study survey of the top US real estate markets, Florida ranks at 3 of the final 20 rankings.
Here are a few reasons why it has the best real estate market
- Florida created approximately 22,500 new jobs last August, and the unemployment rate is 6.1% as The business-friendly government is an expert at attracting new high-wage jobs for workers.
- With plenty of sporting activities and international shopping venues, Florida has the best world-class theme parks and countless outdoor activities. It has more than 1300 golf courses and hundreds of white sand beaches.
- According to SmartAsset, Florida is one of the states without a personal income tax.
Here are the best five hottest growing real estate markets in Florida in 2021.
Jacksonville is a Hot Florida Real Estate Market
It lies at the northeastern corner of Florida. The most popular city in Florida is Jacksonville. Over the last three years, it has seen a fair share of an increase in new apartment inventory.
The real estate market has observed a rise of 13.8% from last year. The reason for Jacksonville to grow is because the cost of living in Jacksonville is relatively low, the properties are affordable, and if you are a fan of sports, Jacksonville is the right place for you.
Weekend hang out spots like Jacksonville beach and over 450 city parks make Jacksonville an ideal place to live. The average temperature during the mid-year months falls from the top 90 degrees Fahrenheit. With the high demand of the public, Jacksonville continues to welcome and support new and long-term residents.
Cape Coral Is A Strong Hot Florida Real Estate Market Contender
One of the top cosmopolitan areas of the United states, Cape Coral, is seen as one of the fastest-growing regions in the country.
With Spanish and Italian style architecture, once you visit Cape Coral, you will be left awestruck by its beauty. It is known as the third most affordable city in Florida, as the median home value lies between $180,000.
With a good side of natural beauty, the Gulf of Mexico provides a bit more in views, fishing, and other activities. Although the city is coined as the highest growing city in terms of population, it has a lot of job opportunities. With the high real estate market demand, it takes an average of 20 days to sell homes.
A perfect destination with a blend of sunshine and moderate weather, Orlando is a perfect city with an abundance of job opportunities and breathtaking scenery.
One of the most appealing hallmarks of Orlando is the cost of living is less than 3% of the average Florida cost of living. In a recent report, the median listing home price in Orlando is approximately 275,000, while the median sold home price lies at $277,000.
The ethnically diverse city keeps education as a priority due to the region’s soaring population growth while the amusement industry continues to make sure you always have something new to see and do.
Thirteen miles away from the Alabama state border, Pensacola offers a high-quality life to its resistance. The unemployment rate goes lower than 4% as top sectors for job opportunities include tourism, medical, health care, military, and much more. It allows affordable housing options, families and retirees.
The median home price is $177,799, while the monthly median rent costs $1,279 a month. Not only is Pensacola rich in historical heritage, but it also offers several parks, many wildlife, and nature trails to explore.
One of the fastest-growing cities, Tampa’s population has grown by 23% in the last decade. Due to the living benefits in Tampa, many companies have moved their offices, and this has led to a growing job market. Unlike other cities, Tampa has experienced a tighter inventory even after the pandemic.
The median home sale price is approximately 290,000, and the listing stays in the market for just 18 days. Not only is it affordable, but the warm weather also makes a celebratory atmosphere all around the year. If you are a water enthusiast, you need to experience the bask in the golden rays on the beaches of Tampa.
Florida Offers a Bit of Everything
During the pandemic, the growth of economies was halted severely. However, the real estate market in Florida continued to see uniform growth in terms of home values and sale prices. The year 2021 seems like a good year for the Florida real estate market.