Over the last year, the Florida real estate market has been booming. Although home and condo sale prices have increased for the last 112 months, low mortgage rates and relaxed Covid-19 regulations have helped the market thrive. As of February, the median sales price for a single-family home in Florida was $314,900. This is a 16.6% increase from 2020. However, experts throughout the state report brisk business and sales. Homes that are in good condition in South Florida and Orlando are selling fast. In fact, closed sales of Florida Townhomes and condos in February 2021 totaled 11,379. This is almost 29% more than in February 2020. Similarly, single-family homes totaled 23,947 in February 2021- an increase of 15.7 YoY.
The Florida real estate market is on fire right now. The inventory of homes for sale is tight, making it a sellers market in a lot of areas. In fact, the housing surge is happening across all price ranges. So much so, that sales and price appreciation have been strong all across the board. While a lot of this surge can be due to people flocking to Florida from the Northeast, the Sunshine Sate has actually seen an influx of newcomers for years. This is because of Florida’s incredible lifestyle- with low taxes, good weather, thriving economy, and great real estate opportunities, who wouldn’t want to call Florida home?