The future of Florida real estate is one of the most exciting prospects for investors and homeowners alike. As the third most populous, and fastest growing, state in the United States, Florida offers a diverse and vibrant real estate market that is positioned to benefit from the continued population growth in the Sunshine State. This article will discuss the various factors that will shape the future of Florida real estate, including population growth, economic trends, and current real estate market conditions.
Population Growth
Florida has seen an influx of new residents in recent years, with the state gaining an average of 830 new residents per day since 2010. Central Florida alone has 1500 new residents every week moving to the area. This population growth has been fueled by a combination of out-of-state migration, domestic immigration, and natural increase. The population growth has been concentrated in the major urban areas, such as Miami, Tampa, and Orlando, but it has also had a positive impact on the real estate market as a whole. As population growth drives demand for housing, it increases the potential for real estate prices to appreciate. For example, home prices in and around Orlando have more than tripled in the last 10 years. In 2010, the median home price in Orlando sat at $114,369. As of December 2022, according to Redfin, the median home price in Orlando was $351,000.
Economic Trends
The economy of Florida has been booming in recent years, with the state’s GDP increasing by roughly 50% since 2009. This growth has been driven by a number of factors, including a strong tourism industry, a booming construction industry, and the emergence of new technology-based industries. These economic trends bode well for the future of Florida real estate, as a strong economy increases demand for housing and boosts real estate prices.
Real Estate Market Conditions
The current real estate market in Florida is experiencing a period of stability, with prices increasing steadily since the post-recession slump. This trend is expected to continue in the near future, as the state’s population continues to grow and the economy continues to expand. While there is always a risk of a real estate bubble forming, most experts believe that the current market conditions are relatively healthy and that prices will continue to increase in the years to come.
Managing Your Investment
The key to success in real estate investment is managing said investment the right way. Whether you’re an out-of-state seasoned investor or local self-managing landlord, you may want to consider hiring an Orlando Property Management Professional. You very well may be qualified to manage the property yourself either from afar or from down the road, but what is your time value of money? How much time are you spending on your investment properties and is it in your best interest to be chasing tenants for rent, fielding late night phone calls, or spending time managing the property instead of spending time with your family? Also consider the legal protection a property manager can provide by their expertise of Florida Statute 83. Property Managers can provide peace of mind, the ability to maximize your cash-flow, and reduce the headaches of real estate investments.
Conclusion
The future of Florida real estate is one of the Nation’s best for investors and homeowners alike. With strong population growth, a booming economy, and healthy market conditions, the state is well-positioned to benefit from continued real estate appreciation. As the population continues to grow and the economy expands, Florida real estate will remain an attractive option for those looking to invest in the Sunshine State.
For additional information about investing in Central Florida, or to learn more about our New Construction opportunities, feel free to give is a call at (321) 236-6690.
