Housing Market Predictions | Real Estate Market Forecast 2023, Is it a Good Time to Buy a House or Should I Wait Until 2024, Housing Market Forecast 2024 & 2025: Predictions for Next 5 Years. It is a powerful predictor of the strength of the real estate business in a market, and real estate professionals, investors, and analysts are especially interested in it. WebIn January 2023, West Palm Beach home prices were up 18.3% compared to last year, selling for a median price of $420K. Copyright: 2023 Redfin. They still feel and see that inflation is costing them more. The number of listed properties that went under contract in 2022 was 290,375, -21.1% YoY. They. There are currently 135,532 residential homes for sale in the United States.. This leads to an increased demand for housing, making it a prime location for real estate investment. With a median home price of $236,569 and an average monthly rent of $1,699, Lehigh Acres rent multiplier is 0.86. This can lead to strong returns on investment and can make it easier for investors to purchase multiple properties. Overall, the Florida housing market is strong and is predicted to remain so in the next five years. Several Florida cities are prized by real estate investors. How To Invest in Real Estate During a Recession? Do not sell or share my personal information. Vacation rentals offer greater space, privacy, and facilities than hotels for Florida tourists. There was a 96.6% sale-to-list price, down 2.4 points year over year. So its true some owners are feeling locked-in to their current home and current mortgage rate, but its not all homeowners. In 2022, statewide closed sales of single-family homes in the Florida housing market were 287,352, a decrease of 18% year over year, while existing condo-townhouse sales were 125,494, a decrease of 21.7% year over year. Marco Santarelli is an investor, author, Inc. 5000 entrepreneur, and the founder of Norada Real Estate Investments a nationwide provider of turnkey cash-flow investment property. Bitcoin vs. Bitcoin Cash: Which Is the Better Investment Today? Florida has had some of the strongest housing appreciation rates in the country over the past decade. ADU Real Estate Investing: Is It Worth It? Freddie Mac predicts that home prices across the country will rise by 6.6% in 2021 and 4.4% in 2022. All products are presented without warranty. The average months of supply is 5 months, up 3 year over year. Chief Economist OConnor says that inventory levels are down 27% compared to 2019. Homes that sold above list price likely received multiple offers. It also included a panel of Realtors who use Florida Realtors SunStats resource regularly, sharing how it helps them in their business. With the recent spike in mortgage payments as a result of rising interest rates, analysts are watching the Florida housing market closely to see what effect this will have. This makes Florida a more advantageous market than Mississippi, which has a rating of 83.3 (where rents are low). In tourist-heavy areas like Miami, Orlando, and others, vacation rental properties are in high demand.