Florida is one of the top real estate destinations in the United States. In 2022, more than 1 million Americans moved to the Sunshine State. They are fleeing states like New York for warmer weather, lower taxes, and a higher quality of life.
The Sunshine State is also popular for its beaches, attractions, and real estate investment opportunities. Florida is setting records for visitations, with more than 35 million tourists arriving from July to September 2023.
With these trends in mind, Florida is a great place to buy a home. Read on for a comprehensive guide to Florida housing market predictions in 2024.
Population Growth
Experts anticipate that Florida’s population will continue to grow. American residents buying a house view Florida favorably in many lights.
The state does not have individual income taxes. This means that you keep more of your hard-earned money. You can afford higher house prices when the state takes less money off the top.
The weather is warmer, and you can enjoy the outdoors for a higher proportion of the year. This is appealing to Americans from the Northeast who are homebound for 4 to 6 months due to frigid temperatures.
With its population growing, the Florida state economy is also booming. There is more demand for jobs, construction, and other services.
Tourism
The tourism industry is the engine that drives the Florida economy. There are no signs of tourism demand slowing.
For example, theme parks like Disney World and Universal Studios play a huge role in attracting short-term renters. Both parks are planning large expansions shortly.
Visitor statistics for the state remain at record highs. This is music to the ears of real estate investors looking to fill their vacation rentals.
House Prices
The housing market is thriving in Florida. With demand so strong, house prices continue to rise. Websites such as manausa.com give real estate enthusiasts the data behind these trends.
To some degree, mortgage rates have suppressed real estate demand in Florida. The average 30-year mortgage rate is back over 7%. Selling your home is more difficult when you have to give up a 3% rate.
However, economists anticipate that the U.S. Federal Reserve will slash rates in 2024. Experts believe the Fed will execute multiple rate cuts in the second half of 2024 and through 2025.
When rates start falling, pent-up demand in the housing market will be released. This will fuel a surge in real estate activity and drive Florida home prices up even higher. With prices rising, Florida homebuyers may want to consider purchasing now and refinancing for a lower rate later.
Your Guide to Florida Housing Market Predictions 2024
You are now ready to get in on the housing hunt for 2024. Florida represents a prime opportunity for investors and people looking for their forever home. The economic conditions are ripe for profitability, and you will enjoy the many things to do in Florida.
With home prices on a steady incline, you can make a strong return on investment (ROI). If you enjoyed this article about Florida housing market predictions in 2024, check out our blog for more great content.
