It is no secret that Florida has become arguably the most popular relocation destination for many domestic and even international home buyers. According to the Federal Housing Finance Agency House Price Index (FHFA HPI), home prices are certainly reflecting this increased demand. At the national level, home prices increased 18.5% year-to-year in Q3 2021. With this said, increases in eight Florida metropolitan markets ranged from 20.5% in Central Florida (Orlando-Kissimmee-Sanford) to 34.7% in Southwest Florida (Cape Coral-Fort Myers).
According to this analysis, home price appreciation reached its highest historical level in the quarterly series. While real estate prices have risen remarkably fast, it appears as though the market momentum peaked in July as month-over-month gains have moderated since then.
The top Florida metro markets
- #2. Cape Coral-Ft. Myers: 34.7% year-to-year, 9.8% quarter-to-quarter
- #8. North Port-Sarasota-Bradenton: 25.6% year-to-year, 6.6% quarter-to-quarter
- #9. West Palm Beach-Boca Raton-Boynton Beach: 25.5% year-to-year, 5.7% quarter-to-quarter
- #10. Tampa-St. Petersburg-Clearwater: 25.2% year-to-year, 6.5% quarter-to-quarter
- #15. Jacksonville: 23.3% year-to-year, 9.1% quarter-to-quarter
- #17. Fort Lauderdale-Pompano Beach-Sunrise: 22.4% year-to-year, 6.5% quarter-to-quarter
- #24. Miami-Miami Beach-Kendall: 21.2% year-to-year, 5.4% quarter-to-quarter
- #28. Orlando-Kissimmee-Sanford: 20.5% year-to-year, 6.3% quarter-to-quarter
The good news for home buyers is that it appears as though home price growth has moderated over the past several months. Of course, this price growth will certainly vary from market to market. In South Florida, we continue to see an increased demand for housing from buyers relocating here from other states. In addition, recent lifts on travel ban restrictions are also resulting in an increased demand from foreign buyers. As always, it is imperative that you work with a local and knowledgeable real estate agent to quickly identify new listings that come to the market. In addition, you should be prepared to act swiftly should a desirable property come to the market.
At Live South Florida Realty, Inc. we have assisted many clients with their real estate needs. Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. Live South Florida Realty, Inc., has been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!